Singaporeans Cross Causeway to Buy Homes
Singaporean entering to Malaysia via Tuas CIQ
Malaysia’s real estate
market glitters brightly
in the eyes of foreign
buyers thanks to
neighbour Singapore’s
property cooling
measures such as the
Additional Buyer’s Stamp
Duty (ABSD), Seller’s
Stamp Duty (SSD) and
the Total Debt Servicing
Ratio (TDSR) framework.
According to Nicholas
Holt, Knight Frank’s
Research Director for
Asia Pacific, Malaysia
has certainly been the
recipient of a lot of
Singaporean money
since the tighter cooling
measures there.
“Singaporeans probably
top the list in terms
of overseas buyers in
Malaysia, most notably
in Iskandar, but also
in Kuala Lumpur and
Penang,” he noted.
UEM Sunrise Berhad also
added that Singaporeans
are the largest foreign
buyer group in Malaysia,
accounting for 70
percent of all overseas
purchases.
According to CBRE
Malaysia, in spite of
the curbs, Malaysian
properties are still
cheaper than those in
Singapore. As a matter of
fact, a 1,000 sq ft condo
in the city-state sells for
US$800,000 (RM2.61
million) to US$960,000
(RM3.14 million), while a
similar-sized flat in Kuala
Lumpur goes for about
U$374,000 (RM1.22
million).
Even luxury homes
in Malaysia are more
affordable. For instance,
units at Horizon Hills,
which is located amidst
a golf course, are
marketed online for just
$270 psf compared to
$503 psf for a fourbedroom HDB flat in
Singapore’s central
Bishan district.
However, this is a
blessing and a curse for
the ASEAN nat