An increasing number of Indian professionals working in Singapore are buying luxury apartments in upmarket areas, says a property consultancy here.
Indian nationals made up 11 percent of all foreign buyers in the third quarter of this year, up from eight percent a year ago and six percent in 2004, said DTZ Debenham Tie Leung Monday.
"They are well-heeled expats and very international" and have worked in such cities as London and New York, said Ong Choon Fah, the consultancy's executive director.
In the third quarter, Indian nationals formed the third-largest group of home buyers of all foreign buyers, up from fourth previously, Ong said. Indonesians were first with 21 percent, followed by Malaysians with 19 percent.
Indian resident population in Singapore at the end of June 2006 was 319,100, up from 257,791 in 2000, according to official figures in the city-state, which has a total population of 4.5 million.
Of Singapore's predominantly Chinese population, seven percent are Indians and 14 percent Malays.