The Far East Organization which is one of Asia’s largest real estate groups is attemptingto draw Indians to park their investments in the Southeast Asian country of Singapore.
Several affluent Indians have started buying properties in Singapore as they areapprehensive of a crash in local real estate prices. Such purchases may be from thepurely investment point of view though the appeal of permanent resident-ship that theSingapore 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 purchase properties in Singapore. Far East’s Chief Operating Officer (COO) comments that the number from India is on the increase. Silversea, which is a premium residential property on theseafront and targets foreign buyers, will soon be completed. Besides providing a striking sea view of the east coast Silver sea provides 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 from abroad. As Singapore has a safe,business-friendly administration and a secure environment composed of multiple cultures, the majority of buyers feel that there will be appreciation in prices from now on. The COO however concedes 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 the Singaporean 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 comingthree years.