Feb 24, 2012

Singapore apartment purchase by Myanmar citizen hits over S$ 80 million

Property purchase in Singapore by Myanmar citizens totaled about 80 S$ million in 2011, according to Ma Kalya Thin of Singapore real estate agency Far East Organization.
“Purchase of condos in Singapore by Myanmar citizens hit S$ 80 million in 2011,” she said.
Purchase of apartments and condos in Singapore by Myanmar citizens rose this year, and most of the condos they bought are completed ones.
“Myanmar citizens mostly bought 3-5 bedrooms condo apartments. They bought the completed apartments to rent out to tenants again as it is profitable for them,” said Ko Kyaw Moe Zin of the Far East Organization.
Those who are permanent residents in Singapore bought HDB (Housing Development Board) flats and private apartments while entrepreneurs had growing interest in condo apartments during the past five years.
“Myanmar businesspeople holding Myanmar passport are interested in buying condo apartments as they can get low-interest bank loans for the purchase,” he added.
Myanmar businessmen are interested in condo apartments in Singapore as they need to pay only 20 percent of the price as down-payment, and are allowed to pay the remaining 80 percent with bank loans at one percent interest rate.
Myanmar citizens are attracted by apartments in Singapore as they do not have to hold permanent resident status or stay permits to buy apartments in addition to low interest loans from banks in Singapore.
“There is no strict law concerning the ownership of apartments by foreigners in Singapore. So Myanmar citizens are interested in buying apartments in Singapore. Our real estate agency, Far East Organization, has held sale exhibitions in Yangon three times, and has planned to hold sale exhibitions in the future,” he added.
Most Myanmar businessmen buy condo apartments worth between S$ 600,000 and 1,000,000. In addition, buyers need to pay property tax and maintenance fee of about S$ 2,000 per year only.
Most buyers in Singapore property market are from China and Indonesia, and Myanmar has become one of the countries with high demand in Singapore property market for five years. Therefore, real estate agencies in Singapore are holding sale exhibitions in Myanmar.