Singapore Property Prices May Be at Their Lowest

Out of the many affordable Asian destination countries available, Singapore definitely is a bright spot for tourism and relocation.

By | Wed 30 Mar 2016

Out of the many affordable Asian destination countries available, Singapore definitely is a bright spot for tourism and relocation. Litter, vandalism and gum chewing are strongly discouraged in the city-state. The country has a rich British colonial past and modern attractions such as gardens and shopping. Although other Asian countries are starting to improve their mass transit infrastructure, this area already has an elaborate railway system.

Bottoming Out

In recent years, real estate prices in Hong Kong and Singapore were among the highest in Asia. In September of last year, prices began to drop because of a decrease in demand. Fear of a slowing economy drove down demand for property. Experts say the residential housing market there is closer to the bottom of a price correction than Hong Kong. This area also has less government interference with its markets than Hong Kong.

It is prone to the flow of world markets especially China’s. As soon as China gets its economy together, housing prices in both countries could begin to climb. Now is a good time for residential property investors to look at this location. A good way to start looking is by checking out directories such as PropertyGuru Singapore, an online Singapore property listing site investors can use to find houses, condos and apartments across the country. Users can search for housing based on type, address, price and other factors. Individual listings on the site include multiple photos of the property and a list of features. Some listings include a video. Visitors interested in touring the property can contact the listing agent by the provided phone number or the contact form.

Startup Economy

Many young professionals in the area are living with several roommates and sometimes in their offices. This is not necessarily because of an economic need but because of a desire to work collaboratively with others. As these professionals and their startups progress, they most likely will want to move into their own homes. Just like in college, eventually roommates grow tired of each other and need their own space and weekends.

Of course, young people also often want to start families. That can be an awkward thing in a co-living environment.  Meanwhile, the government is encouraging startups by funding their ideas. Instead of just giving a group some money for an idea, the government wants the startups to prove their ideas before they can receive funding. The country’s foreign minister Vivian Balakrishnan recently spoke at a tech conference and said the government is interested in autonomous vehicles and medical technology, Scott Carey of Tech World reported.

Cut Down the Commute

With real estate prices bottoming out and the economy in a holding pattern, one way for residents to cut costs is to reduce their commute to work. There is no need to live in Malaysia when prices in Singapore are low and conveniences are on the rise.  People often neglect to consider the laws and inconvenience of commuting from Malaysia. The vehicular ownership restrictions are confusing for sure. Singaporeans are not allowed to use or own a vehicle registered in a foreign country.

The government made this law to prevent an overabundance of vehicles in the country. There are some exemptions, but owning a cheap Malaysian car may not be worth the hassle. Clearing immigration twice a day also can really add to a commute. Two-hour commutes from Malaysia to Singapore are not unheard of. All this just makes real estate in this area more attractive. If residents plan their home purchase correctly, they can walk from their home to a nearby train station to get to work and completely avoid car costs.

Tourism to the Rescue

Years ago, this area was just a layover for tourists traveling through Asia. Nowadays, they’re flying in to hang out. The end of the ban on casinos is helping to attract more visitors from China. Conferences and exhibitions also are becoming big business in this location. Aside from Chinese visitors, the country is also seeing more tourism from India, Indonesia and the Philippines. The government pledged to invest millions in tourism during the next five years. The investment will include development of robotics and the cruise industry. Meanwhile, its residents seem to be getting tired of vacationing in Malaysia. Changes in currency exchange rates also could be a factor. Increased crime and earthquakes in Malaysia are not helping the country.

Luxury retailers are showing renewed interest in this area. Hermes recently reopened its flagship store. The store is the brand’s biggest outlet in Southeast Asia. What is Hong Kong’s loss is Singapore’s gain. Mainland China tourism to Singapore rose significantly in the first two months of 2016.

The Singapore Tourism Board recently ramped up its online marketing toward mainland China. The STB also recently made a deal with a South Korean internet company to create a mobile platform to promote user-generated content. Through the app, South Koreans will find the latest trends in the country and interact with other travelers. There also will be shopping and dining promotions in the app. The app is set to debut late this year.

Old and New

Although it still manages to maintain its historical culture, it also is branching out into modern amenities such as a 50-meter-high tower on Sentosa Beach for bungee jumping. The tower is scheduled to be completed by the end of the year. The attraction will also include the world’s first vertical skywalk. Supported by static ropes, visitors will be able to walk down the center of the tower, according to Channel News Asia.

Gamblers can rejoice because the Casino Regulatory Authority recently renewed the license for Marina Bay Sands for three more years. The CRA gave Singapore’s other casino, Resorts World Sentosa, a three-year extension back in February. It is unlikely that the two casinos will be getting any competition in the years to come, so gamblers should pick a favorite as soon as possible.

For those missing the good old days, it boasts an impressive Chinatown and Little India. There are plenty of temples and small shops to check out. For such a small location, it has a lot offer tourists and residents. There is also plenty of property to buy for sure.