SINGAPORE - Not many 24-year-old university students live in a S$1.2 million penthouse, kitted out with a Herman Miller Aeron office chair and Lelit espresso machine. Especially not in Singapore, one of the world's most expensive property markets.
Data is scant but property agents say they've seen a noticeable up-tick in apartments being bought by wealthy families for their children since the property cooling measures came into effect in July 2018. Additional buyer's stamp duty, or ABSD, is now levied at 12 per cent for second homes and 15 per cent for third and subsequent properties.
Property agents and lawyers that Bloomberg News spoke with said they don't have data on the number of trust accounts being set up with that as the primary objective. But both OrangeTee's Sun and Savills' Mr Cheong say more homebuyers are inquiring about this option.Nicholas Mak, head of research at APAC Realty Ltd unit ERA Singapore, said trusts aren't cheap to establish.
The world is unfair! The Rich gets richer and the Poor get poorer.
And the rich just keep getting richer...
Where can you buy a penthouse for S$1.2 million?!
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