Monday May 13, 2013

Singapore’s rich growing fond of US properties

The rebounding housing market in the United States – notably in pricey markets such as Manhattan’s luxury condos – is finding fans in wealthy Singaporeans.

New projects with top-of-the-line finishes and expansive views as well as hotel-like amenities and services are a big draw now, real estate agents said.

Comprehensive statistics on purchases by Singaporeans are not publicly available in New York City records. Anecdotally, however, property agents said they had seen a tenfold increase in purchases by Singaporeans compared with two years ago.

In contrast to US buyers who are lured by the current historically low interest and mortgage rates, Singapore buyers always made their purchases in cash, said the heads of some of New York’s largest residential brokerages.

Corcoran Group president and CEO Pamela Liebman noted that among them were not only wealthy individuals, but also consortiums buying properties in bulk as investments.

Public records show that Sonsie Holdings, with a listed address of 14 Robinson Road in Singapore, bought a two-bedroom apartment in Midtown East for US$2.26mil (RM6.75mil) at end-2011.

Veteran rubber trader Oei Hong Bie purchased a Chelsea condominium from Singapore Tong Teik, the company he founded, for US$1mil (RM2.98mil) last October.

“They are attracted to the sexy properties that are going up, such as One57 in Midtown and 56 Leonard in Tribeca,” said Liebman, adding that price tags ranged anywhere from US$1mil to US$30mil (RM89.4mil).

“They love all-glass towers, with great views, preferably of Central Park, with hotel-like amenities and services.”

Dorothy Herman, president and CEO of Douglas Elliman, concurred, saying: “We have seen a steady increase of luxury buyers from Singapore over the past couple of years, snapping up anything from studios to luxury condos.” — The Straits Times / Asia News Network