Young Thais are drawn by the big city lifestyle
In the central districts near Orchard Road and Newton, rents range (all figures in Singapore dollars) from a studio for $4,000 a month, to a two-bedroom condo for $5,000 a month, to a three-bedroom for $6,000 a month. Rentals in outlying areas are less expensive, but a stand-alone bungalow can rent for as much as $27,000 a month. “That’s CEO housing,” said Coventry. “The top end for a good-class bungalow on a minimum of 15,000 square feet of land is $35,000.” Most people get a two-year lease and where rent is above $2,500 a month, the owners pay the housing agent’s commission, not the tenants.
There are, however, no restrictions on buying condos or apartments for foreigners. “Many expats have bought them, including myself,” said Coventry. But buyers must put a minimum of 40% down on a second property and pay a higher stamp fee if the property is sold within four years. “Singapore is a truly international place where you will meet the locals and learn different ways of doing business,” said Schmelzer. “Singaporeans are accessible and you can easily get involved in anything you want to.”
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