Hong Kong investors shun Singapore for homes in Malaysia, Taiwan

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Hong Kong investors shun Singapore for cheaper homes in Malaysia, Taiwan. YahooFinance

“People here tend to think there are only two cities in the world -- Hong Kong and Singapore,” said Alan Cheong, a Singapore-based executive director of research and consultancy at Savills Plc. “They think if people flee Hong Kong, they’ll all automatically come to Singapore. But everyone isn’t Li Ka-shing. Most are just ordinary salaried workers,” he said, referring to Hong Kong’s richest billionaire.

Singapore is particularly expensive when extra costs, like additional buyer’s stamp duty, are factored in. Foreigners buying residential property in the city-state since July 2018 pay additional stamp duty of 20%, up from 15% before the government cooling measures were introduced. “Taiwan is also majority Chinese, so it’s similar, whereas places in the West are attractive for those wanting to get away from China or Asia generally,” Mak said.

Leong said that based on the feedback received, Hong Kong buyers are attracted to Malaysia due to the country’s “tropical weather, cleaner air, good education system, attractive properties and mix of Asian values and Western infrastructure.” “Professionals are interested in Singapore because it’s politically stable and safe,” said David Hui, a Hong Kong-based general manager at Centaline who was at the Sunday event. They’re mostly in “finance or law, or owners of businesses over 35.”


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