Ultra-rich new citizens are causing prices of Good Class Bungalows to escalate beyond the reach of “true-blue Singaporeans” who aspire to own one.
That’s according to Realstar Premier Group managing director William Wong.
In the first 2.5 months of 2021, the Group brokered the sale of five detached houses and one semi-detached house for a total S$137.63 million.
Wong said that the spike in prices is due to newly minted citizens jostling for the most prestigious of houses in Singapore.
“A few years ago, these were mainly Chinese nationals-turned-Singapore citizens… While the Chinese still make up a sizeable percentage today, we also have new citizens from Hong Kong, Taiwan, India, Pakistan, and many other nationalities from across the world.”
The ultra-rich are attracted to Singapore by the government’s Global Investor Programme, which was first rolled out in 2004.
Under this scheme, next-generation business owners, family offices, and founders of fast-growing companies from overseas will be granted Permanent Residence (PR) status for those who are eligible.
PR status allows them to reside in Singapore visa-free, enjoy tax relief and education subsidies for their children, and is the first step on the path to citizenship.