From left: Harmeet Singh Bedi, managing director of Christie’s International Real Estate Singapore; Dipika Bedi, director; Rohini Singh, director; and Himmat Singh, managing director
SINGAPORE (EDGEPROP) - Harmeet Singh Bedi was a banker for almost 30 years, with stints at Merrill Lynch, UBS and Maybank Kim Eng, before he became CEO of Singapore-listed Prime US REIT Management, which manages a portfolio of over US$1.5 billion ($2 billion) worth of office assets in the US. After just a year as CEO, he resigned “to pursue other opportunities”, according to the SGX announcement on March 15.
As it turned out, the “other opportunities” include bidding for the rights to be the Singapore brand affiliate of Christie’s International Real Estate, the global real estate agency specialising in luxury homes. “I love real estate, and if I was going to leave a banking career, I thought real estate would be a great place to go,” says Harmeet.
Christie’s International Real Estate was originally owned by storied British auction house Christie’s. In December 2021, Chicago-based real estate brokerage and tech firm @properties — co-founded by Mike Golden and Thad Wong — acquired Christie’s International Real Estate from Christie’s. Following the acquisition, Christie’s International Real Estate became a subsidiary of @properties, with the two firms operating in a partnership where Christie’s has retained a close association with the brand.
Read also: Christie’s International Real Estate returns to Singapore
Harmeet, his wife Dipika Bedi, his sister-in-law Rohini Singh and her husband, Himmat Singh, now own the rights to Christie’s International Real Estate Singapore. Its office opened in August, with Harmeet and Himmat as managing directors and their wives, Dipika and Rohini, as directors.
Himmat and Rohini also own Christie’s International Real Estate India. Their eponymous firm, New Delhi-based Himmat & Rohini Singh LLP, became an affiliate of Christie’s International Real Estate in 2020.
“The Singapore luxury market is very brand-conscious and sophisticated,” observes Himmat. “So we feel that a brand like Christie’s, with its longstanding credible position globally, is a good fit.”
There are now 50 Christie’s International Real Estate partners and affiliates worldwide. With a presence in Singapore and India, Harmeet and Himmat saw the potential to tap the network for further cross-border collaboration. They were proven right a few months ago when they attended an event for Christie’s International Real Estate brand affiliates in Athens.
After being introduced at the event, they were approached by the other brand partners who wanted to talk about Singapore and how they could work together on cross-border collaborations. “There is a fantastic network of people with luxury properties across the Christie’s footprint, and we see that as a big opportunity for us,” says Harmeet.
Himmat has close to 30 years of experience in the real estate market in India, having worked with CBRE in New Delhi in various roles before heading the firm’s investment services business in New Delhi in 2002.
Rohini likewise has over 25 years of experience in the residential property market, having worked at Hazari Realtors in Mumbai, CBRE and JLL in New Delhi, where she was last head of the residential department. She founded Rohini Realtors in 2000, while Himmat started Touchstone Real Estate Advisors in 2005. They subsequently merged their companies into Himmat & Rohini Singh LLP.
“Himmat and I bring very complementary skillsets,” Harmeet adds. “He’s been in the real estate brokerage business for close to 30 years with Rohini. I bring a banker’s mindset, which centres around: How do we leverage the network?”
Dipika’s experience in advertising, event management and art sales will also complement the overall skillsets of the quartet at the helm of Christie’s International Real Estate Singapore.
Harmeet and Dipika are Singaporeans, having moved to the city-state 26 years ago. Himmat and Rohini are both Indian nationals and still have their base in New Delhi, where they continue to operate their firm and Christie’s International Real Estate India. The couple is in Singapore to set up the Singapore business with Harmeet and Dipika. Next month will mark the opening of Christie’s International Real Estate Singapore’s new office in a refurbished conservation shophouse on 19 China Street in the CBD.
None of them were registered real estate salespeople in Singapore until Harmeet took the Real Estate Salesperson examination to qualify as one. “It was one of the more trying moments of my life,” he concedes.
A house on a 2,000 sq yard (18,000 sq ft) compound that was brokered by the Christie’s India affiliate (Photo: Christie's International Real Estate India)
According to the Council for Estate Agencies, there are 35,251 registered salespersons in Singapore as at Jan 1. It is an increase from 34,427 in 2023 and 32,414 in 2022. “With over 35,000 agents in Singapore, it’s a disproportionately large number given the population size,” says Himmat. “I think a lot of them are doing it part-time. The government wants people who are really keen to be in the industry to sit for these exams and get their licences.”
It is not the first time Christie’s International Real Estate has come to Singapore. In 2013, the brand affiliate was Singaporean Dave Loo, the former founder and managing director of international real estate brokerage firm SQFT Nexus. Unfortunately, the firm closed in 2019.
However, Himmat is unfazed. “Having been in the real estate business for almost 30 years, we are huge believers in the Singapore story and in real estate,” he says. “And we hope that we will grow this business in a way that is not at all short term. We are not looking at the next six months, one or two years; we’re looking at 10 years down the road. Our belief is that this is an amazing market.”
The Singapore office is marketing a 3,208 sq ft, high-floor, four-bedder unit at the freehold The Tate Residences on Claymore Road in prime District 9 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Himmat is not deterred by Singapore’s property cooling measures of April 2023, which saw additional buyer’s stamp duty (ABSD) for foreigners buying residential property doubling to 60%. The hike in ABSD is part of the government’s proactive measure to regulate the market, he says. “Our view is that the ABSD is a good thing in ensuring people don’t get ahead of themselves and overheat the market.”
Edmund Tie’s Prestige Homes report showed that $1.05 billion worth of luxury homes were transacted in 1H2024, up 14.7% from 2H2023. While transaction volume remained relatively unchanged at 59 in 1H2024, from 60 in 2H2023, the quantum price per transaction increased in both the landed and non-landed segments.
The quantum price per transaction for landed luxury homes rose 12.1% in 1H2024 to $18.7 million from $16.7 million in 2H2023, says the Edmund Tie report. Over the same period, quantum price per transaction for non-landed luxury homes increased to $15.6 million from $14.6 million in 2H2023, up 6.7%.
Total foreign demand for luxury homes in Singapore fell to $171.7 million in 1H2024 from $196 million in 2H2023, according to Edmund Tie. Despite the decrease in overall transaction volume, the average price per transaction increased to $17.2 million in 1H2024 from $15.1 million in 2H2023.
In recent months, Christie’s Harmeet and Himmat have seen more high-net-worth individuals, family offices and institutional investors flocking to Singapore. These wealthy individuals are now considering applying for Singapore permanent resident (PRs) or citizen status before buying a home.
“This residential status didn’t make a difference 10 years ago, but today it does because it materially changes the cost of acquisition here,” says Harmeet. For PRs, the ABSD drops from 60% to 5% for the first residential property purchase, and for Singaporeans, there is no ABSD for the first home. With more foreigners looking to become PRs and Singaporeans, it will underpin local demand for real estate in the coming months, he adds.
Data from the Department of Statistics Singapore shows that the PR population grew 3.7% y-o-y from 0.52 million in June 2022 to 0.54 million in June 2023. Meanwhile, the citizen population was up by 1.6% y-o-y to 3.61 million in June 2023, from 3.55 million in June 2022.
On the other hand, Singapore’s millionaire population has risen significantly in recent years. According to the 2024 World’s Wealthiest Cities Report by investment immigration consultancy Henley & Partners in May, Singapore’s millionaire population at 244,800 is second only to Tokyo’s 298,300 millionaires.
Singapore’s millionaire population has increased 64% over the past decade from 2013 to 2023. The country is also home to 336 centi-millionaires and 30 billionaires.
Photo: Henley & Partners
According to Henley & Partners, Singapore has one of the highest billionaire populations in Asia. Beijing is in first place with 42 billionaires, followed by Shanghai (39), Hong Kong (35), Singapore (30) and Mumbai (29).
The city-state has overtaken London as the fourth wealthiest city in the world. In just 2023 alone, 3,400 high-net-worth individuals moved to Singapore.
Singapore is now home to 1,400 single family offices as at end-December 2023, according to a Deloitte report. It is a 27.3% increase from 1,100 in 2022 and a 57.1% increase from 700 in 2021.
In Deloitte Private’s new Family Office Insights, published on Sept 5, families in Asia Pacific control $1 trillion in wealth, up 61% from 2019. The figure is expected to increase to $1.3 billion by 2025 and double to $2 trillion by 2030.
Of the family offices in Asia Pacific that participated in Deloitte’s survey, 29% are headquartered in India, 21% in Hong Kong, 14% in Australia and 12% in Singapore.
According to the report, the top asset classes that family offices invested in were equities (25%), private equity and private debt/lending (21%), real estate (19%), and fixed income (19%) in 2023. This year, nearly 30% of family offices plan to invest more in developed market equities and real estate.
“Real estate has been a popular investment class among families in Asia Pacific,” says Deloitte. “A key reason is that many families have amassed their wealth through the property sector, granting them existing expertise and investments in this domain. Additionally, real estate is broadly recognised as a reliable long-term hedge against inflation, further contributing to its appeal as an asset class.”
With geopolitical tensions rising, more foreigners may be coming to live in Singapore, notes Mark Yip, CEO of Huttons Asia. “They may choose to rent first and apply for PR before buying,” he adds.
Besides residential properties, ultra-high-net-worth individuals are keen to invest in commercial assets such as strata-titled offices and shophouses in Singapore, notes Yip. With limited supply of Grade-A strata office space, prices have hit a record of $4,562 psf with the recent transaction of an entire office floor at Tong Building on Orchard Road for $31.33 million, based on a caveat lodged with URA Realis.
A 2,605 sq ft, four-bedroom unit at St Thomas Suites is on the market for $6.05 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Christie’s International Real Estate Singapore will cater to Singaporean and PR investors interested in local high-end residences and shophouses as well as real estate investments offshore, says Harmeet. The firm will handle real estate transactions of at least $5 million in deal size, with leasing deals from $20,000 a month, he adds.
“Singapore remains a strong base for investors to park their capital before they invest locally and internationally,” says Mandeep Nalwa, founder and CEO of the Singapore-headquartered global integrated wealth management firm Taurus Wealth Advisors.
In 1997, Singapore’s assets under management amounted to $121.4 billion, adds Mandeep. The Monetary Authority of Singapore’s Asset Management Survey Report 2023 showed that Singapore’s financial sector had assets under management of $5.41 trillion as at Dec 31, 2023. The report also found that 77% of the funds were sourced from outside Singapore, with the bulk of the sources (33%) coming from the Asia Pacific region (excluding Singapore).
“I think we’re going to head to the $10 trillion mark in the next few years,” notes Mandeep. He attributes the ballooning assets under management to Singapore’s reputation and investor-friendly policies.
Singapore's assets under management between 2018 and 2023 (Photo: MAS Singapore Asset Management Survey 2023)
Singapore is also riding on the back of Asia’s growth. “For many decades, it was all about Singapore and Hong Kong being the beacons of stability in Asia,” he adds. “But now you have double engine growth, with India coming into the mix. China, Indonesia, the Philippines, and Vietnam are also expanding. And as Asia expands, Singapore’s policies come into play, where it ends up with the largest slice of the pie.”
Harmeet believes the close relationship between Christie’s International Real Estate and Christie’s auction house will give the firm an edge. For instance, it is able to extend the auction house’s services, including valuation, marketing and auctioning of their high-end goods, from art to watches and wines to its real estate clients.
It’s not just Christie’s International Real Estate that has returned to Singapore.
In 2007, at the peak of the last property boom, a group of businessmen brought Sotheby’s International Realty to Singapore. However, it closed several years later. In 2017, Yokohama-based List Co, a Japanese real estate developer, builder and realtor, established List Sotheby’s International Realty as a regional platform. It opened offices in Singapore, Hong Kong, Thailand and Vietnam.
The luxury residential market is highly competitive. Local real estate agencies have dedicated teams handling top-end deals. International property consultants such as Knight Frank and Savills have created a private office within their portfolio to handle luxury property deals across the world.
“Since the market is saturated, we need to pick our [niche],” says Harmeet. “In the long run, the team wants Christie’s to be known as the go-to agency for luxury properties.”