THE wife of Alibaba Group co-founder Jack Ma has bought three adjoining shophouses on Duxton Road in the Tanjong Pagar area.
Zhang Ying, a Singapore citizen, paid about S$45 million to S$50 million for 70, 71 and 72 Duxton Road.
According to The Business Times understands. The properties are on commercial-zoned sites with 99-year leasehold tenures starting from September 1988, leaving a balance term of about 63.5 years.
Prices for street houses in Singapore have soared to a record high of 5,500 Singapore dollars (approximately US$4,000) per square foot, twice the price of Fifth Avenue in Manhattan, the world's most expensive shopping street.
This is not the first time for Jack Ma invests in Singapore, In 2019, Ma reportedly planned to build a two-story bungalow at Victoria Park Close in Singapore at an unknown price.
The Super Rich Are Choosing Singapore as the Worldโs Safest Haven?
Questions for Tigers:
What motivated the rich person to invest in Singapore?
What impact might this investment have on the local real estate market in Singapore?
Were there any particular factors or trends in the Singapore real estate market that influenced rich personโs investment decision?
Comments
1. Its a stable economy
2. Corruption is low
3. More potential upside due to positive flywheel effect.
On real estate prices, private property or commercial property prices are likely to trend up, with little effect on local HDB houses.
What are your thoughts? [Grin]
so nothing surprising that they choose to park their money in property in Singapore. maybe if we walk past there often enough, can catch a glimpse of them. haha
2. Strategic shipping location that is the gateway of Asia where West meets the East
3. World class financial centre that allows capital to flow freely in and out
4. Technological hub with major US and China IT companies setting up regional HQs
5. Top universities in Asia providing quality education for their younger generations
6. Established medical institutions or hospitals that offers first world medical services for older generations
๐๐๐Singapore is a safe haven with a stable government, great infrastructure and a wonderful place to bring up kids. It is no wonder that the Ultra Rich flock to Singapore. They set up Family Offices which require a minimum of SGD 10 million in Assets Under Management to be increased by SGD 20 million within the next 2 years. In return the Ultra Rick get tax exemptions on their income and a great place to stay.
Singapore has world class financial services with our 3 local banks $DBS GROUP HOLDINGS LTD(D05.SI)$
Singapore also have excellent world class medical services with hospitals like Mount Elizabeth, Gleneagles run by $ParkwayLife Reit(C2PU.SI)$ .
That is why the Ultra Rich flock to Singapore. As a Singaporean, I am grateful to be living here where there is peace and harmony. Singapore, my home, my country - I love you so๐๐๐
@Tiger_SG @TigerStars
Wow really more and more investment done in Singapore these recent years. There are definitely some valid reasons behind. Why Singapore? [Doubt] [Doubt] [Doubt] [Thinking] [Thinking] [Thinking]
As we know, Singapore has long held its status as a premier destination for international companies. Whether it is an international expansion or setting up company headquarters, the country has been the focal point for commercial ventures across ASEAN and Asia. The favorable legal and tax regimes largely shape the country status as a preferred investment destination in Asia. Singapore boasts a highly integrated financial system, besides being one of the most investor and business-friendly countries in the world. [Wow] [Smart] [Smart] [Smart] [Bless] [Bless] [Bless]
Singapore boasts a prime location in the heart of Southeast Asia, located between Indonesia and Malaysia. This strategic positioning provides seamless access to transport and trade links across the region. Being centrally located, Singapore continues to be an alluring destination to some of the most rapidly expanding and vibrant markets of the world. [ShakeHands] [ShakeHands] [ShakeHands] [OK] [OK] [OK]
Singapore multicultural society, with various cultural and linguistic connections to ASEAN members, delivers a strategic advantage to the country. In Singapore, English is the primary working language. This fosters effective communication with investors from all over the world. [USD] [USD] [USD] [Applaud] [Applaud] [Applaud]
Singapore welcomes companies with a wide array of fiscal and non-fiscal incentives to strengthen economic development in the country. Applicants need to fulfill stringent criteria, commit to specific investment levels and introduce cutting-edge skills and technology. These incentives aim to promote innovation and economic growth in the country. In return, Singapore offers privileges like reduced corporate income tax rates. [OMG] [OMG] [OMG] [Blush] [Blush] [Blush]
Singapore corporate tax regime is among the best in Asia. For commercial profits, it features a corporate income tax rate of flat 17%. The territorial tax system ensures that companies are not taxed on most types of foreign-sourced income. [Miser] [Miser] [Miser] [LOL] [LOL] [LOL]
One of the paramount advantages of running an international business in Singapore is the extensive network of nearly 100 double taxation agreements (DTAs). The country also has 24 free trade agreements (FTAs) in place which are both limited and comprehensive. They cover different types of income and facilitate tax information exchange. The presence of FTAs with ASEAN member states enhances the country competitiveness in the vast market.
I believe all these are the reason that makes Singapore to be a heaven for whatever investments. How do you think?
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