Property Market in Singapore

There cannot be clearer signs that the property market in Singapore is becoming more appealing and attractive to foreigners as well as domestic investors. Providing further impetus to the booming property market in Singapore is the economy. Poised at a healthy position currently, the first half of 2007 has seen a record breaking performance with rise in GDP exceeding over 7.5%. Far better than what was expected and this is just between January and March 2007!

The government of Singapore is promoting the property market in Singapore as an investment market on a international level that is a good indicator that the economy of this island country is bound to do exceptionally well over the next one – two years at least. The appeal for not just investment, purchase, and selling in the property market in Singapore is on a rise including renewed interested in off plan properties. Here’s why:

1. The latest statistics concerning GDP and economic growth in Singapore from Jan-March 2007 suggests that the property market in Singapore (construction industry) can play the role of a great benefactor to the economy despite the slow down of the American economy.

2. People across the world are now looking at Singapore as an excellent investment market and the appeal is at an all time high currently making property market in Singapore a safe option for investors.

3. Due to the attractive offers for foreign companies to set shops in Singapore, there has been a rise in demand for residential units. Off plan property in Singapore provides investors with an excellent entry point into the property market in Singapore.

4. The government and the city planners are working to ensure that Singapore is physically a more attractive and charming place to live, work, do business and enjoy a vacation. This move is also expected to have a significantly positive effect on the property market in Singapore and on the property prices.

5. Plenty of new and exciting things have been planned to provide a face-lift to Singapore. Two new mega gaming resorts are to be built at the cost of destroying ugly old high rises. The new resorts will be state-of-the-art, visually stunning architectural masterpieces with an International appeal and sensibility.

6. Plans are taking shape to make Singapore a city within a garden by maximizing the existing natural water resources of the island and enhance the overall appeal and charm of the country. Property market in Singapore is going to get a fillip with such exciting urbanization plans, some of which have already been set into motion.

7. At the recently held Cityscape Asia real estate exhibition the Singaporean Prime Minister’s representative Mah Bow Tan stated categorically that his government is committed on an ongoing basis to ‘further its efforts to make Singapore more vibrant and exciting to attract even more overseas real estate investors’ and so far all efforts are paying off.

8. The residential off plan real estate is selling out quickly and the property market in Singapore is hot with investments from international buyers. Additionally, direct foreign investment in Singaporean real estate market reached a staggering 5.4 billion Singapore dollars in 2006. And in the first quarter of 2007, the residential property prices have appreciated by an incredible 4.6% in the first quarter alone – the steepest quarterly increase witnessed in over seven years!

Billy Chen
billy@billychen71.com
Tel: (+65) 88689999
Fax: (+65) 64021826