Kiwi Lim from Huttons Asia believe that Singaporeans who can afford luxury condos are enjoying this small window of opportunity to upgrade or add more luxury properties in prime districts in District 09 and District 10 as well as city area luxury condos before the cash rich foreigners come in to compete with them for these properties. Never before have we seen Singapore closing doors to foreigner buyers, this is a once in a lifetime chance where Singaporeans can buy without pressure from foreign buyers.
Foreigners contributed less than 5% of total property sales in Singapore in 2020, the lowest ever seen in Singapore's property market records in nearly 30 years. Singaporeans currently form the biggest proportion of buyers, according to government data. The contribution from Singaporeans and Singapore PRs accounted for more than 95% of property purchases in 2020 and 1st quarter of 2021.
Even when foreign buyers are generally out of Singapore's real estate scene, some of them still made the property news headlines when recently Park Nova's condo launch saw 7 ultra luxury apartments and penthouses sold for more than $160 million in just a few hours of launch.
Swire Properties recently also launched Eden and the entire luxury condo residential development was snapped up instantly by a Taiwanese family.
There were 10,024 private homes sold in the whole of 2020 more than the 9,912 units sold in 2019 pre-Covid. There were already 3,574 private homes sold in the first quarter of this year in 2021 surpassing the pre-pandemic levels of 2,476 units for each quarter on average in 2019 by 44.2 per cent. This may be partially driven by the pent-up demand caused by the circuit breaker last April and May when there was a partial lockdown.
With a brighter economic outlook in 2021, the positive momentum of the sales and price index could still continue into 2021. With buyers optimistic about a recovering economy, and assuming that no new measures are announced or there is no unexpected resurgence of coronavirus infections in the community that could unhinge demand, Singapore's property market may sell around 10,000 new launch condo units this year.
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