Singapore’s red-hot residential market this year saw S$32.9 billion spent in the first half alone. — In an exclusive Singapore neighbourhood shaded with rain trees, a local tech billionaire plunked down US$95 million for a mansion. Near an upscale shopping district, a Taiwanese family with a grocery empire spent US$216 million for all the units in a condominium development.
The boom in Singapore is reminiscent of 2007, when “well-heeled foreigners were lured by the glamor promised by two upcoming resorts and casinos,” said Nicholas Mak, head of research and consultancy at APAC Realty Ltd. unit ERA. That flurry was tamed by the global financial crisis and property curbs. “The difference now is that there are more newly minted ultra-rich people, especially from China and India.
In the city’s prestigious Sentosa Cove, where massive houses on the waterfront boast private berths for yachts, transactions tripled to S$190.7 million in the first half, compared with the same period a year ago, according to data from List Sotheby’s International Realty. Buyers use trusts to conceal their identities from the public and even the government. For instance, banks can register themselves as the legal owner on behalf of the individuals. It complicates the burden on developers to screen prospective buyers for money laundering risks.
Being cancer-stricken and begging CPF Board to repay overdue debt; that which in any case cannot be done as the money had been commingled and funneled to private entity Temasek Holdings for Ho Ching to wager on unviable, untenable and ultimately, invariably doomed gambles
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