Aussie mining tycoons eye Singapore property investmentBy Rowena Dela Rosa Yoon Jul 31, 2012 8:23PM UTC
Australian mining billionnaires have had enough when it comes to exorbitant Government taxes. Now, they are looking for investment elsewhere.
Gina Rinehart, owner of Hancock Prospecting Pty. Ltd. and known as the world’s richest woman, set her eyes on property investment in Singapore to avoid higher taxes on capital gains.
Fairfax Media said Rinehart purchased two condominium units costing S$57 million (AUS$43.8 million) in the Seven Palms Sentosa Cove. One unit on the third floor of the four-storey complex costs about S$23.3 million while the top-floor unit fetches up to nearly S$33.9 million.
Along with Rinehart, coal magnate Nathan Tinkler of Whitehaven Coal Ltd. is also rumoured to have put off his plans for a $13 million beachfront home in Newcastle, New South Wales and “shipped his family off to Singapore.” Tinkler is said to have bought in the Santosa Cove area as this is the only area on the island nation where foreigners can buy property, Yahoo Singapore reported.
Live Trading News said Tinkler’s Sydney-based public relations firm confirmed the tycoon’s relocation to Singapore to enable Tinkler to be closer to his Asian partners. Although the main office remains in Brisbane, Tinkler would allot his time 50 percent overseas, the report added.
According to Brisbane Times, his spokesman, Tim Allerton, said the principal place of residence would now be Singapore. “He just wants to be closer to the markets, to Asia.” Tinkler’s wife and their four school-age children left Newcastle to join him, Allerton said.
Located near Tanjong Beach, Seven Palms is a four-storey residential development that features just 41 units. Nearing completion, it is designed by Perth-born architect Kerry Hill. Its website flaunts, “Located on the tranquil eastern coast of Sentosa Island, Sentosa Cove is Singapore’s first and most exclusive marina residential community that offers tropical resort living just minutes from the hustle and bustle of city life in mainland Singapore.”
Property investment speculators claim Singapore is Asia’s new Switzerland– a major financial hub with strict banking secrecy laws– besides it is increasingly styling itself as an exclusive place to live. Non-Singaporean nationals can purchase properties on a 99-year lease program in the area under strict provisions that the property is owner-occupied and never rented out.
Singapore is the world’s lowest in personal taxes rate with a cap of 20 percent, compared to an atrocious 46.5 percent top tax rate in Australia.
What’s more? Its luxury residences are luring the wealthy expatriate elites.
Whether facing the majestic South China Sea, the spectacular verdant fairways of the Tanjong golf course, or the calm serenity of the waterways, each generously-portioned land parcel represents a blank canvas upon which to design and build your dream residence.
Come and be among the discerning few to experience the epitome of luxury resort living at Sentosa Cove, Singapore’s most exclusive real estate.