Last month, when German Peter Hartmann’s two-year lease on his One Chatsworth apartment expired, the landlord told him his new rent would be $13,500 — a spike of 80 per cent. The sales director, who had been paying a rent of $7,500 a month for the District 10 five-room apartment, was shocked. “The reason they gave was that the market has changed. It seems to me that there is no legal limit,” said...
Foreigners
Last year, St Regis Residences in the Tanglin area made the headlines, with its plush units selling at $3,000 per square foot. But the fine print packs another punch. Apart from the companies that bought apartments there, 43 of the buyers were foreigners and just 21 Singaporeans. It is a similar story at The Tate Residences on Claymore Road — 37 foreign buyers against 14 Singaporeans. RiverGate on...
While its efforts to attract foreigners here are bearing fruit, the Government needs to apply the same acumen to making sure they fit in once they land on our shores. To do so, it needs to stop viewing them in terms of purely dollars and cents — that is, offering them only economic opportunities. "We need to look at integration policies, which are as complex as our immigration policies … What we...
The top end of the property market has moved fast over the past 18 months due to foreign interest. Across the board, foreigners made up about 22 per cent of the total purchases in Singapore. According to Mr David Neubronner, executive director of property consultancy Savills Residential, of the more than 9,000 purchases in the first half of 2006, around 1,900 were by foreigners. "The percentage goes up...
The proportion of foreign buyers for the the residential units at the Business and Financial Centre is expected to be higher than the 30 percent recorded at The Sail at Marina.This is according to marketing agent of the project, CB Richard Ellis.The property consultant says foreign buying has now trickled down to the mid-end segment of the market. The residential component of the Business and Financial...
Twice as many foreigners bought landed property in the first half of this year compared to last year
As the Government embarks on its drive to attract more new immigrants, the signs look promising as an increased number of foreigners are already buying houses here to make Singapore their home. Foreigners can apply to buy one landed property in Singapore for owner occupation, subject to approval from the Ministry of Law's Land Dealings Unit before purchase. In a five-year record surge, 119 Permanent...
A "foreign person" is defined in the Residential Property Act as the follows: 1) Any person who is not a citizen of Singapore 2) Any Permanent Resident 3) Any foreign company or converted company 4) Any society or converted society which has not been granted approval or received exemption by the minister Unless there is a written approval from the Controller of Residential Property Land Dealings,...