Sales of London property at exhibitions in Singapore and Hong Kong have remained largely static year-on-year, according to internal research conducted by CBRE Singapore, says Andrew Batt.
Speaking exclusively to PropertyGuru, Dairen Bradshaw, CBRE’s Executive Director for International Project Marketing, revealed that during the first four months of 2014, the real estate firm’s estimates showed that 1,194 units were sold at London property exhibitions in Singapore and Hong Kong. Of these some 508 units – or roughly 42 percent – were sold in Singapore.
In terms of value, Bradshaw said £591 million (S$1.24 billion) worth of properties were sold between the two locations, with Singapore accounting for £250 million (S$526 million) – again roughly 42 percent by value.
He added last year saw £1.2 billion (S$2.5 billion) worth of London properties sold at Hong Kong and Singapore property exhibitions, and he expects similar totals for 2014.
“Singapore buyers are certainly cautious and very aware of the impact of the Total Debt Service Ratio (TDSR),” he said, adding how sales of London property to Singaporeans were, in his opinion, fairly static at the moment.
Mark Collins, Executive Director – Chairman of Residential of CBRE in London, told PropertyGuru: “Demand from U.K. buyers in London has certainly picked up.”
Citing data from his Covent Garden office in the centre of London, he revealed that 54 percent of buyers are now British.
“Confidence has returned and the British buyer is back,” he said.
Bradshaw and Collins were marketing the Barratt Homes Fulham Riverside project in Singapore last weekend. Both declared themselves happy with the response from Singapore buyers.
“We’ve sold out Singapore allocation for this project,” said Bradshaw, adding that some of the units reserved for next week’s exhibition in Hong Kong have been allocated to Singapore investors.
Singapore buyers at Fulham Riverside have been buying for a mix of reasons, not only for education or for investment potential but also for their own use, Bradshaw added.