The Far East Organization which is one of
Asia’s largest real estate groups is attempting to draw Indians to park
their investments in the Southeast Asian country of Singapore.
Several affluent Indians have started buying properties inSingapore as they are apprehensive of a crash in local real estate prices. Such
purchases may be from the purely investment point of view though the appeal of
permanent resident-ship that the Singapore law offers to some investors may also
have some impact on the decision. The ease of purchasing a house in Singapore
also draws many people.
The urban infrastructure attracts people from all over Asia
to purchase properties in Singapore. Far East's Chief Operating Officer (COO) comments
that the number from India is on the increase. Silversea, which is a premium residential
property on the seafront and targets foreign buyers, will soon be completed.
Besides providing a striking sea view of the east coast Silver sea provides an opening
to the rapidly growing financial district of the country that has properties such
as the New Downtown, Marina Bay Financial Centre and Gardens by the Bay. The priceof the apartments is about $1.5 million each.
Kuala Lumpur will be the venue for Far East's Silver sea
exhibition but other markets like Indonesia, India, China and the Middle East
too are its aim. The COO is hoping to sell about half of the Silversea apartments
to buyers from abroad. As Singapore has a safe, business-friendly administration
and a secure environment composed of multiple cultures, the majority of buyers feel
that there will be appreciation in prices from now on. The COO however concedes
that there has been a certain amount of dip in the price thanks to the global financial
market slowdown.
Various facilities will be provided to potential property
buyers by the Singaporean government according to Far East Organization officials,
such as exemption from the sales profit tax and provision of permanent resident
permits.
Around 40,000-50,000 expatriate residents are likely to receive
permanent resident permits from the government each year. Indians compose around
14% of property buyers in Singapore among non-locals. A population of 6 million
is targeted for Singapore by its government from the present 4.6 million which should
be accomplished within the coming three years.
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