Latest property steps not a drag on foreign investors, talent

With the most biting of the latest round of property market cooling measures aimed at the foreign buyer, questions have been raised over whether this might taint Singapore's reputation for being foreign investor and talent friendly, especially at a time when immigration policy is being tightened.

Those who think not say that there are far more salient factors that weigh on foreigners' decisions to live and work here than the ABSD of 10% on any foreigner's first real estate purchase here. These include the 'job opportunities and the vibrancy of the market here', says OCBC economist Selena Ling.

A manager of human resources and supply chain at recruitment firm Robert Walters Singapore, says that her firm sees many individuals moving away from uncertainty in the West in search of better career prospects now.

She mentioned "People know that there are many opportunities here and that Asia is a focus for companies and this could translate into a good career move. Also, Western currencies have generally depreciated against Asia currencies and the cost of a move combined with generally lower tax rates make Asia an attractive place to work currently.'

She thinks that such factors would definitely weigh on job seekers and potential foreign investors' minds much more.


Source : Business Time, 10 Dec 2011