By Trend News Line 2024-05-24 04:15:41.
Ray Dalio Buys Multimillion-Dollar Shophouses in Singapore
Renowned billionaire and Bridgewater Associates founder Ray Dalio has recently made headlines for his latest real estate investment in Singapore. Dalio, through his family office, the Dalio Family Office, acquired two shophouses at 44 and 46 Club Street in 2021 for approximately S$25.5 million. The purchase was confirmed by sources cited in the Financial Times.
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Dalio’s Expansion into Singapore
The move is in line with Dalio’s strategic decision to establish a stronger presence in the region. In 2020, he announced the opening of a family office in Singapore to oversee his investments and philanthropic activities. The acquisition of the prime shophouses further solidifies his commitment to the Singaporean market.
Shophouse Sales Surge in Singapore
The purchase of the shophouses by Dalio comes amidst a surge in shophouse sales in Singapore, driven by increased interest from high-net-worth investors. The trend has been further highlighted by other notable figures, such as Zhang Ying, the wife of Alibaba founder Jack Ma, who recently acquired three adjoining shophouses on Duxton Road.
Market Insights and Projections
According to a report by property consultancy Knight Frank, sales of shophouses in the first quarter of 2024 saw a significant uptick, with a 52.2% increase from the previous quarter. The report also indicates a rise in the average price of shophouses over the past decade, reflecting the growing demand for such properties in the market.
Investor Interest and Regulatory Changes
Knight Frank attributes the surge in shophouse sales to the hike in property stamp duty for foreigners last year, which has redirected investor interest towards commercial properties like shophouses. Family offices, in particular, see these properties as attractive assets that can also serve as office spaces, further driving the demand in the market.
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Outlook for Shophouse Sales
Despite regulatory changes and ongoing investigations related to money laundering, the outlook for shophouse sales remains positive. Knight Frank projects that the sales volume of shophouses is expected to range between S$1.1 billion and S$1.2 billion for the remainder of 2024, indicating continued investor confidence in the market.
In conclusion, Ray Dalio’s acquisition of multimillion-dollar shophouses in Singapore reflects a broader trend of increased investor interest in the market. With the real estate sector showing resilience and strong growth potential, the future looks promising for shophouse sales in Singapore..
Ray Dalio Bridgewater buyer Club Street shophouses sold 2021.
