Sumary of ‘Pinnacle of Singapore’s landed homes’: More buyers snapping up good class bungalows:
- One of those transactions was by the wife of the founder of advanced manufacturing firm Nanofilm Technologies International.
- JLL’s Ms Phua said that in light of heftier buyer stamp duties introduced in 2018, buyers of these homes are usually first-time residential property owners looking to live in them.
- READ: Foreign buyers, family offices and funds prop up demand for shophousesGiven that such properties can only be purchased by Singaporeans, she noted that new citizens or young entrepreneurs have accounted for most sales in recent years.
- They are typically lured by the properties’ appeal as status symbols which can also preserve wealth, she said.
- Colliers’ Ms Lok added that sales are also being driven by the rising number of family offices – which are private wealth management firms that serve ultra-high-net-worth households.
- “Singapore’s safe-haven status is increasingly valued amid global geopolitical uncertainties .
- It is not surprising that part of the additional wealth created gets channelled into luxury residential homes which serve as a status symbol other than providing a comfortable home,” she said.
- “Buyers tend to be extremely discerning so a lesser address or plot configuration might be harder to trade,” noted Ms Lok.