Indians 3rd largest grp buying homes in S'pore

Singapore, Dec 17: Indian foreigners has emerged as the third largest group buying homes in Singapore, after traditional investors from Indonesia and Malaysia, who are generally seen as 'parking' their money in the residential property here.

The Indians had 425 residential property transactions this year, up from 292 last year and 108 in 2004, according to the Urban Redevelopment Authority's Real Estate Information System.

This year, the Indian buyers were ranked third and above those from the United Kingdom and China. Last year, the Indian buyers were ranked fourth and one above China but behind the third place UK buyers.

In 2004, the Indians were ranked fifth behind those from UK and China.

Mr Lloyd D'Souza, originally from Kolkata and posted to Singapore as a private banker in 1997, says Singapore's security, cleanliness, good job opportunities, and 'how everything works' were what made him decide to stay on and invest in a permanent home.

D'Souza became a Singapore citizen in 2001 and has since bought a 2,100 sq ft apartment in a luxury condominium for 1.4 million Singapore dollars.

''More Indians are buying as more are working in Singapore and they are more familiar with the market, which has seen more launches of prime properties in recent years,'' observed head of research consultancy at Chesterton International Colin Tan, one of the main property management groups in Singapore.

Singapore's property is on the upturn after the 1997 Asian financial crisis, with foreigners accounting for 23 per cent of all 16,755 residential property transactions this year, up from 22 per cent of the 15,953 transactions last year and 20 per cent of the 11,068 transactions in 2004.

The recent rebound in the luxury segment of the private properties in Singapore, is to a large part, fuelled by foreign demand, according to a report in the Sunday Times (today).

Traditionally, Indonesian businessmen, some of whom have their families based in Singapore and make frequent business visits, have been top residential buyers. The Indonesians accounted for 823 residential property transactions this year, 842 last year and 600 in 2004.

The second place Malaysians accounted for 792 transactions this year, 807 last year and 541 in 2004.

Likewise, the UK buyers accounted for 351 transactions this year, 304 transactions last year and 149 in 2004, while the buyers from China accounted for 271 transactions this year, 280 last year and 171 in 2004.

UNI