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 accounted for 27.6 percent of all purchases by foreigners during the first half of 2012. China on the other hand, accounted for just 20.3 percent of the purchases. These figures saw a complete turnaround in comparison to the second half of 2011, when only 18.7 percent of purchases were made by Malaysian investors, with the Chinese being accountable for 29.6 percent.
AsiaOne Business reported that R’ST Research director Ong Kah Seng 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.
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