With the property market becoming somewhat Arctic in Singapore (and Hong Kong for that matter), Singaporeans are looking elsewhere to find that most desirable places to live.
What makes somewhere desirable? Plainly, this is highly subjective! Is the coffee fantastic? Americans like it weak and long, Europeans like it strong and short. Condo or house living - do you want full facilities or complete privacy? What is desirable also depends on your health - perhaps an amazing beach sounds like a great idea, but you need instant access to first rate medical facilities.
Everyone is unique and looking for their own nirvana. To some, proximity to family is the most important. The disparity between the cost of houses in Singapore’s new ‘suburb’ of Nusajaya (just across the water in Malaysia) could easily persuade Singaporeans that buying an ‘executive condo’ - at more than S$1.5 million (US$1.2 million) - may be not the right course of action.
In Nusajaya, houses are available with square footage prices running at about S$200 (US$ 160) - certainly makes it more financially desirable. Now that the improved infrastructure and links between the two countries are being looked after and upgraded, it is entirely likely that prices may equalize with the Lion City.
For those who are less family inclined and who desire to live somewhere extremely economical, houses are selling for US$90(!) per square food in Winston-Salem in North Carolina, USA.
To find your most desirable place to live have a look at the latest issue of Property Life (on newsstands and at www.propertylife.asia) where our journalists and editors have put together the first, definitive Property Life desirability list - many of the results are a surprise.
The views expressed in this column are the author's own and do not necessarily reflect this publication's view, and this article is not edited by Singapore Business Review. The author was not remunerated for this article.
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Alexander Knight is a Singapore-based property commentator.