Family offices in Singapore have virtually no impact on private housing market: Alvin Tan

  • 📰 asiaonecom
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 59%

Business News News

Business Business Latest News,Business Business Headlines

SINGAPORE – Singapore-based family offices, which manage investments for ultra-rich individuals, have not bought a single residential property here in the past six years, said Minister of State for Trade and Industry Alvin Tan. Hence, family offices have had virtually no impact on the Republic’s private housing market, he told Parliament on Wednesday. “There was no residential property transaction attributable...

Singapore-based family offices, which manage investments for ultra-rich individuals, have not bought a single residential property here in the past six years, said Minister of State for Trade and Industry Alvin Tan.SINGAPORE – Singapore-based family offices, which manage investments for ultra-rich individuals, have not bought a single residential property here in the past six years, said Minister of State for Trade and Industry Alvin Tan.

He noted that the share of private residential property purchases by foreigners has dropped in the past decade, falling from 20 per cent in 2011 to a low of about 3 per cent to 4 per cent in the past few years. According to the central bank, there were 700 single-family offices in Singapore at the end of 2021. About 200 of them have applied for tax incentives since April 2022 to invest in local assets.

Institutional investors account for the bulk of the increase in assets under management in Singapore, he added.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 10. in BUSİNESS

Business Business Latest News, Business Business Headlines