Foreigners picking up more properties in Singapore

Foreigners picking up more properties in Singapore

The co-owner of Hong Kong luxury jewellery business Temptations Jewellery recently purchased a duplex penthouse at Nassim Park Residences for S$21.2 million. Naina Buxani purchased a 6,878 sq ft penthouse, just two units away from another penthouse that was purchased last year by her husband, Mahesh. Each penthouse unit consists of four bedrooms, a family area and a private swimming pool. Prior to this, Mrs Buxani purchased two four-bedroom units in the same development in June this year.

Aside from the Buxanis, Ricardo Peralta, a Spanish tycoon, acquired a three-storey property with a roof terrace as well as two adjacent shophouses along Amoy Street. The properties are at Boon Tat Street and Amoy Street respectively each have a 999-year leasehold tenure, and are collectively worth S$28.9 million. The units at Amoy Street are currently leased as offices; however, Mr Peralta has expressed his intentions to have F&B businesses take over instead, to improve rental yields.

A shophouse on 16 Smith Street worth S$8.8 million was also recently picked up by a Malaysian buyer. The building is currently leased to a Chinese restaurant that is operated on the ground level.

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