Luxury streetwear is taking hold among the elite globally, but it has different roots in China. Ten years ago, wearing logos evoked disdain in China, but today, they're appreciated as a marker of luxury status, according to Pan.Ĭhina's obsession with hip-hop and streetwear, Pan wrote, has helped spawn the trend. In Western cultures, the trend is seeing a revival, but in China, it's seeing particular growth, reported Yiling Pan for Quartz. Logos from high-end brands like Louis Vuitton and Gucci have witnessed a global resurgence on the runway in recent seasons. And only the top 5% of earners in Singapore can afford them - they tend to cost a least $1,190 a square foot, Lee reported. There are only about 2,700 of them on the island. The most exclusive of these homes are classified as "Good Class Bungalows," which are houses that typically have at least 15,000 square feet of living space, Lee said. This has fueled wealth creation for older generations." "Over the past five decades, land prices have appreciated significantly. "Owning a piece of land in Singapore is certainly a privilege, as land is the most precious resource in the city-state," Christine Li, a senior director and head of research for Singapore at Cushman & Wakefield Inc., told Yoojung Lee of Bloomberg. Billionaires spend millions snapping up the island's few single-family homes in secluded, ritzy neighborhoods like Orchard Road and Holland Village. In Singapore, limited land makes owning a house the ultimate status symbol, Business Insider's Katie Warren reported. Account icon An icon in the shape of a person's head and shoulders.
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