RESIDENTIAL PROPERTY
“We got feedback from agents from the ground, not only from Savills, but across agencies. There had been some inquiries and some signing of leases by expats that came from Hong Kong or were going to be relocated from Hong Kong to Singapore,” Alan Cheong, executive director of Research and Consultancy at Savills Singapore, told Singapore Business Review.
This observation coincides with the fact that as of mid-August 2023, Hong Kong has witnessed a net outflow of 291,000 residents.
Cheong said that whilst the influx is not really “a big wave” but more of “a wavelet,” it still has the potential to direct the market into a slightly positive direction.
As most of the expats from Hong Kong hold positions in the C-suite bracket in Singapore, Cheong said they have the budget to rent apartments priced at more than $10,000 (US$7,314) a month.
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