HongKong investors shun Singapore for homes in Malaysia, Taiwan
Singapore's housing market isn't turning out to be the beneficiary many may have thought from Hong Kong's increasingly fraught protests. Instead, investors are looking to cheaper property markets like Malaysia, Thailand and Taiwan.[SINGAPORE] Singapore's housing market isn't turning out to be the beneficiary many may have thought from Hong Kong's increasingly fraught protests. Instead, investors are looking to cheaper property markets like Malaysia, Thailand and Taiwan.
In Malaysia, for instance,"a property in central Kuala Lumpur could cost RM1,500 per square foot," Mr Cheong said."An apartment in a similar area of Singapore would be S$1,500 or more." Thailand, meanwhile, is popular for its touristy allure, he said.Singapore is particularly expensive when extra costs, like additional buyer's stamp duty, are factored in.
The interest from Hong Kong has seen several foreign developers fly agents and staff to the former British colony for seminars and sales events. Malaysia's Mah Sing Group Bhd. said it had been doing personalized consultations for prospects in Hong Kong, encouraged by significant sales in the past of apartments along the Penang seafront and in Kuala Lumpur.
Singapore developers are also trying to get in on the action. Oxley Holdings said it had been actively engaging property agents in Hong Kong to market a recently launched Singapore condo, Mayfair Modern. M+S Pte, a venture between Singapore's Temasek Holdings and Malaysia's Khazanah Nasional Bhd, had its Marina One Residences project marketed last weekend in Hong Kong by Centaline, the project's sole agent in the city.
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