The property market of Singapore remains high on the agenda of Asia’s ultra-rich. Its commercial properties are a top consideration for Asian ultra high net worth individuals (UHNWIs) keen on this asset class, moderately ahead of the UK and the US.
Singapore’s residential market is the second most likely place for Asian UHNWIs to own an overseas home, after the UK, according to the recent Attitudes Survey in Knight Frank’s wealth report.
There are some 46,080 UHNWIs, each having a net worth of over US$30 million excluding their primary residence residing in Asia-Pacific, based on data from New World Wealth. Singapore continues to appeal especially to the Asian community to live, work and set up businesses. Districts 9 and 10 are still highly favoured by the ultra wealthy given their prime location, close proximity to high quality amenities and schools.
The overall slide in property prices due to the government’s cooling measures has also enhanced the value proposition of Singapore property, with demand for property gradually returning as seen in the improved transaction volumes last year.
The property consultancy also selected 20 prime city markets and calculated, based on the typical luxury residential value for each city and the exchange rate at the end of 2016, how many square metres US$1 million can buy in each city.
As of end-2016, the most expensive prime homes – generally defined as the top 5 per cent of each market by value – turned out to be Monaco, Hong Kong, New York, London and Geneva, followed by Singapore.