Sunday, April 1, 2012

S'pore luxury property market still resilient

usiness Times: Sat, Mar 31
SINGAPORE luxury property remains resilient despite the government's cooling measures, as the wealthy look to the city as a 'safe haven' and a lifestyle destination.

This is one of the highlights of Knight Frank's The Wealth Report 2012, produced in collaboration with Citi Private Bank.

A survey of 4,000 individuals worth an average of US$100 million each cites Singapore as the fifth most favoured second home location across all respondents. In pole position was the United States, followed by the United Kingdom, France and Spain.

In terms of quality of life, Singapore took second place, after London.

The study reflects the growing shift in emphasis towards the East, where the number of 'centa-millionaires' - defined as those with a net worth of at least US$100 million in investible assets - is growing rapidly.

For instance, the current ranking of the most important global cities finds Singapore in fifth spot, after London, New York and Hong Kong. Shanghai and Beijing were ranked eighth and ninth, respectively.

In 10 years, based on the expectations of survey respondents, Singapore continues to take the fifth spot. But Beijing and Shanghai moved up to third and fourth places, respectively...

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