Despite the hefty Additional Buyer Stamp Duty on foreigners buying Singapore Properties, foreigners still account for 9% of Singapore condominiums for the 1st nine months of 2013.
The single largest group of property buyer were from China, which alone account for more than 30% of the foreigners that bought Singapore properties. Next to follow very closely is the Indonesians, who felt that Singapore property provide a safe haven for the high inflation rate in certain parts of the country
Surprisingly, despite the introduction of the ABSD, the percentage of foreigners who bought Singaporean property increase from 8% to 9%. Research might indicate that the ABSD has more impact on Singaporeans instead who are still required to pay ABSD for multiple properties.
Research has also shown that some China buyers have shift their interest from Singaporean Residential properties to the commercial sector as the price has increase quite a bit despite the cooling measures.
The Hillford Condo might receive a different response due to the very affordable price that it is launching. This might attract more local buyers who have always been very interested in the Beauty World and Upper Bukit Timah area