Singapore Market Watch
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JANUARY 2017 MARKETWATCH Information from Cartus on Relocation and International Assignment Trends and Practices. RELOCATION: SINGAPORE Singapore is a blend of East and West, boasting favor the latter because condominiums typically provide a world leading technological, medical and full range of facilities. These may include 24-hour security, swimming pool, gym, playground and tennis/squash courts. educational infrastructures, yet maintaining a Expatriate townhouses may often provide the same facilities as rich cultural diversity. Located in the western part a condominium. of the South China Sea, Singapore is a popular Bungalows are detached houses standing within their own international assignment destination. Some compound. In Singapore, a bungalow can be a single storey or assignees do experience challenges relocating to two to three storeys. Semi-detached houses (known as ‘semi-D’s’ the country however, with housing, schooling and in Singapore) often include a small garden, which is ideal for climate being particular areas of focus. those looking for a low maintenance property. Searching for a Property Key Challenge Areas When searching for a property in Singapore, assignees Input from Cartus’ Destination Services Team on the ground in should be mindful that unfurnished means that the property is Singapore, highlights the following key areas for assignees: completely empty. If this property-type is chosen, the assignee may have to provide some or all of the following: Housing • water heater Education • air conditioners (if no central system is provided) Climate • kitchen equipment (cooker, refrigerator) Transportation • laundry equipment (washing machine, dryer) Visa and Immigration • light fittings in all areas Cultural Issues • curtains and tracks • floor covering (if the finish is not marble, tile or parquet) Singapore in Brief • cupboards • Currency: Singapore dollar (SGD) For larger properties, descriptions may include a ‘+1’ after the • Weights and Measures: Metric system number of bedrooms, e.g. 3+1 bedroom townhouse. This means • Climate: Average daily temperatures range from 23C to 34C. that the property includes a separate bedroom, which is typically Rainy seasons are December to March and from June to used for a live-in maid or used as a store room. September. • Languages: Mandarin, English, Malay and Tamil Searching for a Property • Time Zone: GMT +8 hours There are a number of housing districts in Singapore that have • Population: 5.49 million quality expatriate properties available: • Dialing Code: +65 District Location HOUSING District 3 Close to the Singapore River and Chinatown There is a wide choice of properties available to assignees, whether relocating alone or with a family. Property-types District 5 On the west coast, close to include apartments, terrace houses, conservation houses, semi- Jurong and industrial areas detached houses, bungalows and condominiums. There is little Districts 9, 10 and 11 Near to Orchard Road, Botanic difference between apartments and condominiums (‘condos’) Gardens and Holland Village with regards to the property themselves, but expatriates CARTUS | MARKET WATCH: SINGAPORE / JANUARY 2017 | PAGE 1 OF 4 JANUARY 2017 MARKETWATCH Information from Cartus on Relocation and International Assignment Trends and Practices. RELOCATION: SINGAPORE District Location Districts 15 and 16 On the east coast, close to Sea Sports’ recreation centers and Changi International Airport District 21 Close to Bukit Timah Nature Reserve Districts 9, 10 and 11 are particularly popular amongst the assignee population due to the high quality of housing available. As such, properties found in these areas are more expensive than elsewhere on the island. As district 21 is located further away from the city, it is becoming more popular with assignees because rental rates are lower than other areas. Rental Rates Below is an outline of the current, average monthly rental rates in Singapore: EDUCATION Number of Rooms/ Low (SGD) Medium High (SGD) There are a number of international school options in Singapore Property-type (SGD) that provide US, German, Indian, Chinese and other international 1 bedroom apartment 3,000 4,100 5,200 curriculums from pre-school right through to graduation level. 2 bedroom apartment 3,200 5,100 7,200 The most popular schools include the Tanglin Trust School 3 bedroom apartment 3,800 6,700 9,600 (the British School), Singapore American School, Chinese 4 bedroom apartment 5,700 11,800 17,500 International School, Canadian International School, French 4 bedroom house 6,200 13,500 19,700 School of Singapore, German European School of Singapore and 5 bedroom property 16,500 18,000 19,700 Global Indian International School. 6 bedroom property 19,300 20,900 22,000 Many of Singapore’s international schools have waiting lists, Please note: average prices are based on different districts in Singapore. which can vary between six and 12 months. Singapore American Figures are in Singapore dollars. School has the longest waiting list, which has reached two years in the past. Assignees will need to plan ahead to secure their Lease Agreements school of choice. Detailed research before a school finding trip The most common lease term is two years, with most landlords is imperative. Children will only be placed onto the waiting list not accepting a lease term of less than 12 months. A diplomatic once an application form has been submitted by the assignee break clause is typically included in a two year rental agreement, and admission fees have been paid. which allows the assignee to prematurely terminate the lease. Two to three months’ rent is normally paid as a security Special Needs Assistance deposit and rent is expected to be paid one month in advance. Children that require special needs assistance may attend special However, some landlords may request three months’ rent in education (SPED) schools. The most popular SPED schools include advance. Both corporate and personal leases are available in the the Integrated International School, Dover Court School Centre Singapore rental market. for Special Education, Tanglin Trust School and Zee School. Program Advice Program Advice • We recommend a look-see visit for the assignee and their • Information about available international schools should be sent family and a preview of the property-types available. This will to the assignee as soon as they accept the assignment. This will set expectations about Singapore’s rental market before the give them time to research the schools available. assignee begins the home search. • You should consider sending the assignee on a school finding • We suggest the home search begins as early as possible and trip two to three months prior to the assignment start date. that assignees should always home search with a reputable Given the high demand for the most popular schools, this will area specialist, with knowledge of the local market. allow the assignee and their family enough time to secure the school that they want. • Be mindful of extra costs associated with unfurnished properties. It should be decided before the home search • Admission fees should be paid in a timely manner to ensure the who would be responsible for furnishing the property, the assignee’s child(ren) is placed onto school waiting lists as soon organization or the assignee. as possible. CARTUS | MARKET WATCH: SINGAPORE / JANUARY 2017 | PAGE 2 OF 4 JANUARY 2017 MARKETWATCH Information from Cartus on Relocation and International Assignment Trends and Practices. RELOCATION: SINGAPORE CLIMATE The weather in Singapore is generally hot and humid. Average daily temperatures range from 23C to 34C. Air conditioning is widely used in houses, offices, shopping malls and public transportation. Although rain occurs throughout the year, there are two main rainy seasons; the first is from June to September when Singapore experiences a drier southwestern monsoon season. The second runs from December through to March and is the wetter northeastern monsoon season that can bring torrential rain and cause flooding on some parts of the island. Program Advice • With hot and humid summer months, it can be quite uncomfortable being outside in Singapore in the heat of the day, especially when trying to complete tasks such as finding a property. With this in mind, we recommend that you consider VISA & IMMIGRATION scheduling any look/see visits or permanent moves outside the Those moving to Singapore will need to apply for an employment hottest months of the year. pass, approvals of which are at the discretion of the Singapore Ministry of Manpower. In determining whether or not to grant an employment pass, the Ministry will look at each application TRANSPORTATION in terms of the occupation applied for, academic record, work The public transportation system in Singapore is excellent. experience and the assignee’s fixed monthly salary. Employment There are a number of ways to get around the island including passes can be issued for up to five years. Once approved and buses, a rail system and taxis. There are over 300 bus services depending on the type of pass issued to the assignee, spouses covering all parts of Singapore, including night buses on and children may apply for a dependents pass. popular routes. Taxis may be difficult to find on the street during peak hours and if one is booked during busy periods, extra Upon approval of the employment pass application, the Ministry charges may apply. of Manpower will issue an in-principle approval letter (IPA) to the assignee’s organization. The assignee must travel to Singapore Assignees choosing to drive themselves should be aware that within two to six months from the IPA’s date of issuance. To roads are based on the British system, where drivers are sat obtain a long term pass (LTP), the assignee must visit the offices on the right of the car with the vehicle on the left hand side of of the Singapore authorities. The LTP is a biometric card that the road. Drivers must sit a written exam before applying for a bears the assignee’s photo and fingerprint.