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Sales of luxury apartments here hit 11-year high

Sales of Singapore apartments worth at least $10 million each have hit an 11-year high, fuelled by increased demand from Chinese millionaires seeking safe-haven assets, said property consultancy OrangeTee & Tie.

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Investors have long viewed Singapore as an island of stability that attracts the super rich from its less developed South-east Asian neighbours, as well as multi-millionaires from mainland China.

Sales of luxury apartments here hit 11-year high

In the first eight months of this year, 68 condominium units in the wealthy city state were sold for $10 million and more each, the highest tally since the corresponding period of 2008.

Sales of such apartments also exceeded the numbers racked up for each full year from 2011 to last year, the consultants' analysis of transaction data shows.

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