LEVERAGING ON SINGAPORE’S GROWTH
Singapore is located in the heart of Asia, strategically placed at the crossroads of trade between the East and the West. A vibrant city-state of about 714.3 sq km, with a cosmopolitan population of more than 5 million people, Singapore is well-regarded as a triple-A rated economy with strong growth potential – a sound, stable and winning location for investment as well as business.
Global investors and talents are attracted to work, live and play in Singapore by its transformation into a truly global metropolis. And many have decided to leverage on Singapore’s growth by investing in real estate assets in the country. The last few years have seen an increase in foreign real estate investment in the Singapore residential and commercial property sectors.
Foreign Investment in Real Estate
Today, foreign institutions and foreign high net-worth individuals form about 20 percent of private residential property buyers in Singapore. The majority of international buyers are from Malaysia, China and Indonesia.
Singapore is an attractive location for investment for three key reasons – its strong economic fundamentals and good economic, social and political management, the quality living environment it offers and its strategic location within a few hours’ flight from the major cities of Asia.
Singapore has leveraged on the wave of growth of the region and is among the fastest growing economies in Asia. From an economy relying on export and manufacturing, Singapore’s growth is now driven by a diversity of engines: financial services, logistics, education, medical services, biomedical sciences and research, information communication, construction and tourism. The planned expansion of its population to 6.5 million will be another important growth factor.
The Singapore Government has also given a strong commitment to business and real estate infrastructure to attract global investors and tourists. These include the Singapore Grand Prix, the first Formula One night race in the world; the Marina Bay Financial Centre, an international business and financial hub; the Marina Bay Sands developed by Las Vegas Sands; Resorts World Sentosa with Universal Studios; the 101-hectare public Gardens by the Bay on prime waterfront land; Singapore Flyer and Esplanade – Theatres on the Bay; and the ever changing Orchard Road, Singapore’s prime shopping district.
These attractions are transforming the country into an even more exciting place for all to live, work and play in.
Singapore is a diversified economy with a thriving financial centre of international repute. With strong fundamentals, the wealth management and private banking sectors continue to do well. Strong growth in areas such as wealth management has gained Singapore the reputation as the Switzerland of the East. Singapore was ranked as one of the Top Five Financial Centres in Asia by The Global Financial Centres Index 2012 published by the City of London.
The World Bank, in its latest “Doing Business 2013” report, ranks Singapore as the world’s easiest place to do business. Singapore retains this honour for the seventh year running, attributed to key reforms it has implemented.
What makes Singapore increasingly attractive is also its quality living environment. The pleasant environment in Singapore – clean, green, healthy and safe – has served as a key competitive advantage for companies located here in their efforts to attract global talent.
Since 2011, Mercer Human Resource Consulting has ranked Singapore as the city with the best quality of life in Asia, excluding Australia and New Zealand.
The World Economic Forum’s Global Competitiveness Index 2012-2013 ranks Singapore the 2nd most competitive country globally. Its public and private institutions are rated as the best in the world for the fifth year in a row. It also ranks 1st for the efficiency of its goods and labor markets, and places 2nd in terms of financial market development. Singapore also has world-class infrastructure (2nd), with excellent roads, ports, and air transport facilities. The country’s competitiveness is reinforced by a strong focus on education, thus providing individuals with the skills needed for a rapidly changing global economy.