Boasting a strong economy and a high-quality of living, Singapore real estate commands some of the highest prices in Asia. Comprised of high-end condos and luxury housing, the city-state’s residential property market is partially fueled by a high-expatriate population, with serviced apartments in high supply.
Optimism in the residential property market reached new heights in 2006, with a continuous stream of new projects coming on the market to receive overwhelming sales success – a situation unheard of since the market crash of 1997.
Overall, Singapore is in a good position right now, due in part to the government’s commitment to promote sustainable investor activity.
The luxury end of the Singapore property market is taking off. According to DTZ Debenham Tie Leung, the number of transactions of condos and apartments in the top two segments - units costing S$1 million to S$1.4 million and units priced above S$1.4 million - posted respective quarter-on-quarter increases of 40 per cent and 54 per cent respectively in the second quarter of 2006.
Singapore’s high-end property market really began its resurgence in late 2004 with the launch of The Sail @ Marina Bay. Other luxury condominiums followed suit, including City Developments' ultra-luxurious St Regis Residences near Orchard road.
There are several factors that are contributing to the success of Singapore’s high-end residential market:a prosperous local economy, the nation's position as the region's wealth management hub, and a relaxation of rules on property ownership for foreign buyers.
The recent rise in the luxury market has been powered mainly by interest from foreign buyers. Overseas buyers do not require government approval now to buy certain landed properties in Sentosa Cove and apartments in buildings with fewer than six storeys. Other properties may be available for sale to an investor but they have to seek the permission of the Singapore Land Authority first.
The majority of foreign buyers are from neighbouring Indonesia and Malaysia, although Singapore is increasingly attracting a diverse group of international buyers, including from Hong Kong and the mainland.
There are several prime neighbourhoods attracting the most interest from high-end investors. These include the area around Orchard Road, Marina Bay and the up-and-coming Sentosa Cove.
The area surrounding the upscale shopping district of Orchard Road is expected to be a mecca of property development for the next few years.
Marina Bay and Sentosa Cove are located very close each other. Many buyers are attracted to the new lifestyle offered at Sentosa Cove, which will have a luxury marina. Marina Bay Residences is attracting a lot of attention as well. Part of the Marina Bay Financial Centre, it is now under development on the waterfront of the new downtown area.
Essential information
Location Singapore is an island located in Southeast Asia, sitting between Malaysia and Indonesia. Area Total: 692.7 sq km Land: 682.7 sq km Water: 10 sq km
Population: 4,492,150 (July 2006 est.)
Language: Mandarin 35%, English 23%, Malay 14.1%, Hokkien 11.4%, Cantonese 5.7%, Teochew 4.9%, Tamil 3.2%, other Chinese dialects 1.8%, other 0.9%.
Religion: Buddhist 42.5%, Muslim 14.9%, Taoist 8.5%, Hindu 4%, Catholic 4.8%, other Christian 9.8%, other 0.7%, none 14.8%.
Currency/Money: Singapore’s currency is the dollar. Major credit cards are widely accepted. Traveller's cheques are accepted at banks, large hotels, and shops.
Climate: Singapore’s climate is tropical; hot, humid with frequent rainfall. The northeastern monsoon season is December to March and the Southwestern monsoon from June to September.
International dialling code +65 , Electricity: 220-240 volts
History:
Singapore was founded as a British trading colony in 1819. It joined the Malaysian Federation in 1963 but separated two years later and became independent, growing to become one of the world's most prosperous countries with one of the world's busiest ports in terms of tonnage handled. The city-state comprises one main island and about 50 small islands off the southern tip of the Malay Peninsula. Few realized that humans have inhabited Singapore for about 2,000 years, and may have been a trading center in the Malay kingdom of Sri Vijaya until the 14th century. The settlement most likely received the name Singapura (Sanskrit for “Lion City”) between the 11th and 14th centuries.
When Singapore became part of the British empire, founded by British colonial administrator Thomas Stamford Raffles in 1819, it contained just a few fishing settlements and a small trading port. Originally Singapore was inhabited by the local Malay population, but soon swelled with immigrants from China and India as it began to prosper. Much of Singapore’s success lies in the fact its multiethnic population has maintained political stability and high economic growth, affording its citizens one of the world’s highest standards of living.
In the wake of World War I (1914-1918), Britain designated the island its principal naval base in East Asia and undertook extensive military construction. Several decades later, Singapore was captured and occupied by the Japanese in 1942 during World War II. Singapore was returned to the British when Japan lost the war in 1945.
In 1996 the United Kingdom designated Singapore a separate crown colony, and in 1959, Singapore became a self-governing state in the Commonwealth of Nations. For security and economic reasons, Singapore opted to join the Federation of Malaya, which had become fully independent in 1957. In 1963, Singapore, the Federation of Malaya, North Borneo (renamed Sabah), and Sarawak united to form the Federation of Malaysia.
The union was short-lived, and in 1965 Singapore separated to become a sovereign state within the Commonwealth. It also became a separate member of the United Nations (UN). In December of that year the island was proclaimed a republic.
Singapore is a parliamentary democracy governed under a 1959 constitution, promulgated when Singapore became a self-governing state. The constitution was amended in 1963 when Singapore joined with Sarawak, North Borneo (now Sabah), and the Federation of Malaya to form Malaysia. In 1965 the constitution was amended again when Singapore separated from Malaysia to form an independent republic. Voting is compulsory for all Singaporeans 21 years of age and older.
Singapore’s president is elected to a six-year term, and the prime minister is head of government. The president acts on the advice of the cabinet, which is responsible to the parliament and headed by the prime minister. The cabinet is appointed by the president from among the members of parliament.
A one-house parliament holds legislative power, which includes 84 members who are elected to serve five-year terms. They are elected from single-member and multi-member constituencies. For multi-member constituencies, known as group representation constituencies, members are elected in teams of four to six. At least one member of each team must be of a minority (non-Chinese) ethnic group. The parliament may also include up to nine politically neutral members nominated by the president and up to three members appointed from opposition political parties. Nominated members serve two-year terms and have restricted voting rights. The purpose of the nominated and appointed members is to ensure parliament represents a wide range of views. Nominated members are distinguished professionals or public servants.
Although Singapore is nominally a multiparty nation, the People’s Action Party (PAP) has been the dominant political party since the country became independent. In the 2001 general election the PAP won 82 seats in the parliament. Opposition parties include the Workers’ Party (WP), the Singapore Democratic Alliance (SDA), the Singapore Democratic Party (SDP), and the Democratic Progressive Party (DPP).
Singapore, a highly-developed and successful free-market economy, enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP equal to that of the four largest West European countries. The economy depends heavily on exports, particularly in consumer electronics and information technology products. It was hard hit in 2001-03 by the global recession, by the slump in the technology sector, and by an outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003, which curbed tourism and consumer spending.
Fiscal stimulus, low interest rates, a surge in exports, and internal flexibility led to vigorous growth in 2004-06, with real GDP growth averaging 7% annually. The government hopes to establish a new growth path that will be less vulnerable to the global demand cycle for information technology products - it has attracted major investments in pharmaceuticals and medical technology production - and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.
Modern Singapore was founded as a trading post of the British East India Company in 1819. Its strategic location on the Singapore Strait and its deep natural harbor made it an important port for British trade. It developed as an entrepôt, meaning it had a duty-free port that allowed the import of goods solely for the purpose of re-export. Nevertheless, when Singapore became an independent republic in 1965, its economic outlook was bleak.
Its infrastructure was relatively undeveloped, unemployment was high, and its foreign markets were limited. Over the following decades, however, the government’s free-market policies, coupled with strict fiscal controls, created one of the fastest-growing economies in the world. Singapore developed beyond its limited entrepôt role, with growth of the manufacturing and financial-services sectors bolstering the export-oriented economy. Its port became one of the busiest in the world.
During the last three decades of the 20th century, Singapore’s booming economic growth largely outperformed the world economy. At the same time, Singapore managed to maintain an inflation rate below world averages and large budget surpluses. Because of its phenomenal economic growth, Singapore became known as one of Asia’s “Four Tigers,” along with Hong Kong, South Korea, and Taiwan. Because of its sound fiscal policies and diversified trading partners, Singapore was the least affected of all Asian countries during a financial crisis that hit the region in 1997.
However, Singapore’s economy is particularly vulnerable to fluctuations in global demand for electronics products, which make up a significant portion of the country’s exports.
In 2004 the gross domestic product (GDP) was estimated at U.S.$107 billion, or $25,190 per capita, among the highest per capita GDPs in the world. The economy centers around services, notably financial and business services.
Every person entering Singapore must possess a valid national passport valid for six months. Commonwealth citizens and most European nationals do not need visas for a stay of up to 30 days. No visa is required for a stay of less than one month for nationals all ASEAN countries except Myanmar.
Singapore’s Changi International Airport is one of the region’s busiest, serviced by most international airlines. Road links connect Singapore with Malaysia, making bus travel a popular option. As for train travel, three trains go to Kuala Lumpur every day. The city-state also offers a wide-range of ferry options, connecting Singapore with Changi and Tanjung Belungkor, east of Johor Bahru. Modern ferries also link Singapore with the islands of Batam and Bintan in the archipelago while speedboats link Batam with Pekanbaru in Sumatra.
Source: Property-Report
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