Connecting ultra-high-net-worth clients in Singapore, Malaysia and the region to luxury residential homes through its global footprint and digital capabilities
Despite the current weak market sentiment, the market targeting the ultra-high-net-worth clients are still underserved, according to Singapore List Sotheby’s International Realty chief operating officer Leong Boon Hoe.
According to him, foreign buyers may be drawn to the premium property in prime land developments in the Klang Valley, Penang and Iskandar Malaysia following the slump of the Malaysian ringgit. As the weak ringgit translates to attractive pricing and low-entry for foreigners, more developers are marketing overseas.
When asked about the prime location in Malaysia in a media briefing, Leong said his preferred location would be Bangsar, Bukit Bintang and Damansara Heights.
“Currently we have no local presence in Malaysia, so there is still much to be explored in terms of the potential of the prime location in Malaysia, but I believe Kuala Lumpur as the capital city of Malaysia still holds an advantage in the eyes of foreign investors,” said Leong, who added that Sotheby’s may be establishing its presence in Malaysia in future.
As for Singapore, luxury properties have remained an attractive option with prices fallen approximately 10% since the peak of the market in Q12013.
Singapore property market may have bottomed out since 2016, as the rate of decline has slowed down when compared to other segments.
“More than ever, global uncertainties are driving astute investors to redirect and rebalance their investments. Residential properties will remain a key part of the ultra-high-net-worth investor’s portfolio, and Singapore’s luxury residential sector is primed for recovery when such interests return. We are well positioned to ride on this new wave of growth,” added Leong.
Recently, List Sotheby’s International Realty, Singapore has joined 880 Sotheby’s International Realty office with 20,000 sales associates across 70 countries to become one of Singapore and the region’s leading luxury residential brokerages with an international network and strong digital marketing capabilities.
