Singapore, Hong Kong property bubble

Bubble forming in Singapore property
(SCMP.com)
Singapore's economy grew the fastest in Asia last year at 14.7 percent.  Commensurately, property prices in Singapore rose beyond sustainable levels driven by low interest rates and excessive liquidity.  This has prompted the Singapore government to take measures to prevent a real estate bubble including 5X stamp duties for owners who sell property if held less than 4 years.  Maximum loan amounts for individuals has decreased from 70 percent to 60 percent.

Hong Kong most expensive city
According to Savills, Hong Kong is now the most expensive city to buy a home for everyone from white collar staff to billionaires.  Property prices in Hong Kong were 55 percent higher than London in 2010.  This is driven by negative real interest rates and demand from Mainland China.

Chinese Property Agent in New York City

I am a Cantonese Chinese speaking real estate agent in Manhattan, New York serving foreign and international investment property buyers. Our clients include investors from Hong Kong, Singapore, China and Malaysia.

I grew up in Klang, Malaysia, and came to the US for college and MBA education.  Consequently, I worked as a banker at Citigroup for 9 years and attained numerous achievements.  Four years ago, I left corporate world to focus on being a full time real estate investor and broker.

Our clients usually purchase investment condos in new developments in Manhattan because Manhattan has shown to be an asset that sustains its value, despite the current recession. For example, Manhattan prices decreased by about 20 percent during the current recession. This decline is much lower than the declines at similar major cities such as Los Angeles and San Francisco where prices declined by 40 to 50 percent. Manhattan prices are also more stable relative to stocks where in 2008, prices declined by 40 percent.

Reasons for our clients' purchases include:
(i) taking advantage of the current downturn
(ii) purchasing residence for children attending college or university in Manhattan, such as at New York University or Columbia University.

We also represent clients purchasing commercial investment property in Manhattan, including mixed use buildings and commercial condos. Besides Cantonese Chinese, I also speak Malay, the national language of Malaysia.

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Visit our website at http://www.castle-avenue.com/

Best,
Wei Min
tan@castle-avenue.com
212.682.8494

Foreigner / International Buyer Mortgage Loan Financing for Manhattan New York Property

Foreign and international buyers of Manhattan New York property can obtain mortgage financing through two sources:
(i) US lenders
(ii) Overseas lenders at the foreigner's home country

US Lenders
The major US banks no longer provide financing to foreigners.  However, certain niche banks still provide foreigner financing.  The downpayment requirement is usually much higher and interest rates are higher as well relative to those provided to borrowers who are US residents.

Overseas Lenders
This is an option as the lender is from the foreign client's home country or region.  Hence the foreign buyer will be more familiar with the documentation terms, mortgage structure etc.  Essentially it's a bank at the foreigner's home country providing an international mortgage.  Again, very few financial institutions provide this but there are niche players.

Cantonese Chinese speaking agent, Manhattan New York condo

I am a Cantonese Chinese speaking property agent in Manhattan, New York serving foreign and international investment property buyers.  Our clients include investors from Hong Kong, Singapore, China and Malaysia.

Our clients usually purchase investment condos in new developments in Manhattan because Manhattan has shown to be an asset that sustains its value, despite the current recession.  For example, Manhattan prices decreased by about 20 percent during the current recession.  This decline is much lower than the declines at similar major cities such as Los Angeles and San Francisco where prices declined by 40 to 50 percent.  Manhattan prices are also more stable relative to stocks where in 2008, prices declined by 40 percent.

Manhattan New York property buyers from Malaysia, Hong Kong, Singapore

Many have asked about whether we focus on foreign / international clients from Asia purchasing property in Manhattan to take advantage of the weakened dollar and economic downturn.  Answer is yes, 50% of our clients are high net worth individuals from Asia, specifically Malaysia, Singapore and Hong Kong.

Reasons include growing up in Malaysia, familiarity with the cultures and expectations, ability to speak Chinese Cantonese, Hokkien and Malay.  We are familiar with the property buying process there and can put the process of buying Manhattan, New York real estate in context.  Further, we can discuss the ROI, yield and appreciation potential of Manhattan property relative to those at the home countries of our clients.

We are expanding our client development efforts in Malaysia, Hong Kong and Singapore.  Also, we continue to see increased interest, especially from savvy investors looking to take advantage of the economic downturn.

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FAQ


Contact Wei Min at tan@castle-avenue.com to discuss how we can help you grow wealth through Manhattan real estate.