Sporeans buy overseas property for own use Singapore property buyers venturing abroad to popular markets such as London, Thailand and Malaysia, are often buying homes for their own use. Foreign property launches marketed here also attract investors, but buyers with personal links are more common. Mr Thanawan Chaiwatana, 40, managing director of the developer Magnolia Finest Corporation, said Singapore property buyers are mainly business owners aged 30 and older, with connections in Thailand. Many of these buyers are already familiar with Bangkok and have been travelling and doing business there for many years. As a result, they have a good understanding of Bangkoks investment potential and feel that it is a safe place to park their money. Its Bangkok luxury project Magnolias Ratchadamri Boulevard, on the glitzy Ratchadamri Road, has achieved 65 per cent in sales since the official launch in June last year. Thai buyers make up 50 per cent, while the other half of buyers include 15 per cent from Hong Kong and 7 per cent from Singapore. Mr Thanawan was surprised at the strong showing by Singapore buyers given that they have not held promotions, road shows or marketing campaigns here. The project comprises 316 residential units ranging from 48 sq m one-bedroom apartments to penthouses from 250 sq m, and the five-star Waldorf Astoria Bangkok hotel. Residential resorts such as the five-star Aqua Boracay by yoo on the sparkling Bulabog Beach in Boracay, in the Philippines, have also drawn the attention of Singapore buyers looking for a family retreat. Mr Marco Biggiogero, Aqua Boracay Groups chairman and co-founder, said: Aqua Boracay by yoo has surpassed initial sales goals beginning with our sales launch events held in Singapore and Hong Kong in April of this year. Weve seen a very positive response from buyers in these two markets and across several other countries in Asia and Europe. Aqua Boracay by yoo has sold 32 luxury residential beachfront units five months after being launched. Traditionally, Singapore buyers of London properties tended to purchase them for the use of their children who study in the city. Mr Neil Bowron, sales and marketing director of St George Central London, said: Clients are buying for their children, where a lot of them study in private schools or universities in London. However, Mr Richard Levene of Colliers International has noticed more Singapore buyers purchasing properties in London for their own use as a base there, and they tend to be middle-aged. Over the Causeway, Singaporeans continue to look to Malaysian properties even if they are not in Iskandar, the current hot spot. One in six buyers is Singaporean at the 457-unit freehold St Mary Residences in Kuala Lumpur by property group Eastern & Oriental (E&O). Mr Eric Chan, E&O deputy managing director, said Singapore buyers tend to be from the upper middle class. They will first buy in places which they are familiar with, and later consider diversifying their investments in other areas. The strong interest from Singapore and the region led E&O to open a 4,118 sq ft property gallery at One Raffles Link on Thursday. Of the foreign buyers, Singapore buyers are always among the top two. Depending on the type of property, sometimes the Indonesian or Japanese clients can rank higher than Singapore buyers. Source: The Straits Times – 13 October 2013
Posted on: Wed, 16 Oct 2013 11:06:31 +0000
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