Recently someone posted the question of where is a good place (globally) to purchase property. Immediately, I answered, "Singapore. Definitely!" He felt shocked that even after all the criticisms I have for the Singapore property market I will still hold Singapore in such high regard.
1) Singapore is really safe!
This is perhaps the most important quality about buying a property in Singapore. Singapore has very low crime rate and yet has one of the lowest policeman to population ratio in the world. This is due to our very strict laws. Where else can you go out in the middle of the night and not think about getting robbed all the time. Where else can you actually flaunt your wealth openly without constantly worrying about getting into trouble. Whether for investment or for own stay, buying a property in a safe and lawful country is important. It is much easier to rent out and when you do you will fetch a good rent.
2) Singapore is really exciting!
Not too long ago we could say that Singapore was nothing exciting. Not much night life, not many things to see, not many things to do. Currently there are many nightspots available. With the opening of the integrated resorts there are casinos and even a Universal Theme park right in the heart of Singapore. The best thing for a racing fan like myself is the annual Singapore Formula 1 GP. To me it is the best race on the Formula 1 race calender and places like Monaco and Abu Dhabi have to fight it out to take second spot. Last but not least. Food is really everywhere. Please remember, all this is packed in our very tiny island. You do not have to travel long distances to get from one destination to the next.
3) Singapore welcomes everyone!
To me this is not good news for the locals but it it very good for the foreigners and permanent residents. Singapore does not restrict the purchasing of private properties, with the exception of landed properties, for foreigners. For any foreigner wanting to invest in Singapore, you and I get just about the same terms. Only thing is that you cannot buy public housing or own land in Singapore. When foreigners sell and make a profit, they are free to take the money back home. There is no property gains tax at the moment though there is a seller's stamp duty which was recently introduced.
4) Singapore has a stable and non-corrupt government!
Political turmoil is really unsettling for a country and Singapore is perhaps the most stable place politically in the region. The PAP government has ruled the country very much since Singapore obtained independence and recently has turned to a slightly more accommodating stance towards it's citizens. Our prime minister is capable and well liked (in the recent general election his ward garnered a higher percentage of votes than the last election. Almost all PAP wards fared worse than the previous elections) and the country takes corruption rather seriously.
5) Singapore is beautiful!
The quality of housing is impeccable. Finishing in even mid-end condominiums rival high end projects in places like Bangkok, Malaysia. We have come to a point whereby condominiums are selling a lifestyle, marble flooring is something expected of in a new development, condominium facilities are comprehensive. Pollution is low compared to almost every major city in Asia. Thus the air is fresh, the views are spectacular. There is no place that is this clean and this well maintained.
Seriously there's no other place i will want to live in. There is serious chatter on the ground that in time to come Singaporeans will have to consider living in neighbouring places like Johor Bahru as it will be too expensive to afford a place in Singapore. Something like how people in Hong Kong buy apartments in neighbouring Shenzhen as it is much cheaper. I do not buy into that idea. I believe that there is a prevailing property bubble thanks to the US government flooding the market with easy money and low interest rates. Singapore is an awesome place to buy a property. Just not at today's ridiculous prices.
A spot of patriotism before I end this post!
Yours Sincerely,
Daryl Lum
(+65) 9009 8731
visit my website @ www.DarylLum.com
read my blog @ www.DarylLum.blogspot.com
