17:27 “The world’s safest haven” attracts super-rich Singapore housing prices soaring



Because of its success in epidemic prevention, Singapore is a good place for rich people from all over the world to escape the epidemic.  (Bloomberg)

Because of its success in epidemic prevention, Singapore is a good place for rich people from all over the world to escape the epidemic. (Bloomberg)

2021/05/27 17:27

[Instant News/Comprehensive Report]The impact of Wuhan pneumonia (new coronavirus disease, COVID-19) has caused the economies of various countries to fall into crisis. However, foreign media recently reported that Singapore, which has been successful in preventing the epidemic, has been regarded as the “world’s safest haven” by the super-rich in various countries because of the epidemic, and chose to escape the epidemic in Singapore. As a result, the prices of real estate and car sales have soared against the wind.

According to a report from Bloomberg, Singapore has long attracted wealthy people from China, Indonesia, and Malaysia to go for short shopping trips, casinos, or world-class clinics for medical examinations. However, the new crown epidemic and the political turmoil in Hong Kong have caused many tycoons and His family stayed in Singapore for several months.

According to data from Johns Hopkins University, on a per capita basis, the mortality rate in Malaysia and Indonesia is 10 to 30 times higher than that of Singapore, and the general vaccination rate in Singapore is as high as 30%, which is twice that of China and far ahead. Vaccination rates in Malaysia and Indonesia.

For the super rich, it is relatively easy to settle in Singapore. According to the Global Business Investor Program, eligible business owners or families can obtain permanent residency rights as long as they invest 2.5 million Singapore dollars (approximately NT$52.466,576) in local businesses or put them into investment funds.

Therefore, since the outbreak of the epidemic at the end of 2019, the number of local private companies that provide investment and wealth management for wealthy families has doubled, the demand for private golf club members has soared, real estate has also seen the largest increase since 2018, and Michelin-starred restaurants have recently Before the anti-epidemic measures were implemented, the crowd was full of friends.

Regarding the soaring headwinds of the Singapore housing market, many local businessmen took advantage of this to seize business opportunities. However, Toby Carroll, a lecturer in political economy at the City University of Hong Kong, said that the immigration of the rich may also cause dissatisfaction among the people. In other words, this also means facing negative effects such as increased living costs including housing, which is quite detrimental to social cohesion.”

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