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Singapore - Another Hong Kong?

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  • Singapore - Another Hong Kong?

    Hello all,

    New article online - introduction below then link to the complete article.

    Located in South East Asia, Singapore is a highly developed and successful free market economy which enjoys an open and corruption-free environment, stable prices, a low tax regime and a per capita GDP equal to that of most parts of Western Europe.

    Read More...

    Cheers

    Marc
    Free business resources - www.BusinessBlogsHub.com

  • #2
    Here's an interesting paragraph from the article:

    Renting and Buying Property

    However, Singapore’s limited land availability means that the real estate stock has to be carefully managed. Naturally this makes property quite expensive to both rent and buy. A budget of S$3,000 a month will rent an apartment of about 1,300 sq ft to 2,000 sq ft. An S$8,000 a month budget will stretch to something at the luxury end with facilities such as swimming pool, tennis courts and gym.

    The need for Singapore to manage land development means that foreigners face restrictions when buying certain types of property on the island, such as vacant land, ‘landed properties’ or bungalows, semi-detached and terrace houses and flats in buildings of less than 6 stories. In these cases, foreign buyers need to apply for approval from the Singapore Land Authority for permission to buy. However, foreigners have unrestricted access to condominiums or apartments higher than six floors.

    Once a buyer has identified a property, they can pay 1% of the purchase price in exchange for the Option to Purchase. Option to Purchase is usually prepared by the seller's solicitor or property agent. The buyer then has 14 days to decide whether to proceed with the purchase. If the option is exercised, an additional 9% of the purchase price is passed to the seller's solicitor. Alternatively, buyers can bypass this procedure and ask their realtor to prepare the Offer to Purchase. The latest ruling by the MAS entitles buyers to borrow up to 80% of the valuation or purchase price, whichever is lower.
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