In a bid to secure more foreign investments from mainland China a number of Estate Agencies have set up to woo investors to buy property in Singapore. Property agencies reported that six in ten prospective customers have been asking about Sentosa Cove, which is deemed as prestigious waterfront living.
One agency has a representative office in the second-tier city of Wuhan in China. Every second month they organise trips to Singapore for 8 to 10 wealthy investors. The agency added that it is targeting results from such actions in the fourth quarter of this year and the first quarter of next year. In additon, the agency is contemplating doing road shows in China as well as exhibitions and possibly taking prestigious local projects to China itself to launch there.
Another agency representative reported that they often fly to China or keep in touch via e-mail. They then shortlist the properties that their overseas clients have shown interest in. When Chinese investors fly over to Singapore on the weekend the agency will often take the investors around the properties they are interested in.
Property agents expect the demand from Chinese investors to continue to hold. The yuan appreciation has strengthened meaning the buying power has increased. This is coupled with the fact that Singapre homes are still more affordable compared to properties in other Asian cities. This has been further consolidated with facts and figures that show Chinese investors have been buying more property recently.