Three ways to live in Singapore
A pro-business environment, superb infrastructure and a green ethos make the city state’s lifestyle appealing, despite last year’s stamp duty increase, says Nicholas Keong
The reasons to live in Singapore are compelling. The city state is a leading financial centre and a global business hub. It consistently scores highly in international rankings for its low crime and high personal safety – securing sixth place in the latest Quality of Living City Ranking from international consultancy Mercer – and has been voted the most liveable city in East Asia for expats by global mobility experts ECA International every year since 2005.
Knight Frank’s own research (see Rise of the Super Wealth Hub Series, Singapore Edition) points to the island’s role as a luxury living hub – with an estimated 46 five-star hotels, 51 Michelin-star restaurants and more than 200 shopping malls, island-wide. This calling card is just one reason why high-net-worth individuals gravitate there, says Nicholas Keong, Head of Residential and Private Office for Knight Frank Singapore.
“Singapore offers world-class healthcare and a superb English-based education system,” he says. “The island is a pioneer in desalination and has a top 20 global ranking for carbon efficiency.”
Moreover, Singapore’s outstanding infrastructure is continually improving. Currently, a new terminal is being added to Changi, the Land Transport Authority is expanding the MRT rail network and over the next decade, the Great Southern Waterfront masterplan will transform 30 km of coastline into a mixed-use destination.
Since April 2023 however, the island’s property market has been subdued by an adjustment to the Additional Buyer’s Stamp Duty (ABSD) rate, doubling it to 60 per cent for most foreigners. So, while sales values of luxury non-landed homes (apartments) in the first half of 2024 saw a 28.2 percent increase from the same period in 2023, there’s been a fall in demand from foreign buyers.
“What’s not well known is that higher ABSD costs don’t apply to home buyers from the USA, Switzerland, Iceland, Norway and Liechtenstein on their first residential property purchase,” says Keong. “These five countries have trade agreements with Singapore meaning their citizens pay only six per cent Basic Stamp Duty (BSD), and we have seen them become more active.”
Cairnhill is one of Singapore’s highly prized conservation areas where elegant homes from the 1900s offer history and calm just a short walk from vibrant Orchard Road, the city’s premier shopping destination. This landed terraced house – two storeys plus an attic – is itself a piece of art, a carefully restored pre-war home with interior courtyard that won the URA Architectural Heritage Award in 2008. Further enhanced recently to maximise functionality, it has the perfect pairing of a heritage façade and contemporary interiors with four bedrooms, a roof terrace swimming pool and the rarity of a secure private garage.
For high-net-worth families, the location of this generously sized, three-bedroom freehold apartment close to numerous highly rated schools and colleges will be instantly appealing, and there’s also swift access to Singapore’s central business district (CBD) with Newton MRT within five minutes’ walk. Goodwood Residence, backing on to the green setting of Goodwood Hills, is low density, with just 210 apartments sharing communal facilities that include gardens, gymnasium, a swimming pool, tennis court and clubhouse. This ground floor apartment has its own private pool and large terrace, ideal for home entertaining.
There’s history galore in this grand east coast property, one of only 15 conservation bungalows on Mountbatten Road and an estimated 85 privately-owned bungalows island wide. Once owned by the family of Thomas Dunman, Singapore’s first Superintendent and Commissioner of Police, the current owners’ family purchased it in 1926. The seven-bedroom house is 10 minutes from the CBD, 20 minutes from Changi Airport and close to East Coast Park and the ocean.
To enquire about these properties, please contact nicholas.keong@sg.knightfrank.com
