Non-PRs beat PRs in home-buying spurt
By Kalpana Rashiwala
SINGAPORE - As more condos and apartments are being bought by foreigners, analysis shows that the increase in the number of homes being bought by non-permanent residents is outpacing that of their PR compatriots.
In a trend led by Chinese and Indian nationals, the number of non-landed private homes picked up by foreigners who were not PRs jumped 37.1 per cent last year to 3,988 units - compared with the 12.1 per cent rise to 4,317 of such homes bought by PRs, shows an analysis of URA Realis caveats data by Knight Frank.
Market watchers say this reflects Singapore's ongoing transformation into a more globalised city and investment market.
The study shows a 90.4 per cent jump in the number of apartments/con- dos bought by Chinese nationals who were not PRs to 817 last year - against a 31.5 per cent increase in the number of such homes picked up by Chinese citizens who were Singapore PRs last year to 794 units.
It was a similar trend among Indian citizens who acquired non-landed homes in Singapore in 2010. Those who were not PRs posted an almost 50 per cent upsurge in the number of units bought last year to 238 - compared with a 16 per cent rise in the number of such units bought here last year by Indians who were PRs to 788.
'China and India are clearly the economic powerhouses of the world and Singapore has always been seen as an attractive country to invest in, due to transparency of law, absence of capital gains taxes and no entry barrier for apart- ment/condo purchases,' said Knight Frank chairman Tan Tiong Cheng.
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