Foreign buyers keen on private properties again
But numbers smaller after cooling measures; focus on suburban condos
Published on Apr 23, 2013 8:04 AM
Foreign buyers are returning to the private property market but their numbers are still well under levels seen before the big stamp duty hit in December 2011.
Their focus has also changed, with mass-market condos in suburban areas now higher on their wish lists, a shift from the high-end homes that they have traditionally sought.
Analysts said the additional buyer's stamp duty (ABSD), which imposed a 10 per cent levy - now 15 per cent - on purchases by foreign buyers, has prompted more of them to aim downmarket.
Foreign buyers, not including PRs, bought 10.7 per cent of the 4,884 private homes sold in the first quarter of this year.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!
Among the most popular projects among foreign buyers was D'Leedon, in prime District 10. Projects in District 19 favoured by them include La Fiesta in Sengkang.