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.
“There is a sudden surge of demand for prized assets from newly minted ultra-high-net-worth citizens, start-up millionaires and affluent families relocating their families to Singapore since the start of the pandemic,” said Christine Sun, senior vice president of research and analytics at OrangeTee & Tie.