List Sotheby’s International Realty has finally opened a branch in Singapore. It joins 880 Sotheby’s International Realty offices with 20,000 sales associates across nearly 70 countries. The Singapore branch is positioned as List Sotheby’s International Realty’s Southeast Asia headquarters and aims capitalise on Singapore’s position as a global financial hub with the growing number of affluent individuals in the region.
Leong Boon Hoe, Chief Operating Officer of List Sotheby’s International Realty, Singapore says, “The Sotheby’s brand name is synonymous with prestige and discernment. This gives us access and insights to ultra high net worth clients of the world. And because of our reach, properties listed exclusively with us will be exposed to all our affiliate offices and their clients globally, which creates a very strong marketing proposition to these same clients.”
Despite the current weak market sentiments, Leong reveals that the ultra high net worth clients remain underserved by qualified salespersons with both local and regional market knowledge. Savvy investors are well travelled and look to real estate regularly as part of their investment portfolio. For foreign investors, luxury properties in Singapore remain a very attractive option with prices having fallen some 10 percent since the peak of the market in the first quarter of 2013. In 2016, the rate of the decline has significantly slowed down vis-à-vis the other segments, potentially signalling a bottoming-out effect.
Leong Boon Hoe
Leong adds, “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 investors’ 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.”
Sotheby’s International Realty will support List Sotheby’s International Realty, Singapore’s efforts with a host of operational, marketing, training and business development resources. In particular, its advanced digital marketing capabilities and global media partnerships will change the way luxury homes are marketed in Singapore and the region.
All listed homes across nearly 70 countries including Singapore will be housed and hosted under a single global website. In place of headshots of brokers are curated pictures and videos of homes listed with Sotheby’s International Realty.
The marketing capability of Sotheby’s International Realty affiliates also includes properties complete with virtual reality tours in High Definition videos, which are accessible on smartphones, iPads and desktops, and for the first time on Apple TV too. As an illustration, a buyer from Singapore watched the virtual tour of a property in Colorado, USA, 45 times before making an offer and purchase.
Apart from the Singapore office, List Sotheby’s International Realty has nine other offices in Japan, two in Hawaii and one in the Philippines. The group will add a List Sotheby’s International Realty office in Bangkok to serve the luxury residential property clients by 2018.