Foreigners bought 1/3 homes in Singapore

SINGAPORE - Foreigners bought about 9,300 private homes in Singapore last year, accounting for roughly one third of the private homes sold in the city state, local media reported on Thursday.

Their buying interests were also expanding from traditional prime districts to emerging hot spots in some of the new towns such as Tampines and Pasir Ris, the Straits Times reported, citing numbers from a report by consultancy Savills Singapore.

The 31 percent was also a new high for the share of private homes bought by foreigners, including those with permanent residency in Singapore. The strong interest is attributable to factors such as low interest rates and robust economic fundamentals.

Chinese buyers accounted for about 28 percent of the foreign purchases, followed by Malaysians at 20 percent. The Indonesians and the Indians accounted for 18 percent and 12 percent, respectively.

Singapore government has announced late last year an unprecedented extra buyer's stamp duty of 10 percent for all foreign buyers, a move that is expected to significantly cool the private residential property market in Singapore.