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.