Overseas home sales up 40% in Singapore

Overseas investors have bought 40% more Singapore homes in the first three months of the year, according to new figures.

In the first quarter, foreigners bought 523 units compared to 373 in the same period last year, reports the Strait Times website.

The figures are still below levels seen before the introduction of the additional buyer’s stamp duty in December 2011.

There has been a shift in interest from prime properties to more affordable mass market condominiums in suburban areas.

Foreigners (excluding PRs) bought 10.7% of the 4,884 private homes sold in Quarter One this year, compared to 7.4% the previous quarter.

The percentage is higher than the first quarter (5.7%), second quarter (7.1%) and third quarter (7.2%) of new private homes sold, says the Urban Redevelopment Authority.

Prime District 10 was the most sought-after area, followed by District 19. Popular projects included d’Leedon in District 10 and La Fiesta in Sengkang.

Chinese buyers (42.6%) were the largest group among 108 foreign buyers, followed by Indonesians (32.4%) and Malaysians.

Analysts said the additional buyer's stamp duty, which rose from 10-15% - on purchases by foreign buyers, prompted more buyers to trade down.

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