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by OrangeTee & Tie Pte Ltd.

The Ultra-Rich Are Driving a $24 Billion Property Frenzy in Singapore

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Singapore, 11 Aug 2021

In an exclusive Singapore neighborhood shaded with rain trees, a local tech billionaire plunked down $95 million for a mansion. Near an upscale shopping district, a Taiwanese family with a grocery empire spent $216 million for all the units in a condominium development.

That’s the kind of money sloshing around Singapore’s red-hot residential market this year. To be exact: S$32.9 billion ($24 billion) spent in the first half alone -- the city’s biggest frenzy in more than a decade and double what was recorded in Manhattan over the same six months.

With inflation on many minds, the ultra-rich are stuffing cash into luxury properties around the globe, and in few places is the trend as apparent as in Singapore. The city’s home prices jumped by a record 4.1% in the first half as tycoons across Asia seek a safe harbor. Some are shifting funds from economies hammered by the pandemic or, in the case of Hong Kong, political turmoil.

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