DTZ's analysis shows that the proportion of purchasers with HDB addresses who bought units of above $1 million stood at 43 per cent in Q2, compared to 36 per cent in Q1 2010.

Similarly, purchasers with private addresses who made purchases of above $1 million climbed to 73 per cent from 69 per cent.

'This shift is due to prices having risen almost 20 per cent since Q3 2009, according to the residential property price index compiled by the Urban Redevelopment Authority,' noted DTZ.

The report also said that 33 per cent of all private units transacted in the quarter were bought by purchasers with HDB addresses - way higher than the 22 per cent seen in 2007 when the property boom was led by the higher-end segment.

In contrast, the current buying wave is mainly in the lower end market segment which is buoyed by rising public housing resale prices - which allows for more HDB upgrader participation.

DTZ's analysis also found that buyers from Malaysia, Indonesia, China and India made up 69 per cent of total transactions by foreigners and Singapore Permanent Resident (SPRs) in Q2 2010.

Malaysians accounted for 22 per cent of total transactions by non-Singaporeans in the quarter, unchanged from Q1 2010.

Historically, the Malaysians and Indonesians have been the two largest non- Singaporean purchaser groups.

But mainland Chinese buyers are closing in on the Indonesians. Mainland Chinese buyers made up 17 per cent of non-Singaporean purchasers in Q2, slightly lower than the 18 per cent in Q1.

The Indonesians constituted 18 per cent of all non-Singaporean purchasers both in Q1 and Q2 2010. The Interlace saw the largest number of foreign purchasers in Q2 2010, followed by The Laurels, Centennia Suites, Goodwood Residence and City Square Residences.

This article was first published in The Business Times.