Why Singapore Is The Leading Investment Destination in Southeast Asia Right Now
Singapore Is The Leading Investment Destination in Asia Right Now
Foreign investors need not look further than Singapore as the number one destination for foreign investments during the pandemic whether it's growing their wealth through property investment by expanding their assets, generating passive income, or developing their property portfolio.
The city-state is the leading investment destination in Southeast Asia right now owing to its proficient management of the COVID-19 crisis, thereby gradually stabilizing Singapore's economic landscape. Besides that, it's one of the most profitable places for property investments due to the lowered prices of high-end residential properties at coveted prime locations such as Orchard Road. Of course, this provides an excellent opportunity for foreign investors to tap into Singapore's highly lucrative property market at a lower market price.
Here are the reasons why:
#1 Quickest vaccine deployment in Asia
Singapore is leading the vaccination distribution race and as a result, outperforming its Asian contemporaries. According to The New York Times, Singapore has beaten major countries with high economic growths, such as Hong Kong, China, South Korea, and Taiwan, by administering the most numbers of vaccines per capita, population vaccinated, and population fully vaccinated in Asia.
The outstanding performance of Singapore's vaccine program is attributed to the public's high trust in the government, lack of vaccine hesitancy, aggressive contact tracing, and other mandatory government safeguards. At the rate of efficiency and smooth implementation of vaccine rollouts among its population in the upcoming months, Singapore is projected to be one of Southeast Asia’s first countries to declare a post-pandemic status in the region, making it a top choice among investors around the world.
#2 Emerging as top place at Bloomberg’s Covid Resilience Ranking
Earning the top spot of Bloomberg’s Covid Resilience Ranking, Singapore has secured the title of the best place to live in the world during the COVID-19 pandemic, knocking off New Zealand by a 0.1% percent gap for the first time since the Rank's establishment last November. As of present, citizens of Singapore are now resuming their pre-pandemic way of life excluding foreign travel.
Among the key factors driving the city-state's climb to the top is the rapid rate of vaccinations, administering vaccines to nearly a fifth of its population, quick vaccine rollouts and consistently hitting low rates of community transmissions. The city-state’s return to normalcy has projected an economic growth by 6% percent with a higher-than-expected recovery ahead, asserting itself as Asia’s best investment hub.
#3 Early tickets sellout for Singapore-Hong Kong travel bubble
Despite the postponement due to sudden spikes of COVID-19 cases, the news of the Singapore-Hong Kong travel bubble's flight tickets selling out clearly communicates that Singapore is the preferred travel destination in the Asian region during the pandemic era thanks to the city-state's quick vaccination and COVID-19 mitigation efforts.
Falling under tourism-dependent economies, Singapore is optimistically yet cautiously stepping towards restimulating its tourism sector by soon reopening its borders to Australia, Brunei, China, New Zealand, Taiwan, and Hong Kong through the Air Travel Pass agreement. The arrangement allows short-term visitors from these low-risk countries to enter Singapore allowing opportunities for foreign investors to enter the residential property market.
#4 Investment interest from top global players
Singapore grabbed international headlines when Want Want China Holdings, a Taiwanese family-run business purchased a $293 million premium luxury condominium, EDEN. Not long after, news broke of a Cambodian-Chinese pair purchasing a $33.5 million Hilltops penthouse. These luxury residential market exchanges have boosted Singapore's economic profile as the ultimate investment destination in Southeast Asia during the pandemic.
The link connecting these upscale residential properties is the vicinity to the world-class amenities of Orchard Road. The surrounding area of this prominent address is concentrated with luxurious free-hold developments especially along with the quiet neighborhood of Balmoral Road at the prime location of District 10. One of which is Sloane Residences, due for TOP by end of 2021.
Although it isn't as well-known, the residential developments at Balmoral Road are picking up traction as interests from foreign investors are driving Balmoral Road's property value upwards. Affirmed through a $2 million purchase at Balmoral 8 in 2019, and a $4.48 million sold back unit at One Balmoral in 2017, residential properties around Balmoral Road prove to be highly sought-after developments at a competitive price tag with the guarantee of high investment returns.
Read our review on Sloane Residence at Balmoral Road here.
Want to learn more about the Balmoral Road at the prime District 10? Click here.