The Garden City
INTRODUCTION
Offering a safe and pleasant living environment rarely seen in modern cities, Singapore property has long been a favourite for wealthy global investors.
With more visitors flocking to the island state following the success of the Marina Bay tourism, entertainment and convention cluster, and with its economy coping with global financial problems better than most, the attractiveness of Singapore property will continue to grow.
'The Singapore luxury market has been evolving to provide an exclusive lifestyle offering that appeals to the wealthy'
Png Poh Soon, Knight Frank's head of consultancy and research
Singapore has clear foreign ownership laws, no capital gains tax and no estate duties. Foreigners are eligible for a Singapore dollar mortgage loan and may borrow 60 per cent to 80 per cent at interest rates of 1.2 per cent to 2 per cent, effectively giving a rental yield that is about 5 per cent higher than mortgage payments, according to Colliers. Recent transactions include: A 9,400 sq ft detached house at Eden Park, sold for S$13.2 million (HK$82 million), at S$1,400 per square foot.
A 1,688 sq ft apartment at Helios Residences, sold for S$6 million, at S$3,600 per square foot.
A 2,411 sq ft apartment at 111 Emerald Hill, sold for S$6.23 million, at S$2,600 per square foot.
A 2,530 sq ft apartment at Orchard View, sold for S$6.36 million, at S$2,500 per square foot.
