{"id":45699,"date":"2021-11-19T18:50:07","date_gmt":"2021-11-19T10:50:07","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=45699"},"modified":"2022-06-13T17:34:44","modified_gmt":"2022-06-13T09:34:44","slug":"vtl-foreigners-buy-ccr-condos","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/vtl-foreigners-buy-ccr-condos\/","title":{"rendered":"Will Vaccinated Travel Lanes (VTL) invite more foreigners to buy CCR condos?\u00a0"},"content":{"rendered":"
<\/div>

On 15 November, the government announced<\/a> that it\u2019s extending the Vaccinated Travel Lane (VTL)<\/a> to six more countries such as India and Indonesia. This comes after last week\u2019s announcement on the VTL to Malaysia.<\/p>\n

As of writing, this brings the total number of VTL countries to 21. Other countries under the VTL previously announced include Australia, South Korea, the United Kingdom and the United States.<\/p>\n

The VTL doesn\u2019t just allow travellers from these countries to enter Singapore without being quarantined. It also means that it\u2019s now easier for foreigners to enter Singapore. (The country\u2019s border has always been open to overseas Singaporeans and PRs throughout the pandemic.)<\/p>\n

And for the property sector, especially when it comes to properties in the Core Central Region (CCR)<\/a>, the ease of border restrictions will mean higher foreign demand.<\/p>\n

\u201cWe certainly hope that the property market will be able to gain some traction from [the VTL] and capture some of the foreign investors and buyers. Particularly because we\u2019re in the central location, which is the CCR. And the CCR is quite dependent on some foreign investors and buyers,\u201d said Edward Ang, Executive Chairman of Ocean Sky International, during last week\u2019s media briefing for Cairnhill 16<\/a>. The development is one of the projects under TSKy Development, a joint venture between Tiong Seng Holdings and Ocean Sky International.<\/p>\n

\"Cairnhill<\/a>
Artist’s impression of Cairnhill 16. Source: TSky.<\/figcaption><\/figure>\n

So to what extent has the ease of border restrictions like the VTL helped bring in foreign buyers looking to buy CCR condos?\u00a0<\/b><\/h2>\n

We did a quick search on URA\u2019s REALIS to see the number of foreign buyers of new CCR condos.<\/p>\n

We found that while there\u2019s some correlation between the VTL and the number of foreign buyers of CCR condos, there\u2019s already an increased foreign demand even before the VTLs are announced.<\/p>\n

Number of foreign buyers in 2018 to 2021<\/b><\/h3>\n

To start with, let\u2019s see the number of foreign buyers of new CCR condos, based on transactions from 2018 to 2021 (up to October).<\/p>\n

In this article, we\u2019re just focused on the foreign buyers. We excluded PRs since they generally don\u2019t face border restrictions (other than the quarantine), and can still enter Singapore during the pandemic.<\/p>\n\n\n\n\n\n\n\n
<\/td>\nNumber of foreign buyers of new CCR condos<\/b><\/td>\n<\/tr>\n
2018<\/b><\/td>\n186<\/td>\n<\/tr>\n
2019<\/b><\/td>\n200<\/td>\n<\/tr>\n
2020<\/b><\/td>\n138<\/td>\n<\/tr>\n
2021 (up to October)<\/b><\/td>\n213<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: URA REALIS<\/p>\n

In general, there\u2019s a drop in foreign buyers in 2020, when the pandemic began and borders were largely closed. It\u2019s dropped by 31% from 2019 to 2020.<\/p>\n

But this year, even as borders aren\u2019t fully opened yet, there\u2019s already 213 foreign buyers as of October. In fact, the number of foreign buyers of CCR condos have already surpassed the figure for 2018, 2019 and 2020.<\/p>\n

But is this increase really driven by the VTL?<\/p>\n

A closer look at the number of foreign buyers in 2021\u00a0<\/b><\/h3>\n

The first VTL, for travellers from Germany and Brunei, was only announced in August and started in early September. Before that, it was mostly the travel bubble with Hong Kong that, well, kept bursting. So this first VTL announcement was a sign that we\u2019d see more quarantine-free travel coming our way.<\/p>\n

We found that for the first two months of 2021, there were only six foreign buyers for new CCR condos each month. However, the number spiked to 32 in March. After that, there\u2019s around 19 to 23 foreign buyers per month from April to September. The number went up even higher to 41 in October, when we started the VTLs with more countries such as the US and the UK.<\/p>\n

On the other hand, we can’t really tell which countries the highest number of foreign buyers are from. Especially in October, there\u2019s quite a substantial number of transactions where the nationality wasn’t specified in the URA REALIS database.<\/p>\n

But even before the VTLs were announced, there\u2019s already an increased foreign demand for CCR condos. So we think it\u2019s more of the positive economic outlook from the start of this year, as well as Singapore being seen as a safe haven for property investments, that\u2019s kept them coming before the VTLs were introduced. For instance, back in March, we saw the Tsai family of Want Want China Holdings from Taiwan buying<\/a> the whole Eden<\/a> condo at Orchard.<\/p>\n

Also, while we don\u2019t have VTL arrangements with countries and regions like Hong Kong, Mainland China, Macau and Taiwan, travellers from these areas have been able to enter Singapore without quarantine<\/a> for some time.<\/p>\n

Nevertheless, it’s very likely that the VTLs have helped boost foreign demand even more, especially for CCR condos, as we\u2019ve seen in the October numbers.<\/p>\n

\"3<\/a>
3 bedroom and study showflat of Cairnhill 16. Source: TSky.<\/figcaption><\/figure>\n

As Pek Zhi Kai, Executive Director of Tiong Seng Group pointed out during the media briefing, \u201cI think buyers of property still prefer to come and see, and feel before they make a purchase. And especially for luxury products. It\u2019s important to feel the luxury for themselves.\u201d<\/p>\n

How does foreign demand compare to local demand for CCR condos?\u00a0<\/b><\/h2>\n

Here\u2019s the breakdown of the buyer profile based on residential status, for new launch CCR condo transactions from 2018 to 2021.<\/p>\n\n\n\n\n\n\n\n
<\/td>\nForeigner<\/b><\/td>\nPermanent Resident<\/b><\/td>\nSingaporean<\/b><\/td>\n<\/tr>\n
2018<\/b><\/td>\n186<\/td>\n100<\/td>\n246<\/td>\n<\/tr>\n
2019<\/b><\/td>\n200<\/td>\n115<\/td>\n529<\/td>\n<\/tr>\n
2020<\/b><\/td>\n138<\/td>\n134<\/td>\n874<\/td>\n<\/tr>\n
2021 (up to October)\u00a0<\/b><\/td>\n213<\/td>\n300<\/td>\n1,662<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: URA REALIS<\/p>\n

While we\u2019re seeing an increasing number of foreign buyers this year, the increase of local buyers, especially Singaporeans, has been even higher for the past few years.<\/p>\n

For PRs, there\u2019s been a steady increase in buyers over the years. The number of PRs buying CCR condos increased more than twice for the first ten months of this year compared to last year.<\/p>\n

As for Singaporean buyers, we can see that in 2019, the number grew by twice from the year before. In fact, there\u2019s a 65% increase last year despite the pandemic and economic downturn. And for the first ten months of this year, the number of buyers has grown nearly twice the whole of last year\u2019s.<\/p>\n

As Zhi Kai highlighted, \u201cWe see Singaporeans coming into this sector, because there\u2019s quite a lot of wealth. I think property still remains one of the best stores of value. So with that, I do see that Singaporeans are still attracted to the CCR and this is a very good opportunity at this present moment to move into the CCR area.\u201d<\/p>\n

Which CCR condos should you look out for?\u00a0<\/b><\/h2>\n

Keen on getting a CCR condo? Whether you\u2019re a local, PR or foreigner, here are the top-selling CCR condos in October that you might want to take note.<\/p>\n\n\n\n\n\n\n\n\n
Condo name<\/b><\/td>\nTotal number of units<\/b><\/td>\nNumber of units sold in October<\/b><\/td>\nMedian price psf in October<\/b><\/td>\nTotal number of unsold units (at time of writing)<\/b><\/td>\n<\/tr>\n
Jervois Mansion<\/a><\/td>\n130<\/td>\n99<\/td>\nS$2,553<\/td>\n30<\/td>\n<\/tr>\n
The Avenir<\/a><\/td>\n376<\/td>\n26<\/td>\nS$3,174<\/td>\n222<\/td>\n<\/tr>\n
Leedon Green<\/a><\/td>\n638<\/td>\n22<\/td>\nS$2,689<\/td>\n269<\/td>\n<\/tr>\n
Irwell Hill Residences<\/a><\/td>\n540<\/td>\n20<\/td>\nS$2,752<\/td>\n147<\/td>\n<\/tr>\n
Fourth Avenue Residences<\/a><\/td>\n476<\/td>\n18<\/td>\nS$2,476<\/td>\n112<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Source: URA REALIS<\/p>\n

\"Canninghill<\/a>
Artist’s impression of Canninghill Piers.<\/figcaption><\/figure>\n

On top of that, this November we\u2019ll see two launches in the CCR. Canninghill Piers<\/a> started its preview on 5 November and is launching on 20 November, with an indicative starting price of S$1.16 million for a 409 sq ft one-bedder (S$2,836 psf).<\/p>\n

Cairnhill 16<\/a> started its preview from 13 November and will launch on 27 November, with an indicative price of S$2,789 psf. Its smallest units are 775 sq ft two-bedders, starting from S$2.2 million.<\/p>\n

And come December, we\u2019ll see the launch of Perfect Ten<\/a> in Bukit Timah<\/a>.<\/p>\n

Check out the latest new launches<\/a> here.<\/p>\n

Which CCR condos will you go for? Let us know in the comments section below or on our Facebook post<\/a>.\u00a0<\/b><\/h2>\n

If you found this article helpful, 99.co recommends Luxury Property News: Billionaire Deals, Electric Wheels, Superhero Buys<\/a> and New launch condo projects potentially launching in 2022<\/a>.<\/p>\n

Looking for a property? Find the home of your dreams today on Singapore\u2019s fastest-growing property portal 99.co<\/a>! If you would like to estimate the potential value of your property, check out 99.co’s Property Value Tool<\/a> for free. Meanwhile, if you have an interesting property-related story to share with us, drop us a message here<\/a> \u2014 and we\u2019ll review it and get back to you.<\/p>\n","protected":false},"excerpt":{"rendered":"

On 15 November, the government announced that it\u2019s extending the Vaccinated Travel Lane (VTL) to six more countries such as India and Indonesia. This comes after last week\u2019s announcement on the VTL to Malaysia. As of writing, this brings the total number of VTL countries to 21. Other countries under the VTL previously announced include…<\/p>\n","protected":false},"author":111,"featured_media":45715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53601,53602,57131],"tags":[55885,56535,55496,55657,55557,56294,53668,56327,56328,56855,55825,56710,56286,53680],"persona":[57126],"class_list":{"2":"type-post","25":"entry","26":"has-post-thumbnail"},"acf":[],"yoast_head":"\nWill Vaccinated Travel Lanes (VTL) invite more foreigners to buy CCR condos?\u00a0 - 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