Singapore Real Estate

Unknowingly, we have been living with COVID-19 for more than two years already. Many local industries were significantly affected by the COVID-19 pandemic, which has also severely disrupted the global economic activity. The tourism sector and food & beverage sector were amongst the heavily impacted ones.

However, property market was booming. Property prices increased at a faster pace during the pandemic compared to the few years before pandemic. As a new round of property cooling measures were introduced in December 2021, there was a slight drop in property transaction but, property price continued to appreciate.

With the borders gradually opening up, foreign demand for local property is picking up, despite the new measures to cool the property. That is, an increase of Additional Buyer Stamp Duty for foreigners from 20% to 30%. Foreigners are vying for properties mostly in parts of Singapore Core Central Region, especially areas in Orchard, Bukit Timah, River Valley and Newton. Properties in District 9, 10 and 11 are among the popular picks for buyers from overseas even when they come with a premium.

So, why is Singapore an attractive market for foreigners to purchase a property, regardless of own stay or investment purpose?

Stability of the Singapore Property Market

Singapore has always been known for its political stability, strong leadership, sound economic fundamentals and ease of doing business as a regional hub. It is home to 46% of Asian regional headquarters across a diverse range of industries, according to the Economic Development Board. So, it comes as no surprise that some of the world’s wealthiest and most highly educated would want to live and work in Singapore, thus driving up demand for properties.

Low Tax Environment

The introduction of Additional Buyer’s Stamp Duty is to moderate demand for residential properties and ensuring that it remains affordable for Singaporeans. Generally, Singapore remains a low tax environment, even with the ABSD in place. As for the Seller Stamp Duty, it only applies to properties sold within the first three years. Singapore does not impose capital gains tax on property, therefore, the ABSD is partly offset by the lack of such cost.

High Quality of Living

Singapore is internationally reputed as a multicultural and cosmopolitan nation, and that reputation is well deserved. With a stable political environment, low crime rates, zero-tolerance to corruption, world-class education, it is foreseeable that the number of foreigners coming into Singapore will continue to increase.

First-Class Education

Singapore places great emphasis on education and has one of the best higher education systems in the world with a highly-skilled workforce. With a growing expat community, many international schools are set up and registered with the Ministry of Education, following a curriculum identical to those in their home country. The National University of Singapore (NUS), Nanyang Technological University (NTU) and Singapore Management University (SMU) are among the top 50 business schools worldwide.

Some popular properties that foreigners might be interested in:

Boulevard 88

Situated right in the middle of Orchard Road, Boulevard 88 is the only Freehold residential development around that area. It is strategically located in the vicinity of Cuscaden, Tanglin and Nassim neighborhood, surrounded by a plethora of high-end shopping options and dining varieties.

· Easily accessible transport connectivity

· Good Local and International School

o Singapore Chinese Girls’ School

o Anglo-Chinese School

o Chatsworth International School

· Centralised location and minutes to Central Business District

Upscale and luxurious Neighbourhood

· Freehold status

Perfect Ten

Located in the enclave of private residential apartments and landed homes in District 10, Perfect Ten holds a Freehold title, meaning it is yours forever. Perfect 10 is situated between Newton & Stevens MRT stations, both within walking distance from the condo. It is also a short drive to Orchard Shopping Malls.

Many a time, the reason for moving to Singapore is for their kids’ education. As for Perfect Ten, there are many reputable schools surrounding, such as Anglo-Chinese School and St. Joseph’s Institution Junior.