Buyers from mainland China are fuelling a property boom in Singapore where the price of mass market private apartments have increased to new highs in the first quarter of this year, the latest figures show.
The average property price is now at S$1,935 per square foot in prime areas, and S$1,043 for non-prime areas, the highest since the first quarter of 2008, according to a report from real estate consultants Jones Lang LaSalle.
Prime market property sales continue to be dominated by foreigners, with mainland Chinese, Indonesian and Malaysian buyers taking at least half of the sales in the first quarter of 2011.
Chinese buyers account for the largest share for mass market units, at 63% for properties priced between S$500,000 and S$1.5 million. For properties priced above S$5 million in central and prime districts some 32% were Chinese. Full story
