Based on Julius Baer Lifestyle Index (see note below),
Singapore has been rated the most expensive city in the world in 2023.
Based on the latest edition of Knight Frank’s The Wealth Report, the number of ultra rich, individuals with net worth more than USD 30 millions, in Singapore is expected to grow to around 5,300 between 2022 and 2027!
How are the above connected?
When the rich comes to Singapore, one of the necessity is to buy a home to stay. These migrants are willing to spend on quality homes that meet their requirements, which could have pushed up the property prices in Singapore.
Oh that is bad! Not necessary.
With higher disposal income and higher demand for quality homes, these buyers would encourage developers to design more challenging and eye pleasing houses which continues to beautify Singapore skyline.
In recent times, the bar has been raised higher. Enter what is called branded residence.
What are these?
Branded residence refers to property developed jointly with branded hotel chain. The hotel chain collects licensing fees and buyers get to enjoy hotel equivalent life style – concierge services, hotel level security and maintenance, fitness centre, spa and pool amongst them.
Going forward, just buying a property in Core Central Region might not be adequate to resell the property to buyers with high disposal income.
The more sophiscated high net worth buyers are more educated and more demanding in the life style that their home is associated with.