Many Singaporean locals and foreigners invest their money by buying real estate in Singapore. Because of its small land size and booming economy, real estate is deemed a safe investment with plenty of upsides. Evidently, due to high demand and low supply, real estate prices in Singapore are, no surprisingly, one of the highest in the world.
The Singapore government regulates the purchase of real estate in the country and has strict rules for both locals and foreigners alike. Locals can buy either public or private housing. Foreigners are only allowed to buy private properties such as condominiums and landed properties.
Both locals and foreigners who own more than one property are subject to Additional Buyer’s Stamp Duty (ABSD), however the rates are lower for Singapore Citizens. For Singapore Citizens, an ABSD of 17% is incurred on the second property and 25% on subsequent properties. For Singapore PRs, ABSD is incurred on all real estate purchases starting from 5% for the first property, 25% for the second, and 30% for subsequent purchases. For foreigners, a 30% ABSD rate is applicable for any property purchase. With a starting price of around $600,000 for a small condo unit, ABSD can be a significant amount.
In recent years, especially in the midst of the Covid-19 pandemic, more and more foreigners buy Singapore real estate as investments. Currently, real estate in Singapore sees a huge increase in prices, making it a profitable investment.
- Eduardo Saverin
The Brazilian-born Facebook co-founder emigrated to Singapore in 2009 and became an angel investor. In 2011, he renounced his US citizenship and married his Indonesian wife in 2015. That same year, he set up a venture capital firm, B Capital, to invest in Southeast Asia and India. It has been reported that he owns and may be living in a penthouse unit at a luxury condominium, The Orchard Residences, the tower building above ION Orchard mall.
- Jackie Chan
Internationally-recognised Chinese action movie star from Hong Kong who is well-known for doing all of his own stunts, even if they are dangerous and might hurt him. He reportedly has a unit in The Orchard Residences, same as Eduardo Saverin. However, it was also reported that Jackie Chan has more than one property in Singapore.
- Emmanuel Stroobant
Belgium-born top chef who owns and runs Saint Pierre, Shoukouwa, and Kingdom of Belgians restaurants in Singapore. Saint Pierre and Shoukouwa both hold 2 Michelin stars. He lives with his Malaysian wife and their two children in a landed property in upscale Bukit Timah.
Similarities Amongst Them
There are some common themes amongst all 3 famous people we have just listed. They are all business owners and/or investors who moved to Singapore. They are self-made millionaires or billionaires. It has been rumoured that they are either a Singapore Permanent Resident or Singapore Citizen now.
Island of Opportunities
Singapore has been a land of immigrants, long before it was colonised by the British. Just like the great United States of America, foreigners, especially around the Asian region, who dream of living a better life or get wealthy might come running to Singapore. Job, business, and investment opportunities in Singapore are abundant.
Foreigners who would like to set up companies or invest in Singapore may contact Immigration@SG at +65 6493 1830.
Immigration@SG or IASG is a Singapore-based immigration consultancy firm that has a team of immigration experts with more than 50 years of combined experience and has won numerous awards over the years.