Citizens of five countries, including the United States and Switzerland, could avoid paying the additional stamp duty when they purchase a property in Singapore due to tax treaties with the city-state, the Straits Times reported on Friday. Similar treatment will also be accorded to citizens of Liechtenstein, Norway and Iceland, who will be treated the same as Singapore citizens, the paper quoted the tax...
Foreigners
The number of foreigners owning private property in Singapore has grown to 16 per cent in the first half of this year, compared to 12 per cent for the whole of last year. National Development Minister Khaw Boon Wan revealed the numbers in Parliament on Thursday, in response to concerns from several MPs about the impact of property ownership by foreigners. Despite the growing demand from foreigners, Mr...
The issue of foreign ownership of private residential properties has been a fairly hot topic of debate for newspaper readers recently. Sensational news reports on foreigners buying private housing properties in Singapore never fail to draw many online comments, and some of the more unbiased and thoughtful comments have made it into print in the letters-to-the-editors section. While some have called for...
Singapore's Law Minister said he expects the approval rate of foreigners owning private property to reduce by more than half, since the amendment to the Residential Property Act. The changes, which kicked in in January this year, impose tighter restrictions on foreign ownership. Those who renounce their citizenship or Permanent Residency are to sell their restricted residential properties in two...
Foreigners are acquiring posh apartments in Singapore and contributing to the health of the luxury market, which had been weak since early 2007, according to an article in The Straits Times. Foreigners, including permanent residents (PRs), acquired 162 non-landed units with an average price of over S$5 million in the first half of 2011. According to a Cushman and Wakefield analysis of URA caveats lodged,...
Property agents have said buyers from China make up the largest group of foreign investors in Singapore's private residential property. The number of buyers from China has doubled in the past three years. Property agents and developers said Chinese buyers are mostly interested in properties that are in prime districts and have a sea view. Agents said previously, the traditional groups of foreign buyers...
Chinese nationals have again emerged as the top non-Singaporean buyers of private homes in the second quarter, acquiring 640 homes in Q2, up 26 percent from 527 units in Q1 2011. According to a new report from DTZ, the proportion of acquisitions made by non-Singaporeans in the second quarter was similar to the 16 percent recorded in the previous quarter. “In absolute terms, foreign purchases were 1,327...
A recent letter to the press has again brought to the surface the concerns of a group of house-hunting citizens whose needs have not gained much attention since the General Election. The writer lamented that the changes announced by Prime Minister Lee Hsien Loong at the National Day Rally speech on Sunday did not address the housing aspirations of HDB upgraders such as himself. He wrote that in 2008, the...
The growing percentage of cash-rich Chinese home buyers is providing Singapore property agents a wealth of opportunities. While other real estate agents are holding roadshows in China, some are taking a more aggressive approach, bringing potential buyers from China to Singapore for tours of recent property launches. While most property agencies in Singapore recognise China as a key market, emerging...
The continued strength of the Singapore dollar has pushed the Republic up to sixth place on the list of the most expensive locations in Asia for expatriates to live, according to the latest Cost of Living survey from ECA International. Worldwide, Singapore rose from the 68th to the 36th spot in one year, becoming more expensive for international assignees than places like Hong Kong, New York, Amsterdam,...