| The Anomalous
Real Estate market that is Singapore |
| Being featured
in the most recent issue of Wallpaper Navigator as one of the cities to
visit, Singapore is making its reputation as a ‘city that’s learnt that
it’s ok to live a little’.
Most of the
efforts towards being creative are, in its purest irony, government-driven,
as detractors all too often point out. But government-sanctioned licence
and creativity isn’t necessarily a bad thing, as this city shows.
From the recent
rulings to allow bar top dancing, a conscious effort to tout Singapore
as a design and fashion hub to the controversial move to introduce casinos
for the much-desired ‘Guggenheim effect’, policymakers in Singapore
show they are serious about fun in this city state. |
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Moves to
reposition Singapore and revitalize the economy has extended to the
property sector. Pre-1996 anti-speculation laws which prohibited foreigners
from purchasing low-rise apartments below 6 storeys have been abolished,
as are the moves to make leasehold properties a more desirable option for
purchasers.
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The feel-good
factor is definitely back- show flats register more activity and greater
proportions of new project launches are being snapped up by property buyers-
all coupled by a circumspect public scarred by the ‘96 property bust. |
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| The property
market, whilst showing signs of healthy recovery, is nowhere near the
heydays of ’96 where easy money can be made overnight by ‘flipping’ a property,
queues are a common sight outside popular projects and brokerage licences
are sought after.
Improvements
in the local property market have been marked by a greater turnover, with
more apartments and houses being sold than in previous years but with no
consequent rise in prices.
The recovery
rate, compared to Malaysia or Hong Kong, is dismal, making Singapore an
anomaly in the regional property market. With developers back in full
swing, offering a variety of condo couture to up market design-to-order
housing projects, Singapore offers good quality workmanship, design conscious
developments and a strictly regulated development timeframe. |
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| The price
lag can only be explained by a society that is overly cautious and a temporary
glut in the developers’ offerings, creating therefore, an anomalous pricing
situation that marks the Singapore property market as a good ‘buy’.
The expatriate
scene
The expatriate
scene in Singapore sees greater fluidity in interactions- there’s an easy
mix of American, Japanese, Indian and European expatriates with very little
of the ‘cliquish’ scene one notices in other countries. Interaction between
locals and expatriates, whilst having its historic thorny moments, is generally
easy and welcoming and Singaporean expatriates having been deemed to have,
in government lingo, ‘assimilated’ well into society- contributing factors,
ironically being the economic cutbacks, which saw a percentage of expatriates
being on a local package, thus narrowing the economic and, consequently,
the social divide in that expat/local distinction.
A government
policy that encourages foreigners to apply for permanent residency ( ref:
Mearsheimer’s indicators of a great nation being GDP and population amongst
others). |
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| A policy of
attracting the best foreign scholars, deeming its expatriate community
as ‘foreign talents’- has spilled over to the population in that traditional
top-down approach.
Living in
Singapore
An urban cityscape,
Singapore offers the conveniences of city life- things get done, everything’s
within reach or a call away- with conscientiously green landscape surroundings.
The conscious(if
too premeditated) effort to strike a balance between convenient city life
and an environmentally sane environment is reflected in the choice of housing-
the city’s latest development catered towards hip, young urbanites is located
opposite a trendy stretch of restaurants and watering holes but its main
attraction is the Singapore River visible from your double height glass
windows. |
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| Families wishing
to be close to their workplaces and their children’s schools have the choice
of black and white bungalows- almost decadent in land size and unabashedly
luxurious, commemorative of a colonial legacy. Huge houses built on stilts,
with a separate outhouse for the amah and the chauffeur, these houses have
land sizes of 100,000sqft and above, luxury indeed when you consider young
20-somethings making it home in 800sqft studios in high-rent, downtown
Orchard Road.
Further contrast
and delicious irony extend to ‘conservation homes’ a buzzword with the
trendy, design set. Carefully restored Peranakan shophouses belie ultra-modern
interiors: Zen gardens of concrete and bamboo, hip toilets endorsed
by Monsieur Starck, retro mosaic works, industrial-looking staircases,
crazy waterfalls that span the whole three storeys of the shophouse… A
black and white with stainless steel kitchen, lap pool, bar reception and
a cigar room- It’s great to see conservation efforts so thwarted. Amongst
the more creative interpretations of the vernacular shophouse architecture
was to use the elongated space of the shophouse and its characteristic
courtyard to effect a Moroccan riad-house. The architectural details
are, by providence, amazingly similar- the (almost) anonymous, undistinguished
façade, the central courtyard, the built up, elongated space; it’s
certainly one of the cases where a non-vernacular style of architecture
has been successfully transplanted, accommodated within a surprisingly
vernacular architectural shell. The existence of a Moroccan riad-style
residence is also testimony to the cosmopolitan living environment in Singapore.
An up and coming
fad is for property owners, disdainful of the paltry square footages in
newer apartments, buying older apartments and then spending that extra
money saved on the psf difference on the renovations. What this amounts
to is a lower psf(per square footage) pricing, even after renovations,
and a unique apartment done up to their tastes that rivals the finishes
and design of a brand new apartment in one of the new developments, together
with a much larger area, more sensible layouts and usually a greener view
than the ones afforded by the newer apartments. Catching on as an investment
strategy, more people are seeing sense(and money) out of something most
previously considered as a hobby. It is becoming increasingly possible
to buy an older apartment, renovate it and then selling it for a tidy profit,
reason being that the psf prices would still figure to be much cheaper
compared to a newer apartment on the same stretch or a comparable location.
Eat, drink,
live
Singapore sees
an eclectic mix to its dining and entertaining choices. The Indochine chain
of restaurants have opened a branch on Clarke Quay, facilitating the façade
of a gorgeous, old Chinese house. With interiors that resemble the set
of ‘Raise the Red Lantern’, an Ice Bar and good food, this is characteristic
of an indochine offering- fusion with an unexpected twist, surreal interiors
with that extra luxury.
Café
Samar- previously written up as being bigger on ambience than food(I’d
disagree, I’ll merely replace ‘food’ with ‘service’) is a relaxed Middle
Eastern joint- mysterious black walls, gold tiles and an unapologetic political
stance evident upon entry, this is a cafe with, for lack of a better word-
attitude.
Sentosa Beaufort
sees beautiful hotel restaurants too- try the restaurant at the Beaufort
during sunset- views are resplendent and architecture terribly eco-sensitive(the
whole ‘outdoor’ area was constructed to preserve an old tree). With a bar
area overlooking the sea, cold, jasmine-infused drinks and artfully prepared
food, this underrated joint is testimony to saving graces of the island.
Wallpaper-worthy
joints are opening up across the island- from predictable locations like
downtown Orchard Road and the CBD area to sleepy neighbourhood locales
and offbeat areas like the new Biopolis. Everything from restaurants to
cake shops (check out Awfully Chocolate’s minimalist décor and
ice-cream in Chinese takeaway boxes); dermatologist’s offices to the
new genre of the Singapore design hotel.
Pros and
Cons of living in Singapore
Pros:
Lower Tax
rates
Excellent
medical care
Good public
transport system
Various choices
for local, ethnic cuisine
Excellent
base for traveling around Asia
Stable political
and economic climate |
Cons:
Locals and
foreigners alike complain about the driving. Road bullies make headlines
(so do bickering neighbours incidentally) - level of frustration in a traffic
jam probably does not rival neighbouring cities like Bangkok or Jakarta
but we wonder if there aren’t greater outward manifestations of violence. |
Surf onto any
expat message board and you’d begin to notice the less than savoury undercurrents-
the passionate side to Pleasantville, with visitors posting messages criticizing
everything from inter-racial dynamics, expat-local relations and government
policies.
Singapore remains
a safe, popular location regionally for its political stability, its less
stratified social interactions, the balance between urban living and greenery,
the efficient administration, medical care and schooling. There are downsides
to an ordered, almost regimented society but most of the perks of Singapore
stem from its predictability, efficiency and sense of order.
Purchasing
Property in Singapore
Visiting showflats
is fast becoming the unacknowledged national (weekend) pastime as developers
pay top dollar to recruit the best in the interior design industry in a
bid to distinguish their projects over their competitors and the new, realized
niche market of home buyers who aim for top of the line, ‘designer’ finishings.
There is the
option thus, to visit showflat and project launches for new developments.
The
classifieds section provides another avenue for property hunters, as
does the internet, another communication medium for a society with amongst
the highest internet penetration rates in the world.
To stimulate
the property market, a lower cash deposit has been allowed for purchase
of property- 5% cash instead of the original 10%. Hidden costs for property
purchases include legal fees and stamp duty.
Keen to keep
the best, Singapore property laws have made property more accessible to
foreigners in unprecedented ways. Even landed property- the Holy Grail
in a land-scarce population, is relatively within the reach of foreigners,
with permanent residents and local companies being allowed to purchase
property for their own stay upon approval.
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