SALES of Singapore apartments worth at least S$10 million (US$7.3 million) have hit an 11-year high, fuelled by increased demand from Chinese millionaires seeking safe-haven assets, say property consultants OrangeTee & Tie.

In the first eight months of 2019, 68 condominium units in the wealthy Asian city-state were sold for S$10 million and more, the highest tally since the corresponding period of 2008.

Sales of such apartments also exceeded the numbers racked up for each full year from 2011 to 2018, the consultants’ analysis of transaction data shows.

Some buyers may have sought an alternative to Hong Kong, while others may have shifted funds from China after its yuan currency was devalued, an OrangeTee expert said.

“This may explain why we have observed more foreign buyers, especially Chinese, coming into Singapore lately,” said Christine Sun, its head of research and consultancy.

Chinese are the biggest group of foreign buyers of Singapore luxury homes.

In Singapore’s prime districts, Chinese citizens bought 76 apartments worth more than S$5 million in the period from January to August, versus 75 purchases by Singaporeans, data until Sept. 19 show.

Expensive apartments in premium neighborhoods are mainly bought by foreigners, because at such high prices Singaporeans have the option to buy landed property, such as bungalows and mansions.

Singapore does not allow foreigners to buy landed homes, except for those on the resort island of Sentosa.

“We do see that even though the stamp duties have increased …. we are still seeing people putting big money on these apartments,” said Boon Hoe Leong, chief operating officer of high-end realtor List Sotheby’s International Realty.

(SD-Agencies)