Where is it?

The Republic of Singapore is an island country, a city state and the smallest country in south-east Asia. Located between Malaysia and Indonesia, it consists of one main island and 63 tiny islands.

What's so special about it?

Founded as a British trading colony in 1819, Singapore became fully independent in 1965 and has since become one of the world's most prosperous countries. It is a highly-developed and successful free-market economy which enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP equal to that of the four largest western European countries.

Best kept secrets Singapore has begun to recover from 2003's Sars crisis which had a major impact on the area's tourism and property sectors. As a result, property prices in Singapore have not escalated as quickly as its neighbouring countries and in some areas are up to 40 to 60% cheaper.

Since 2003 it has begun a multi-million dollar overhaul, especially in its tourism sector, and is the 18th most popular tourist location in the world.

Who lives there?

As the fourth-largest exchange trading centre in the world after London, New York and Tokyo, most of its residents are bankers, traders, oil and shipping executives.

What's the property market like?

The Singapore property market is growing, with residential prices set to grow by more than 13% this year, according to Irish company Investors in Asia, which recently set up offices there. Development is being encouraged by the government through low taxes and incentives to promote the redevelopment of urban sites. Foreign investors account for half of the buyers of high-end units.

How do you go about buying property?

There are few restrictions on foreigners buying, with the government maintaining attractive financial and tax laws to encourage property investment. Singapore offers 0% capital gains tax and a 10% tax on rental income after expenses. Investors in Asia advise that the best investments are those that are sold two to three years prior to completion, allowing the investor to secure their investment with a 20% deposit and experience 100% of the capital gain during completion.

Where are the best places to buy?

Close to the centre of Singapore town or near one of the major research facilities established by the government, such as the large Medical Research village. The best residential districts are close to the Orchard Road shopping and entertainment belt including Orchard, Tanglin, Holland and River Valley. Other prominent locations are Bukit Timah and Hillview in the west and Tanjong Rhu on the east side.

What's the rental market like?

Rental of old properties yields about 4-5%, with newer developments with pools obtaining up to 6%. With Singapore developing into a major banking hub there is always a transient population looking for good rental properties on a two- to three-year contract.

The short-term rental market is also developing. Research from Colliers International Singapore has shown that rents of luxury apartments have grown by approximately two-thirds in the last two years.

What's the resell market like?

The resale market is very healthy, with vacancy levels at an amazing 4-6% and the'property flipping' investment method, popular with the Irish, is quite common in Singapore.

What type of property is available?

Space is such a commodity, and the market is moving so quickly, that buildings which are only 15 years old are being acquired en block, demolished and redeveloped. Most Singapore residents live in large tower blocks and a new trend among locals, put off by smaller new apartments, is to buy older apartments and then invest money renovating them.

Average property prices?

The average price of top-end residential property is Euro600 per square foot. The cheapest investment is approximately Euro250 per square foot, with the upper end of the market at Euro1,750 per square foot. A good investment average would be between Euro375 and Euro500 per square foot.

Tax breaks between Ireland?

The general rule for property taxes in Singapore is 3.75%. There is no capital gains tax and the tax treaty with Ireland is not due to be ratified until 2008. Therefore any gains made are liable to tax by the Irish Revenue.

FAST FACTS
Getting there: Singapore Airlines has direct flights via London Area: 699 km Population: 4,480,000
Currency: Singapore Dollar (1.00 SGD = Euro0.48)
Weather: Temperatures range from 22ºC to 34 ºC but humidity is high
Transport: Singapore is a major Asian transportation hub; its port is one of the busiest in the world and it's a stop over point for Australian flights. However one draw back is its notoriously bad traffic
Going out: Singapore's nightlife isn't very developed, but it does have 24-hour licensed clubs, and of course a Molly Malone's Irish Bar. Nightlife is mainly around the Riverside
Eating out: Singapore has a wide variety of restaurants, but its speciality is seafood and the Singaporean classic, chilli crabs
Shopping: Shopping is virtually a national pastime, with low taxes and competitive prices. The best time to shop is during the Great Singapore sale in June/July

USEFUL CONTACTS
» Irish Embassy in Singapore: 0065-62387616; www. ireland. org. sg
» Real Estate Developers Association of Singapore: www. redas. com
» Institute of Estate Agents: www. iea. org. sg » Singapore Institute of Surveyors & Valuers: www. asia1. com. sg/sisv
» Citibank Singapore: www. citibank. com/singapore/
» Hong Kong & Shanghai Banking Corporation (HSBC): www. hsbc. com. sg/1/2/home
» Urban Redevelopment Authority (Planning): www. ura. gov. sg/ » Singapore Tourism Board: 0065-6736 6622; www. stb. com. sg Property Gallery

CAIRNHILL RESIDENCES Price: SGD$1,700,000 (Euro829,517) Details: Located in the Orchard Road District shopping area, this 84sq m (904sq ft) condo has two bedrooms Contact: Hans Ng, 0065-9105 8020; www. sg1property. com

VERTIS APARTMENTS Price: From Euro270,000 Details: The Vertis is a boutique apartment complex located eight minutes from the Central Business District consisting of one-, two- and three-bed units Contact: Investors in Asia, 01-235 3938; www. investors-in-asia. com

SENTOSA COVE Price: SGD $2,125,000 (Euro1,596,65) Details: Luxury ocean-front four-bed penthouse that comes with its own yacht berth, pool and jacuzzi Contact: Guy Neale, 0065-96682027; www. theberth. com/main. html