Singapore is about to receive the world’s largest influx of super-rich persons over the next 10 years. 1,752 people will join the ranks of the so-called ultra-high networth individuals by 2024, according to property consultancy Knight Frank yesterday.
The projected addition of wealthy persons is higher than that of Hong Kong, New York and London. Singapore will see the number of people with assets above US$30 million (S$41 million) rise by 54.3% to 4,979 persons in 2024. Experts say that Singapore is attractive to these persons because of its regional hub standing and pro-business environment.
Although the wealthy continue to flock to the country, the value of luxury residential properties has tumbled recently. Property experts say that this is because of the government’s recent property curbs, with the luxury market being the hardest hit because of an additional buyer’s stamp duty.
Prices of homes in the Core Central Region, or city centre, have been on a downtrend since the second quarter of 2013. By the end of last year, prices fell 6.6%, according to the Urban Redevelopment Authority.
Prices are expected to drop further by the middle of this year, which might entice buyers waiting on the sidelines to buy in cheap.