Residential

Chinese nationals making less private homes purchases

The number of homes purchased by Chinese nationals from January to September this year has fallen by 48% from 2,046 units in the same period last year to 1,066 units, falling from their spot as the top foreign buyers. They have also shifted their interest in homes located in prime and mid-range Districts 9, 10, 11 and 14, 15, 16 to mass-market Districts 18, 19 and 23 in 2012, especially to new launches near MRT stations and amenities. This could be a result of the aggressive marketing of suburban project launches in China as well as the imposition of the ABSD on Chinese buyers which will increase the costs. Furthermore, the abolition of the Financial Investor Scheme, stricter immigration rules and a slowdown in China’s economy also resulted in a fall in demand.

Meanwhile, Malaysians, currently the top foreign buyers, bought a ...