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Malaysians overtake Chinese investors in Singapore
Jul 06, 2012
Foreign residential investment has seen a turnaround
According to AsiaOne Business, a report released by the Urban Redevelopment Authority (URA) and CBRE Research has revealed that investors from Malaysia have become the largest foreign buyers of residential properties in Singapore, outpacing buyers from China.
The research shows that Malaysian buyers account for 27.6 per cent of all purchases by foreigners during the first half of 2012. China on the other hand, accounted for just 20.3 per cent of the purchases. These figures see a complete turnaround in comparison to the second half of 2011, when only 18.7 per cent of purchases were made by Malaysian investors, with the Chinese being accountable for 29.6 per cent.
AsiaOne Business has reported that R’ST Research director Ong Kah Seng has said: “The resilience of Malaysian buyers is due to Singapore’s proximity.”
“There are also many Malaysians who are permanent residents (PRs) in Singapore, and PRs are allowed to purchase at least one ‘ABSD-free’ private property.” He added.