For US$1 million (S$1.4 million), you can purchase 452 sqft of prime real estate in Singapore (or a small studio apartment), making it the world’s seventh most expensive place to buy luxury property, noted findings from Knight Frank’s Wealth Report 2016. The city-state fell two places from last year’s report due to property price declines. According to the firm’s Prime Intl Residential Index, luxury prices here dropped by 2.1 percent in 2015. This year, Knight Frank expects prices to slide further by 3.3 percent. In the report, Singapore was named the number two Asian city, behind Hong Kong, with the most number of super-rich individuals. In 2015, there were 2,360 UHNWIs living here, with this figure expected to grow by 48 percent over the next 10 years. Alice Tan, Research Head at Knight Frank Singapore, said “a conducive business environment, clear regulatory framework and a progressive ecosystem of financial and business services have augmented its status amongst the wealthy as a preferred location to live and do business in Asia”.... Continue Reading