Singapore—The country’s success in managing the Covid-19 pandemic has caught the eyes of Asia’s ultra-wealthy, who are buying luxury properties in the city-state, reports the South China Morning Post (SCMP).

The Hong Kong newspaper quotes reports that there will soon be more people ultra-high-net-worth individuals in the region, which will likely boost Singapore’s property market. Ultra-high-net-worth individuals are people with investable assets of at least US$30 million (about S$40 million), according to the Investopedia website.