Malaysians, Mainland Chinese still eager to snap up Singapore homes

Over 500 homes were snapped up in Q3.

Mainland Chinese and Malaysians continue to have a strong appetite for Singapore residential properties despite unfavourable exchange rates, according to a report by DTZ.

In the third quarter, some 275 homes were purchased by Malaysians, making up about 26% of total non-Singaporean purchases. Meanwhile, 255 private homes were purchased by Mainland Chinese, making up about 24% of total non-Singaporean purchases.

The majority of the Mainland Chinese buyers (70%) and Malaysian buyers (89%) are Singaporean Permanent Residents. 

Some of these Malaysian and Mainland Chinese buyers were high net-worth individuals and were active in the prime districts. Some 29 units in prime districts were purchased by Malaysians, while the number of Mainland Chinese purchases was 22 units.

Apart from high net worth individuals, Singapore also attracted the middle-income home buyers from Malaysia and Mainland China. They were very active in districts 28 and 19, and most are purchasing units priced below $2m. 

“Further analyses suggested that the majority of sales emanated from High Park Residences and Bontanique at Bartley. Historically, private home purchases by Malaysian and Mainland Chinese buyers tend to increase when their exchange rates become more volatile. This is especially so among the Permanent Residents who work in Singapore,” the report said.