Investment for a Singaporean?

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From: Yeo Jeffery


Hi there people,

I am a beginner in Real Estate investment circle and would appreciate to have some pointer from anyone.

From what I can understand, there are certain restriction for overseas investor like only new property for sale and no flipping allow...etc.

Are there any place or web sites that I can check up with on all these? Would really appreciate help in any form.

My e-mail address is at jefferyyeo@yahoo.com

With Regards
Jeffery
Singapore
 
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Reply: 1
From: Michael Croft


Hi, back in the 1980's the Aust govt got worried about foreigners (the Japanese when they had money to burn) buying up all the good property (mainly industrial and commercial stuff and a few residential towers too) and possibly with tainted money. They set up what is called The Foreign Investment Review Board to oversee all such acquisitions.

This was not meant to prevent individuals from buying residential properties in Australia, but they got caught in the net. It used to take six weeks to get clearance to buy a property and this used to be a condition of purchase. A bit like a subject to finance clause only a 'subject to approval by the FIRB'.

The rules may have changed recently so contact the consulate or whatever it is we have in Singapore - they should be able to assist, or at least put you in touch with someone who can. There is probably a web site that can help - do a search for the FIRB and see what turns up. Try www.firb.gov.au and see what turns up.

My info is way out of date as 1995 was the last time I sold a property to someone subject to the FIRB, a pom in fact and he was going to be resident; so don't rely on it.

Michael Croft
"The best parachute folders are those who jump themselves."
 
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Reply: 1.1
From: Anony Mouse


Hi Jeffrey
Just back from a visit your beautiful city.
I noticed a lot of activity from developers selling property in located in Oz, by holding seminars in hotels.
A couple of points you need to bear in mind are
1/ This method of buying can be loaded, it might be better to approach RE agents in the location you are interested in.
2/ Borrowing from a lending source in Oz is no problem, although most will only lend to 80%. Same for NZ,HK and Pacific Islands, the rest to 70% .
3/ Be very careful of Capital gains. If you purchase a property, and put in a tenant you will be liable same as other Australian residents, however if you put your children or relatives into a single owned property, you escape. If you buy more than one at any one time then you will be caught in the CG net.
3/ Permission to purchase is a formality unless there are special circumstances, which generally should not be a problem.

"A government that robs Peter to pay Paul can always count on the support of Paul."
Of course, Paul's support is obvious, but it is equally obvious that to rob from Peter to pay Paul will make Peter
very, very angry.
My question is this: "How can you run a good government with a sore Peter?"
 
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Reply: 1.1.1
From: Sergey Golovin


It is very good point AM.
1/ This method of buying can be loaded; it might be better to approach RE agents in the location you are interested in.


Here in Sydney few years’ back they build new multistorey building (3-4 hundred yards away form fish market). Nice building, well designed, well positioned on side of the hill not far away from channel 10 building, well marketed (to overseas investors), etc.

About 2 years after building was completed RTA (Road Traffic Authority) finally got their plans approved and reinforced with fresh finance from the Government and ANZAC Bridge went up with all highways attached to it (instead of Glebe Island Bridge), blocking all that beautiful "uninterrupted" view of the harbour and fish market.
All they do now - sitting and watching massive amount of traffic zipping up and down all day along just about 100 yards away from the window. Providing that you are lucky enough, if you happened to be on upper floors, because the lower once they are under the highway. So all you see is supporting pillars of the highway and it is quite few of’m there.

Serge.
 
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