Buyers from China purchased 111 units despite the fact that stamp duties for foreign buyers have doubled
SINGAPORE: Wealthy Chinese appear to be on a buying spree in Singapore, snapping up far more luxury dwellings in the first quarter of this year compared to the same time last year.
As for luxury condominium units, buyers from China purchased 111 units, an increase of 158 per cent year on year. Stamp duties for foreign buyers have doubled and are now at 60 per cent. The Government has said this should “moderate investment demand,” which is still expected to increase. Ms Sun said, “The cooling measures may not affect buyers’ perception of Singapore as one of the best places for property investment.
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