Several affluent Indians have started buying properties in Singapore as they are apprehensive of a crash in local real estate prices. Such purchases may be from the purely investment point of view though the appeal of permanent resident-ship that the Singapore law offers to some investors may also have some impact on the decision. The ease of purchasing a house in Singapore also draws many people.
The urban infrastructure attracts people from all over Asia to purchaseproperties in Singapore. Far East’s Chief Operating Officer (COO) commentsthat the number from India is on the increase. Silversea, which is a premium residential property on the seafront and targets foreign buyers, will soon be completed. Besides providing a striking sea view of the east coast Silver seaprovides an opening to the rapidly growing financial district of the country that has properties such as the New Downtown, Marina Bay Financial Centre and Gardens by the Bay. The price of the apartments is about $1.5 million each.
Kuala Lumpur will be the venue for Far East’s Silver sea exhibition but other markets like Indonesia, India, China and the Middle East too are its aim. The COO is hoping to sell about half of the Silversea apartments to buyers fromabroad. As Singapore has a safe, business-friendly administration and asecure environment composed of multiple cultures, the majority of buyersfeel that there will be appreciation in prices from now on. The COO howeverconcedes that there has been a certain amount of dip in the price thanks to the global financial market slowdown.
Various facilities will be provided to potential property buyers by theSingaporean government according to Far East Organization officials, such as exemption from the sales profit tax and provision of permanent resident permits.
Around 40,000-50,000 expatriate residents are likely to receive permanent resident permits from the government each year. Indians compose around 14% of property buyers in Singapore among non-locals. A population of 6 million is targeted for Singapore by its government from the present 4.6 million which should be accomplished within the coming three years.