M'sians top foreign buyers

MALAYSIANS are snapping up more private homes in Singapore than any other nationality, according to a new report.

DTZ Debenham Tie Leung found that last year, they accounted for 27 per cent of total transactions by non-Singaporeans, who include foreigners and Singapore permanent residents (PRs).

This is the second year in a row that Malaysians have emerged as the most active non-Singaporean purchasers in this type of study, which is based on Urban Redevelopment Authority data and uses caveats lodged as a proxy for sales transactions.

Indonesians were behind 19 per cent of transactions last year, the lowest proportion since 1995, when caveat data became available.

In all four quarters of last year, Malaysian buyers came out tops - a turnaround from the period between 2004 and 2007 when this position was held by Indonesians. And in the final three months of last year, Malaysians were responsible for 25 per cent of transactions by non-Singaporeans, significantly higher than the 17 per cent that went to Indonesians. The two groups of buyers were on an equal footing during the same quarter in 2008.

Mr Joseph Tan, executive director for residential at CB Richard Ellis, said geographical proximity and cultural similarities were key reasons for the interest shown in Singapore by its nearest neighbours.