Property Life magazine - Issue 6 by Panashco Media Pte Ltd

ASIA’S NO. 1 PROPERTY & LIFESTYLE GUIDE • DISPLAY TO 31ST JULY 2013

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A THREE-NIGHT STAY IN

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FEAT URES

PENTHOUSES IN SINGAPORE & MALAYSIA WHAT’S IN STORE IN THIS LUXURY MARKET

DECORATING FOR A SMALL SPACE TIPS TO MAKE A SMALL HOME FEEL GRAND

ISKANDAR MALAYSIA

Most desirable cities Where everyone should live at least once in their lives

THE NEW SINGAPORE SUBURBIAN UTOPIA?

SKYLINE 360

at St Thomas Walk 36 stories of freehold apartments and penthouses

PL US ISSN 2251-3949

9 772251 394009

FRUIT OR NUT INVESTMENT WHAT KIND OF REAL ESTATE INVESTOR ARE YOU?

THE TEAM Managing Director/Publisher ALEXANDER KNIGHT alex@panashcomedia.com Managing Editor JENNIFER LS HARRISON editorial@panashcomedia.com Business Development Manager TREVOR WATLING trevor@panashcomedia.com Art Director ARIF VILLANUEVA ADIL production@panashcomedia.com Design Assistant PAULINE DYCOCO production@panashcomedia.com

PUBLISHER’S NOTE

Senior Editor VITTORIO HERNANDEZ editorial@panashcomedia.com Editorial Assistant JONALYN FORTUNO editorial@panashcomedia.com

With the property market becoming somewhat Arctic in Singapore (and Hong Kong for that matter), Singaporeans are looking elsewhere to ﬁnd that ideal investment. So this issue of Property Life magazine is dedicated to the ‘Most Desirable Places to Live’.

Head of Sales BENSON LAI advertising@panashcomedia.com

What makes somewhere desirable? Plainly, this is highly subjective! Is the coffee fantastic? Americans like it weak and long and 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.

UK Sales MARK MARTIN mark@panashcomedia.com

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’, Nusajaya, (just across the water in Malaysia) could easily persuade Singaporeans that buying an ‘executive condo’ - at more than SGD $1.5 million (USD $1.2 million) - may be not the right course of action. In Nusajaya, houses are available with square footage prices running at about SGD $200 (USD $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 USD $90(!) per square food in Winston-Salem in North Carolina, USA. Our journalists and editors have put together the first, definitive Property Life desirability list - many of the results are a surprise, so happy reading and we hope you discover your life’s desires.

Sales Executive CHRISTINA MENG christina@panashcomedia.com

Contributors KRITI JINDAL SCOTT O. TALBOT ALBERT FONTENOT RODNEY PRESTIA JAMES NORMAN NAMTA GUPTA RADHA SPRATT Circulation and Distribution SASHA RITZER circulation@panashcomedia.com GET YOUR FREE SUBSCRIPTION AT http://www.propertylife.asia/subscription.html or email us at subs@panashcomedia.com DOWNLOAD OUR iPad and iPhone app from the Apple App Store We really want your feedback! Please contact us: Tel: +65 6534 9390 email: info@panashcomedia.com

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Panashco Media Pte Ltd is registered in Singapore 201127591R. Copyright © Panashco Media Pte Ltd 2013. All rights reserved. Any content of Property Life may only be reproduced, in any shape or format, with the expressed permission of Panashco Media Pte Ltd. For reprints please consult the advertising department. While every care has been taken in the production of this publication, the publishers take no responsibility for any views expressed, errors, loss, or omissions that may occur. Currencies quoted are for information purposes only – and are accurate as we went to press. Printed at Times Printers, Singapore. MICA: 165/04/2012 • ISSN 2251-3949

Contents JUNE–JULY 2013

26 Most desirable cities

Property Life’s first annual list of cities where everyone should live – at least once in their lives.

Contents JUNE–JULY 2013

12 16

68 89

FEATURES

FRUIT OR NUT INVESTMENT

The two main types of real estate investors.

A CITY NAMED DESIRE If desire is subjective by its very nature, then how could we create a 'most desirable cities' list?

BIG AUSSIE SALES

What do record sales' prices mean for Australia's property market? REVIEW

OFFSHORE BONDS Planning for life’s key events.

GROWING GREENS

CLEVER MALAYSIA, ISKANDAR MALAYSIA

SINGAPORE AND MALAYSIAN PENTHOUSES

This southern region of Malaysia is shaping up to become a Singaporean suburban utopia.

SMALL SPACES

10 DECORATING TIPS Creativity in putting together a small but well-appointed home.

Creative alternatives to the scarcity of the traditional garden.

BUYAN

Classic Russian comfort food in Singapore.

Reasons why penthtouse living is tops.

REGULARS

REVIEW

08 NEWS

IL CIELO

77 COUNTRY GUIDES

Authentic Italian dining in the heart of Singapore.

96 PROPERTY INVESTMENT

E R R A T U M In our feature on Penang (‘Malaysian melting pot’, Property Life, January–February 2013), we erroneously mentioned that foreign buyers are allowed to buy only

two properties valued not less than MYR150,000 (about USD $50,000). However, the minimum investment value for among foreign buyers is MYR500,000 (USD $165,180) and there is no restriction as to the number of properties these buyers can purchase in most Malaysian states. MM2H participants, on the other hand, are allowed to buy only two properties in Penang.

Becket Hall, Canterbury Student Village, UK

The only new project development in Canterbury We are delighted to introduce you to Becket Hall, Phase 1 of Canterbury Student Village. Ranked 14th in the top UK cities with the best opportunities for student investment in 2012, Canterbury is home to four universities with a total student population of over 46,000. There is a massive demand for high-quality student accommodation in Canterbury. With 26,260 full-time students between the two main universities (University of Kent and Canterbury Christ Church University), only 22.8 % can be housed in university-run accomodation. Becket Hall is excellently placed to meet this demand. • Hotel-style student accomodation • Prices from just £59,995 • 40 student bedrooms over 4 floors • Range of student pods and studios • Limited opportunity to purchase river view unit at no premium • Excellent assured yield of 8.33% for 5 years • Developer buy-back option 115% • Quality furniture and fittings • Secure development with CCTV cameras • On-site laundry facilities and cycle storage • Fantastic Canterbury location near to all 4 universities • Ready from September 2013 • Fully managed investment

For an initial, no obligation discussion please contact Ian Cunningham on 0811 037849 (within Thailand) outside Thailand please dial +66 811037849 or email ian@firstselect.org

First Select Company Ltd Two Pacific Place 142 Sukhumvit Road 17th Floor, Unit 1703, Klongtoey Bangkok 10110, Thailand

NEWS JUNE –JUL Y 2013

I wanna be a

billionaire

runo Mars’ hit song 'Billionaire' is the mantra of many people in different parts of the world, but there are just a few billionaires, and the majority reside in Western countries. Bloomberg, which released an updated list of billionaires on May 16, 2013, said that Microsoft founder Bill Gates recaptured the number one position from Mexican investor Carlos Slim. Gates, who last held the title World’s Richest Person in 2007, has an estimated net wealth of USD $72.7 billion, while Slim fortune is at USD $72.1 billion. Gates grabbed the lead because Slim’s wealth fell by more than USD $3 billion, a 14% drop, due to the approval of a bill in Mexico that cut Slim’s dominance of the mobile phone market in the Americas. Here’s a snapshot of the billionaires in each of the 10 cities that made it onto Property Life's Most Desirable Cities.

2 SYDNEY, AUSTRALIA Gina Rinehart • USD $17.1 billion

She is ranked 41st and was once the richest woman in the world. Rinehart sources her wealth mainly from mining, a business she inherited from her father, one of the pioneers of mining in Australia.

3 AUCKLAND, NEW ZEALAND Graeme Hart • USD $5.3 billion

Forbes listed three billionaires in New Zealand. Graeme Hart made his wealth by being a leveraged buyout private equity investor. New Zealand has two other billionaires, brothers Richard and Christopher Chandler, who are both also into investments.

5 ZURICH, SWITZERLAND Ernesto Bartarelli • USD $14.6 billion

Ranked 61st, he is an Italian-born entrepreneur whose family became wealthy through the biotechnology industry. The first family business was Serono, a pharmaceutical company founded by his grandfather.

1Tadashi Yanai •

TOKYO, JAPAN

USD $18.6 billion The founder and president of Fast Retailing is ranked 32nd in Bloomberg’s list. His wealth comes from his clothing business, principally from the subsidiary Uniqlo. There is a 2nd billionaire in Japan, Masayashi Son, with a wealth of USD $13.9 billion, ranked 67th.

7 LONDON, UK Gerald Grosvenor • USD $12.7 billion The sixth Duke of Westminster is 79th, making him the richest and only Brit on the list. He is a property developer and owns vast estates in Oxford, Cheshire and Scotland.

8 COPENHAGEN, DENMARK Hanni Toosbuy Kasorzak • USD $1.5 billion

She owns the global shoe company, Ecco, started by her father Karl Toosbuy. The company has more than 20,000 workers from over 50 nations and 1,000 outlets.

9 AMSTERDAM, THE NETHERLANDS Charlene de Carvalho-Heineken • USD $10.9 billion Ranked at 99th, de Carvalho-Heineken is the owner of the controlling interest in Heineken, the world’s third-largest brewer. She has dual citizenship because her father is Dutch and mother is American.

10 SINGAPORE Phillip & Robert Ng • USD $1.5 billion Singapore has 16 billionaires, based on a separate list by Forbes magazine. Number one on the list are brothers Phillip and Robert Ng, who are co-executors of a family estate that they inherited from their father, Ng Teng Fong, developer of more than 700 hotels, malls and condos in Singapore and Hong Kong.

4 Bill Gates •

NEW YORK, USA

USD $72.7 billion Besides the founder of Microsoft, 35 other Americans are on the billionaires’ list. So despite the global recession, the US remains a breeding ground for wealth building. The 2nd richest person in the US is Warren Buffet, owner of Berkshire Hathaway, with a fortune of US $59.7 billion.

6 Li Ka-shing •

HONG KONG

USD $27.8 billion With a name that resonates like the buzz word kaching, this Chinese mogul ranked 15th. As the chairman of Hutchinson Whampoa Limited and Cheun Kong Holdings, he is the richest person in Asia with wealth sourced from diversified business enterprises such as container terminals and health and beauty businesses. Other than Li, Hong Kong has three other billionaires: Li Shau Kee (USD $25.1 billion, 21st), Chen Yu Tung (USD $18.2 billion, 39th) and Che Wu Lui (USD $15 billion, 56th).

NEWS J U N E – J U L Y 2013

Visual and

NUMBERS

$1.731

vertical impact

uilding and construction data provider, Emporis, recently released a listing that ranks cities by the visual impact of their skylines. The listing compiles data from the site’s database of every city’s buildings, each assigned points based on its floor count. Hence, the more tall buildings, the more visually impressive the city’s skyline. CITY

NO. OF BUILDINGS

NO. OF POINTS

Hong Kong

7,756

130,200

New York City

5,998

40,455

Singapore

4,398

19,962

Chicago

1,134

19,647

Dubai

629

18,823

Seoul

2,898

18,055

São Paulo

5,626

17,331

Shanghai

1,005

15,976

Bangkok

904

15,302

Tokyo

2,707

13,556

hottest real estate

markets in 2012

COUNTRY/CITY

INCREASE IN PROPERTY PRICES

Hong Kong

23%

UAE (Dubai)

19%

Brazil

14%

Turkey

10.5%

Russia (Moscow)

10.2%

Austria

10.1%

Taiwan

10%

China

9.3%

India

8.5%

Columbia

8.3%

BY THE

MILLION

Total cost, in US dollars, of locating accommodation for one ﬁnancial and one creative company in Hong Kong, the most expensive in Savills’s World Cities Review 2013. The total cost is based on annual rental costs associated with ofﬁce and residential accommodation, and additional costs such as service charges, local taxes and other fees associated with such tenancies.

38.1%

Annual price growth of Jakarta’s prime residential property market, according to Knight Frank’s 2012 Prime Global Cities Index.

60%

Amount Hong Kong property sales plummeted in April 2013 compared to a year ago, providing clear indication that government curbs are slowing down one of the world’s most unaffordable property markets.

1,101

Estimated number of billionaires in the USA by year 2022, according to Knight Frank’s The Wealth Report 2013.

202

Number of Chinese cities by 2025 with more than 1 million residents, according to Knight Frank’s The Wealth Report 2013.

SOURCE WWW.BLOGS.WSJ.COM/MONEYBEAT/2013;

WWW.BRECORDER.COM/WORLD/GLOBAL-BUSINESS-A-ECONOMY

NEWS J U N E — J U L Y 2013

Construction of world’s tallest building to begin soon in China

road Sustainable Construction (BSC) aims to build the world’s tallest building - the Sky City in Changsha, China. The ambitious project will build an 838-metre tower, 10 metres higher than the Burj Khalifa in Dubai. Besides the target to become the world’s tallest edifice, Sky City is being touted as the future of sustainable urbanisation that could house 30,000 people. The building, which BSC intends to complete in seven months – up from the 90-day initial target – will cost USD $628 million, significantly lower than Burj’s cost of USD $1.5 billion. BSC is fast in erecting buildings. A three-storey edifice it constructed was up in just nine days while a 30-storey hotel took the construction firm only 15 days to build.

Where paying taxes

is easy 1 UAE

6 Ireland

2 Qatar

7 Bahrain

3 Saudi Arabia

8 Canada

4 Hong Kong

9 Kiribati

5 Singapore

10 Oman

SOURCE PAYING TAXES 2012, PRICEWATERHOUSECOOPERS

Medford, Oregon tops 14 best housing markets list in the US for the next 5 years

ith a projected 9.5% growth in home prices, Medford in Oregon topped CoreLogic CaseSchiller Indices of the 14 best housing markets in the US from Q4 2012 to Q4 2017. Medford home prices actually dipped 38.2% since the Q2 2006 peak. The positive outlook is despite Medford’s 10.1% unemployment rate, population of 204,000 and median family income of USD $50,000. Here are the 13 other housing markets and their projected growth rates. 1

Santa Fe, New Mexico

Panama City-Lynn HavenPanama City Beach, Florida

8.9%

Gulfport-Biloxi, Mississippi

Glens Falls, New York

7.9%

Reno-Sparks, Nevada

7.7%

Yuma, Arizona tied with Poughkeepsie-Newburgh Middletown New York

7.4%

7 8 9

Tucson, Arizona tied with Niles-Benton Harbor, Michigan Yakima, Washington tied with Columbus, Georgia

7.3% 7.2%

Wilmington, North Carolina 7.1%

10 Brunswick, Georgia

BY THE

NUMBERS

$814.2 Million

Value (USD) of UK commercial properties that state-owned Lloyds Banking Group agreed to sell as part of its acceleration of non-core asset reduction. The loan portfolio was sold to Prometheus Thames.

$ 190

Million

The asking price (USD) for the Copper Beech Farm in Greenwich, Connecticut, making it the most expensive home for sale in the US, according to Forbes Magazine. It is 30% higher than the USD $135 million Crespi-Hicls estate in Dallas, Texas, the second most expensive home.

$678

The median monthly mortgage payment in March among US households. The amount represents only 13% of a household’s income, according to Morgan Stanley.

$773,585

Average asking price (USD) for properties in London following the 3.3% rise in May, according to property Website Rightmove.co.uk. The national average price increase was 2.1%.

18%

Projected drop in prices of massmarket homes in Singapore, 2012 to 2015, according to Castlewood Group.

16,000

New private homes in Singapore scheduled for completion from Q2 to Q4 of 2013.

COMMENTARY JUNEâ&#x20AC;&#x201C;JULY 2013

Fruit or Nut Investment By Scott O. Talbot

After 25 years of meeting various types of entrepreneurial, intelligent investors, ranging from owners of car dealerships and factories, video producers, fund managers, and the like, it has become apparent to me that they all have a character trait in common. Accordingly, I believe there are two main types of investors when it comes to investment in real estate.

The Fruit Shop Investor Bill, an old investor friend of mine, started out with a fruit shop in small-time suburbia. Through hard work, he managed to build his empire into a large chain of distributors of produce, and now supplies a range of hotels and restaurants with his quality food items. He is undoubtedly an expert and master of his chosen trade, a fact undeniably stated by his success and wealth in his business environment. ÂŠ FORTER

COMMENTARY J U N E – J U L Y 2013

Bill is an example of this Fruit Shop Investor. I first advised Bill on property investment around 1998. Bill boasted of his past glories dabbling in the property and shares market. His method was to buy good property, make any needed improvements, and then resell it. With my advice, Bill purchased a two-bedroom apartment in Carlton, Australia, initially to be used by his child while studying at Melbourne University. His property investment ethos was the same as his attitude towards buying and selling fresh produce. He would buy the freshest, ripest, most high-quality foodstuffs, place them on the display shelf for all customers to see, and then he was obliged by the inherent nature of fresh food to sell it before it could rot before his eyes. So this mentality – the one and same that had brought him great prosperity in the fresh produce industry – was unknowingly applied to his behaviour towards his property investment strategy. It took some convincing on my part before Bill would grasp that real estate would not rot on the shelves. The right property, bought at a good price, would not only retain its value, but also steadily increase in capital growth (unlike a three-day old banana on a 40-degree day). Three years after Bill’s initial acquisition, and the child had finished at Melbourne University, I called to inform him that the capital growth on the property was in the region of AUD $200,000. Naturally, Bill was delighted with this good news - so much so that he immediately instructed me to sell the apartment and cash in on the windfall! This was a typical reaction from a Fruit Shop Investor. Said Bill: ‘That’s great. Get me the money. I want to buy more property/buy a sports car/go on holiday...’ (or whatever his whim was at that time). What he didn’t realise: He was exiting the market place, therefore incurring some capital taxes on the profits, and, more importantly, forgoing any future capital growth on the property. By selling prematurely, he was forfeiting AUD $100,000 in capital growth over the following two to three years. This explains the Fruit Shop Investor. They often make a healthy, short-term gain on their investment but fail to reap the full financial benefits of holding on to and protecting their property assets. They operate through buying and

selling, making the quick buck wherever they can, and moving on. So while they make a decent profit as they go along, they own nothing because they constantly speculate and sell. This moves me on to the other kind of property investor.

The Squirrel Investor A squirrel carefully gathers as many nuts as it can and stashes them away. It hoards. Most Australians are encouraged to see their long-term wealth creation in this way. The goal is to accumulate wealth rather than trade wealth. The wealth-creation strategy is very simple: buying property and retaining it by never selling, only in exceptional circumstances, thus holding on to the very mechanism that is generating the wealth (e.g., the property). In contrast to Bill is another client from Singapore. Known to me as Lin, this friend’s father is an excellent example of a Squirrel Investor and the benefits of that investment mentality. Lin owns a prestigious property on Orchard Road in Singapore. His father originally bought the property 40 years ago – insisting that it would never be sold – and so took legal measures to ensure it could not be sold by the family in the years to follow, even after his passing. The property price was relatively little back then. Today, it is worth in excess of SGD $30 million. The rental income covers the mortgage repayments and the ability to extract the increase in capital growth of the property has made everyone in the family millionaires. All this from one single property. This is a great example of the rewards to a Squirrel Investor. The prudent owner could have sold in the 90's and made a huge profit. Rather, he held firm and steadfast to retain the wealth, and now has the ability to call up his bank and, in no uncertain terms, state the property valuation at SGD $30 million, the loan facility at SGD $5 million, that the rental returns are positively geared and servicing the loan, and so therefore request upwards of 60% on the equity of the property. The Squirrel Investor has been doing this every two or three years for the last three decades, engineering a renewable income through the accumulation wealth strategy of buying and holding on to real estate assets.

Scott O. Talbot is the Managing Director of UCHK Consulting Limited and one of Australia’s most respected international businessmen, community leaders and philanthropists. He has over 25 years of experience in strategic property investment, business development, politics and philanthropy.

UCHK Consulting outlines a clear path for existing and potential property investors to also learn about how to be a clever “Squirrel Investor”, and to empower them to achieve these phenomenal returns on their investment. For more information, or to speak to a qualified consultant in your area, please visit www.property.org.au or email info@uchkconsulting.com

COMMENTARY JUNE–JULY 2013

Offshore

bonds

Planning for life’s key events. By James Norman

If you’ve read my previous articles in Property Life, you’ll notice a running theme: the articles all focus on building the perfect portfolio of investments and products. In doing so, you can ensure you have all bases covered by: 1 Planning for retirement early 2 Protecting yourself and your family by purchasing life and critical illness insurance 3 Ensuring your invested assets are sufficiently diversified to protect against market volatility These steps give a greater chance of stable, sustained returns – helping your money work harder. In this article, I’d like to explore the use of offshore bonds in helping to plan effectively for some of life’s key events and to enhance your existing investment and tax-planning situation.

WHAT ARE OFFSHORE BONDS? An offshore bond is a tax-efficient investment structure held in an offshore jurisdiction (e.g., Isle of Man), which can hold a variety of assets, including mutual funds, shares, cash, structured products, hedge funds, exchange traded funds (ETFs) and bonds.

WHY INVEST USING OFFSHORE BONDS? There are many advantages of this type of structure, both for the investor living in their home country and an expatriate living abroad. Tax benefits Money invested in assets held inside an offshore bond is not deemed to be income producing – so your investments are allowed to grow completely free of any liability to pay income tax until the point of withdrawal. In addition, assets held within the bond can be traded at very low cost and bought and sold without the requirement to pay capital gains tax (CGT). CGT exists in many countries and is a tax on the growth of your investment. This is up to 28% in the UK and nearly 50% in Australia.

COMMENTARY J U N E – J U L Y 2013

This lack of income and CGT within the bond means investments can experience a greater rate of compound interest and therefore returns build up quicker. This feature is called Gross Roll-Up. Safety of assets These offshore jurisdictions are amongst the tightest regulated markets in the world. They provide investors, through the Policyholders Protection Act, the highest level of compensation (of up to 90%), far higher than much of the rest of the world. For example, deposit protection in Singapore is only SGD $50,000 (USD $40,183.25) and UK is GBP £85,000 (USD $132,464) per account. The providers of offshore bonds are life insurance companies, amongst the largest companies in the world – including Skandia, Generali, Friends Provident International, Zurich and Prudential. Investment choice/flexibility Due to the range of investment options, offshore bonds are often deemed ‘openarchitecture’. They therefore can allow access to a global range of investments (tens of thousands), far higher than that available in an individual's home country, through banks and other financial institutions. This helps the investor build a welldiversified portfolio. Investments can be denominated in many different currencies, helping to plan for your eventual withdrawal and helping to mitigate losses through currency instability. Investments into a bond usually require an initial lump sum after which ad-hoc or regular, monthly investments can be added. Bond providers also allow investors to take regular monthly withdrawals (e.g., to provide a retirement income) or lumpsum withdrawals for high-value purchases. Ease of administration Since all funds are held within one simple structure, investors are able to keep track of their assets and manage their investments with ease. The bond provider will perform most of the administration, including providing valuations, dealing with the custody of shares and bonds, dealing with (and often reducing) all charges and resolving any queries.

Investment options can be far greater than those available in your new home country. Future investment growth continues to be free of tax. Withdrawals can be timed in a tax efficient manner.

Money invested in assets held inside an offshore bond is not deemed to be income producing – so your investments are allowed to grow completely free of any liability to pay income tax until the point of withdrawal.

Reduced charges Due to the size, buying power and negotiating ability of offshore bond providers, significant discounts are passed on to the consumer when purchasing assets, often up to 100%. Estate planning Bonds can be placed in trust structures to reduce or avoid the effects of inheritance tax when transferring wealth to family or friends.

WHAT USES DO THEY HAVE? Moving/retiring abroad Regardless of where you move or retire, the bond will stay in the offshore jurisdiction. Money can be added at any time and withdrawals can be made in the currency of your choice.

University planning Parents or grandparents can invest into an offshore investment bond and place the bond into a trust structure, removing any inheritance tax liability. Once the funds are required for university fees and living expenses, the trustees (controllers of the trust – likely to be the parents or grandparents) can cash in some or all of the bonds OR assign the bond to the student. Since the student is likely to be a nontaxpayer, the tax liability will be very small or zero. High net worth individuals Rather than save funds into a domestic bank account, a high net worth individual can transfer money into the offshore bond. Since investments experience a Gross Roll-Up, compound interest helps accelerate the value of their investment over time (investment growth is not considered part of their annual income tax calculation, helping reduce their overall annual tax liability). If the individual decides to live or work abroad permanently (e.g., outside the UK) they could take withdrawals or cash in the bond without any UK tax liability and, depending on their new country of residence, pay no tax at all. Since the investment is open architecture, they have a huge range of worldwide investment options and gain significant discounts on any dealing charges with no CGT on fund switches. In summary, if used effectively an offshore bond structure is an excellent vehicle for an international investor wishing to simplify and enhance their investment decisions, whilst benefitting from huge tax advantages and tax planning possibilities. To learn more about how an offshore bond can benefit you, get in touch using the details below.

James Norman is a columnist with 8 years’ experience in finance. He obtained his BSc degree in Economics and Finance from Southampton University, and has been based in Singapore for nearly two years where he’s been working as a qualified Wealth Management Consultant for The Henley Group. To share your views with James or to find out more about him, email jn@thehenleygroup.com.sg.

FEATURE JUNE–JULY 2013

Clever Malaysia,

Iskandar Malaysia Although three times the size of Singapore, this southern region of Malaysia is shaping up to become a Singaporean suburban utopia. BY JENNIFER LS HARRISON

s an expat living in Singapore for nearly two years, I have seen a fair share of friends and colleagues, both foreign and local, leave the island nation and move to Iskandar Malaysia. Although they still hold employment in Singapore, they choose to live over the border and commute. It’s a decision based less on cost of living in Singapore than I would have thought; after all, the Mercer Cost of Living Study shows Singapore to be the eighth most expensive city in the world. Yet, every person I know who now lives in Malaysia says they moved– not for money – but for space. I get it. To live in a small, 120-squaremetre apartment 20 minutes outside of the Singapore city centre, I pay SGD $3,900, just under the average rental price (that’s more than the average price for a mid-town Manhattan apartment of the same size). With very little storage space, no garden of my own, not even a balcony, plus a husband and two small children running about, it’s fairly cramped. For half the price, though, I could move to Malaysia and live in a comparatively sprawling mansion of four or five bedrooms, with a garden. And what’s more, I could own that garden.

While there are benefits to living in Singapore that no part of Malaysia can touch, such as safety and near-perfect infrastructure, there is an idealistic allure to life in the ‘burbs, where land is plentiful, even if it’s in a different country to where you work.

If you work in Singapore, why not live in Singapore? Singapore boasts one of the most expensive per-square-metre property prices in the world. News organization CNBC ranks the island nation’s property market at number six globally, and Global Property Guide says the average price of property in Singapore is SGD $19,000 (USD $16,000) per square metre, up .06% since 2012. Prices are rising so quickly that the Singaporean government has issued no less than seven rounds of cooling measures since 2009. These measures include added stamp duties and higher deposit percentages as well as stricter mortgagelending criteria. Although the aim of some of the cooling tactics is directed toward foreigners and expats, which is driving many to move to Malaysia, the local populace still feels the pinch, too, and many are looking elsewhere for more affordable property– especially property that comes with land.

Although Singapore has the highest GDP per capita as well as the highest density of millionaires in the world, and so is full of people who can well afford the property prices, land is quite scarce on the small island of only 700 square kilometres. Malaysia, on the other hand, which is Singapore’s closest neighbor, has an abundance of land. Furthermore, the average price-per-square-metre of property is just SGD $3,200 (USD $2,600). Malaysia is clearly in a position to capitalise not only on the wealth in Singapore, but the Singaporean desire for space. Just how much space are we talking about? The Iskandar Malaysia region is three times the size of the entire island of Singapore.

What is Iskandar Malaysia Iskandar Malaysia, which used to be called ‘Iskandar Development Region’ (IDR), is the primary area of development in the southern Malaysian region of Johor. It’s located just over the causeway and quite accessible to Singapore, and so is a welcome development not just for the Malaysian population – and Malaysian developers and real estate agents who profit from the plan – but also for Singaporeans or expats working in Singapore who seek more space and comfort from their homes.

FEATURE J U N E – J U L Y 2013

Western Gate Development Including a World Heritage park, this free-trade zone will have an additional transportation connection between Singapore and Malaysia.

Eastern Gate Development The industrial area with a technology park, cyber city and two ports.

Senai-Skudai Known as Airport City, Senai-Skudai will be home to a new, regional airport.

MAP ILLUSTRATION COURTESY ISKANDAR REGIONAL DEVELOPMENT AUTHORITY (IRDA)

Residential lifestyle in Nusajaya

Essentially, Iskandar Malaysia is a special economic zone born in 2006. Based on a 2005 study of the region that declared the area to be an ideal location for holistic and sustainable development, it is in specific coordination with the economies of both Malaysia and Singapore. In the initial phases of the plan, the government intends to enhance existing infrastructure and allocate resources and to obtain international recognition and diversity. The subsequent phase of development, called the ‘Future Growth Scenario, 2005– 2025’, aims to improve transportation and to further develop the economies and industries, especially the services and manufacturing sectors. Of particular note, the second phase of the development plan for Iskandar Malaysia includes incentives for immigration, especially foreigners of wealth. The region’s planners believe Iskandar can become an international lifestyle destination and will eventually target foreigners across the globe, not just across the causeway.

In the zone Comprising more than 220,000 hectares, there are five ‘flagship zones’ in Iskandar Malaysia targeted for development:

Johor Bahru City Centre As the intercept of the Singapore/Malaysia causeway, and the second-largest city in Malaysia, Johor, as it’s known (or simply JB), is set to become the region’s financial and business district, as well as the centre of JB’s heritage and conservation. It’s the home of the royal village, Pasir Pelangi.

Nusajaya Including Kota Iskandar, Medini Iskandar, and EduCity, special attention has been paid to Nusajaya, which is the residential portion of the development, making available medical centres, schooling facilities, shopping and tourism. (EduCity includes Newcastle University Medicine Malaysia, Marlborough College and Singapore’s Raffles University Iskandar.)

There are seven ‘signature’ developments in the area, integrated between economic drivers and living space. While the additional airport in Senai-Skudai is certainly a bonus for the entire region, the focus, especially for Singaporeans, is on the residential and lifestyle developments in Nusajaya. The Nusajaya development organisation says, ‘A regional city that raises the bar for all integrated developments around the globe, this World in One City is designed and planned to enrich the lives of all who live, work and play there. Nusajaya will be home to a rich and diverse international community with opportunities for the exchange of cultures, customs and cuisine. Business opportunities are aplenty in Nusajaya. The availability of knowledge workers and skilled human capital is greatly enhanced with the availability of tertiary education provided by the best university facilities in the world... Retail, entertainment and F&B businesses have enormous potential to flourish as they serve the international community of this cosmopolitan metropolis.’ Developments in this region will be no more than five minutes from future major attractions of Legoland and Hello Kitty Town as well as EduCity. And there are further plans for additional recreational facilities, including water parks, playgrounds, sports complexes and golf courses. American-based theme park, Six Flags, is expected to invest over USD

FEATURE

KOTA ISKANDAR, NUSAJAYA JOHOR

This new Johor state administrative centre is a 320-acre integrated development comprising Johor State and Federal Government offices, set amidst landscaped gardens and parks. Kota Iskandar's milieu of state and federal government complexes within one area will facilitate the government machinery's efficiency, befitting the status of a modern and progressive administration. With improved facilities, connectivity and efficiency, the public sector adminisitration will offer enhanced support to existing business within Nusajaya and to attracting companies that have greater positive impact on the economy and quality of life.

$400 million (RM 1.5 billion) to create a new adventure park. And in a shared effort between Singapore and Malaysia, two ‘wellness’ centres are to be built in Iskandar, the Afiniti Medini and Avira in Medini Central.

Living in Nusajaya There is no shortage of developers li-ning up to make their mark in the region. One such development is in JB City, where CapitaLand Malaysia, Temasek Holdings and Iskandar Waterfront Holdings are teaming up to build a SGD $3.2 billion (USD $2.5 bil-

lion) township in Danga Bay. Included in the offering will be residential and commercial properties, shopping, a marina, dining and recreation. And another developer is building Media Village @ Medini Iskandar in Nusajaya. Link (THM) Holdings has formalised an agreement to purchase 5.9 hectares of land from Global Capital & Development. With a development budget of SGD $1 billion (USD $812 million), the land is to become a mixed bag of residential and commercial properties over the next five years.

PHOTO COURTESY ISKANDAR REGIONAL DEVELOPMENT AUTHORITY (IRDA)

JUNE–JULY 2013

FEATURE J U N E – J U L Y 2013

Earmarked as a media village cluster, it is specifically designed to support the upcoming UK media production company, Pinewood Studios, and is projec-ted to create over 3,000 jobs. Kenny Tan, founder and CEO of Link (THM) called the project, ‘one of the largest and most ambitious’ in South-East Asia.

Why it works If you consider the relatively small size of Singapore versus the capacity of Iskandar Malaysia (again, it’s three times the size of Singapore), and add to that the excessive wealth of the Singaporean population, there is no reason for the Iskandar Malaysia Development Region not to work. For those intent on buying into the region, Malaysia is less expensive than Singapore, yet more stable than its neighbours. Indonesia, for example, where the property market and local economy is emerging, still contains somewhat dodgy leases and property developers. By contrast, Malaysia is the safer bet. But if you need additional convincing, here are five more reasons:

1 Transport To make it easier for those who wish to live in Malaysia but to work in Singapore, there are plans for a new high-speed train to connect the two countries. Additionally, the same rail network will also connect Iskandar to Kuala Lumpur, the Malaysia capital city farther to the north.

2 Mortgages Singaporeans who wish to buy a house with some land or a luxury apartment in a condo development can benefit by the 80% mortgages on offer from the OCBC Bank. And non-Singaporean/Malaysians will also find purchasing a property here to be a relative ease.

3 Foreigners are allowed to buy In Singapore, foreigners (except those from countries with a free-trade agreement with Singapore, such as the United States or Switzerland, for example), are

LARGEST AND MOST AMBITUOUS

Link (HTM) builds Media Village @ Medini Iskandar in Nusajaya as a residential and commercial property with a budget of SGD $1 billion (USD $812 million).

unable to buy land in Singapore outside of Sentosa Cove, the exorbitantly priced, uber-luxery offshore island. But for those expats who come to Singapore for work and decide they’d quite like to stay, buying a home just over the border in Malaysia makes a lot of sense. Thanks to the Malaysia My Second Home programme (MM2H), Malaysia allows foreigners to buy property—including land—unlike any other country in South-East Asia. In exchange for the purchase price of a Malaysian property foreigners can receive a 10-year renewable visa, as long as spending a minimum of RM 500,000 (USD $168,000 or SGD $206,000 as of May 2013 conversions).

4 Affordable housing And not only is a foreigner allowed by law to buy landed property in Malaysia, they can well a1fford to. Average housing prices are but a mere fraction of those in Singapore. Compare the per-square-metre prices: USD $16,000 in Singapore versus USD $2,600 in Malaysia. Why wouldn’t you buy a home here?

5 Affordable businesses Further added to the cost of living is the cost of operating a business in Malaysia. Not only will you pay less for office or facility space, but taxes as well as labour prices are significantly lower as well. There are several tax incentives for setting up a business in Malaysia, too, including a 5 to 10-year tax exemption of between 70% - 100% for certain qualifying businesses, including industrial, tourism, high-tech and bio-tech, creative studios, agriculture and halal-focused operations.

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decoratingtips SMALL SPACES

s the major cities of the world expand, the space in which we live shrinks. Homes, especially in metropolitan cities like New York, London, Singapore, Hong Kong and Sydney, are comparable to a matchbox â&#x20AC;&#x201C; unless you are one of the top 1% who can afford to live in a mansion on Fifth Avenue.

TIJSB / FORTER

Creativity in combining what you love the most with things that you need the most will go a long way in putting together a small but well-appointed home. By Kriti Jindal

FEATURE J U N E — J U L Y 2013

Furnishing small spaces can be a more tedious task than it is perceived to be. For many, it is actually easier to fill up a huge house with furniture, but difficult to strategically plan a smaller apartment with space constraints. So I’m here to help. Here are my top 10 tips and tricks to decorate and furnish a small apartment:

1 SCALES OF PROPORTION Probably, the most important factor in decorating a small apartment is to keep in mind the scale and creatively balance it out. Large furniture in a small room can leave the room gasping for space. But that does not mean that small apartments can only be decorated with minuscule furniture. It can be a lavish, red leather loveseat or your grandmother’s teak dining table. The trick is to create a focal point in the room with a piece of furniture that stands out from the rest, and then to balance it with a cluster of smaller pieces. Place, for example, nesting tables, bookcases and poufs to balance out the large scale. Mix tall and low furniture to create a sense of movement in the room. Also – chairs without arms are a great addition to a small apartment. These can be easily moved around and do not take up much space.

2 DECIDING THE COLOUR SCHEME Painting a room is by far an easier task than decorating and creating a harmony in the room with décor items. Neutral colours work best in small apartments. They tend to create an illusion of space and the room does not look boxed. If you do not have the option of painting the walls in a colour of your choice, stick with neutral furnishings like drapes in cream, beige and whites. Cushions, throws and wall art can help add colour and brighten up the neutrals. Neutral colours are sometimes perceived as boring and conservative – but these colours will help you choose a wide palate of colours when you start to put together the décor of your choice.

3 GEOMETRY Clean, straight lines add an angular dimension to the space and create a flow. Straight lines are fuss free and are not burdened with an overwhelming feeling of chaos in the eyes of the onlooker. Straight lines work best for small houses and are visually easy to process. Organised, clean lines without much clutter can also provide a calming effect. Another trick with lines is to elongate the room with stripes. Choose carpets and rugs in bold stripes that run across the widest part of the room, and play with a variation of thick and narrow lines. This not only increases the width of the room but adds to the illusion of height.

Creativity in hiding clutter can help a house look fresh with a minimalistic appeal. 4 LIMIT THE CLUTTER Clutter in any house will create disharmony, but in a small apartment, clutter restricts the feeling of spaciousness. There are times when a small room filled to the brim feels choked, but the same room without excessive knick-knacks looks and feels hale and hearty. Use inexpensive storage solutions like wicker baskets, collapsible drawers and

furniture that can double up for storage. Wicker baskets add a natural look to the house and work well in hiding the clutter. Collapsible drawers can be easily pushed under the bed. Scout around in the market for multipurpose furniture like storage beds, day beds and an expandable dining table to pre-arrange for extra space. Creativity in hiding clutter can help a house look fresh with a minimalistic appeal.

5 ADD HEIGHT TO THE ROOM Ever noticed how high ceilings can make a room look larger? Vertical lines play a huge part in helping a room look more spacious. Of course, the height of the room cannot be adjusted, but illusions of height can help. For example, hang the drapes from the ceiling, just below the moulding. This will add height and the eye will move along the vertical line of the drapes. Another great way to make the room appear taller and more spacious is the use of low-lying furniture. When furniture ends just a few inches above the ground, it automatically breaks the continuation and the room looks much larger. Do not be afraid of hanging large art pieces or using colour in the apartment. A large canvas hung over a low sofa will distract attention from the small size of the room.

6 OPEN-PLAN AREAS Residents in a small apartment usually try and create extra rooms by adding screens or dividers in the room. Use of opaque screens is a decor faux pas. Adding anything that hinders the vision will make a small room look even tinier. Instead of using dividers, try and break the area of your apartment into dedicated segments. The easiest way to do this is to utilise the corners of the room. Choose a corner for workspace and add a study table and chair. Or place a bean bag and a small side table to create a cosy corner in the room. The idea is to define the functional areas without explicitly dividing the room.

FEATURE JUNE— JUL Y 2013

7 CREATE EXTRA STORAGE SPACE Floating shelves are a great way to add storage and display artwork without the heavy feel of a full-fledged bookcase. Replace or rotate the display on the floating shelves as per your convenience without any more holes in the wall. Space under tables and under the bathroom sinks can be easily utilised by hiding the extras with fabric skirting. Use hooks with sticky backs to hang on the skirts for your basin or tables and hide the clutter beneath it. The skirting will also help conceal potential eyesores, like plumbing and plugged-in wires running under the table.

8 SPARKLING GLASS AND MIRROR

9 PLAN YOUR PURCHASES Before heading out to buy furniture and décor for your new house, it is important to plan your shopping according to your needs and the size. Chalk out a floor plan for visualisation. If sketching is not your forte, various software applications can help you plan and prepare in advance. Certain software applications often allow the user to specify the room size for exact proportions. Use websites like www.fabrooms.de to mix and match small, medium and large furniture wherever advanced functions are not required. Such websites give the users a fair idea of what their room could look like.

Instead of using dividers, try and break the area of your apartment into dedicated segments. The easiest way to do this is to utilise the corners of the room (Top). Surfaces that reflect light, like glass and mirrors, work almost magically to generate an illusion of a larger space (Bottom).

10 ADD PERSONALITY TO YOUR APARTMENT Add a touch of glam to your apartment by investing in some good, quality furnishings. When plastering up some wallpaper is not possible, use sets of drapes in solid and printed combinations to hide a blank wall. Cushions in various sizes and colour combinations can add a warm, cosy feeling and make a small house look inviting even with the lack of extra space. Don’t just rely on ceiling lights for your apartment. Good lighting can transform a room drastically. Low-lit rooms look dingy and appear smaller than they are. Lighting from lamps placed on side tables, console

tables, plug-in under cabinet lighting and floor lamps will help in increasing the light in the room. Mirrors can then magnify the light from these sources. These ten tips can help you organise your small apartment better, but remember that there are no fixed rules. Experimentation is the key to discovering your signature look and changing it according to your own likes and dislikes.

FINAL THOUGHTS Remember to replace a new piece of furniture or décor piece with an old one. Instead of stashing the old piece away, get rid of it. There is no point in holding on to something that will only generate more clutter in the house. Finally, shop for your new home in layers. Start by buying only the basics and then edit the look of your apartment with things that you love or those that most inspire you. When buying everything at once, very often we end up with things that we do not need or will never use.

FROM TOP: SALVADONICA, JSEATTLE / FORTER

Surfaces that reflect light, like glass and mirrors, work almost magically to generate an illusion of a larger space. Strategically place mirrors opposite windows or around light fixtures. It will receive light from the fixture and natural light and will fill the room with light. Glass doors also provide transparency and do not break the vision of the onlooker. A sparkling glass door or large bay window brings in light and increases the feeling of spaciousness manifold. Glass-front bookcases work very well in hiding the clutter as well as adding a refractive surface without placing too many mirrors. Transparent Lucite chairs, commonly called ‘ghost chairs’, can also do wonders to add the perception of space in a small apartment.

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desire FEATURE

JUNE-JULY 2013

A city named

If desire is subjective by its very nature, then how could we create a Most Desirable Cities list? It must be based not only on a number of different needs and wants, but on the one thing we all have in common – the human condition. BY VITTORIO HERNANDEZ

efore the wheel (or plane) was invented, the lack of what we call ‘modern transportation’ did not prevent man from moving about. Our ancestors simply used their feet to get around. Later, when they discovered that some animals could be tamed, such as the horse, the camel and the donkey, they rode the back of these beasts to move about farther still. Even in the earliest of times, man was not known to be a stationary creature. When shelter was only what nature provided, such as caves and coves, or structures made of light materials, he opted to roam in order to look for food or a mate, to dodge an enemy or predator, or even just to see what was on the other side of the mountain. This wanderlust spirit has evolved within us all, leading to today’s system of transport that enables anyone, anywhere, given sufficient financial resources and travel permits, to enter other lands or nations. Man can now move to another city or town not only to escape a predator (hey, you never know), but even just to find a new job, find a place with a more wholesome family environment, or simply to enjoy a lower cost of living. Truly, people are pretty much free to move to a new home, build new businesses, or simply roam from one place to another until finding an oasis that would help make life better. Naturally there are many where residence is a given, not a choice, and is usually based on birth. Most people, in fact, die in the same place (relatively speaking) where they were born, studied, raised and worked. That does not mean, of course, that these people never went on holiday, or even lived abroad for short periods before returning home. But putting down roots in one place is a comfort for many, and the flip side of the coin from the rest of us nomads.

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So it is for you nomads out there (or the dreamers amongst those with roots) that Property Life is sharing its take on most desirable cities around the world. Our intention is to give a glimpse of these different cities in hopes that it will provide some ideas as to what to expect, weigh the pros and cons of picking one city over the other, and reach the ultimate decision that could affect your life’s journey till the end. But the real question before us is, before even broaching such a list, – how can you quantify desire? The answer seems to be that you break it down into bite-sized chunks. So we began by qualifying cities based on a variety of different desires, and then reverse engineered the process. Some people desire to have a nice tan, so we created a list of the best cities where you can laze on a beach. Others are obsessed with the perfect cup of coffee, so we looked into the best cities for getting that ultimate caffeine fix. Other people can think of nothing but how to get that start-up business off the ground, and so we studied the best cities in the world for entrepreneurs. How did we define our criteria? Well firstly, even us magazine writers and journalists are humans, too, and so innately understand a little about desire. But the staff here at Property Life is also full of expats and locals, entrepreneurs, caffeine addicts, vegetarians and hardcore carnivores, cheapskates, sports nuts, dancers, artists and environmental warriors. Most of us have families, we all care about our personal liberties and standard of living, and nearly all of us have travelled extensively and/or lived in many different parts of the world. So we used our own personal experiences in the cities where we had

It would be helpful at times to receive some words of wisdom from people who have gone before us and experienced what we ourselves desire to experience.

been, tapped our vast resources of reports, studies and guides, surfed the ‘net, of course, talked to friends and family spread across the globe, and interviewed business owners and even some government officials. We then collated our findings, talked, argued, and then finally came to terms. Breaking it down into smaller categories and developing Property Life’s first ever Best Cities Guides – before even attempting to define the Most Desirable Cities – was in itself a challenging task.

FEATURE

What may be a perfect beach to an islander who grew up with white sands, crystal-clear water and swaying coconut trees (while sipping a tall island cocktail) may mean too much sun for a Northern European who may easily burn at 30C. And while the open-air parillas in Buenos Aires’s may appeal to a carnivore hankering for a juicy cut of beef tenderloin steak, char-broiled to perfection, an animal lover may find the idea of gorging on the flesh of a dead beast abhorrent and prefer to seek solace in Seoul’s food district and feast instead on monk food. The idea we are trying to get through here is that we all make choices in our lives – what to eat, where to live and how to live – and, knowing that, it would be helpful at times to receive some words of wisdom from people who have gone before us and experienced what we ourselves desire to experience. At other times, of course, we also understand the need to sit down and reflect on what would be the best place to migrate given our own personal circumstances. You may need to check the bank accounts and make a budget to ensure there are enough resources to last us so many days, months or years in our destinations of choice. While there is no such thing as the perfect choice – life is messy—we actually propose to you to go ahead and pick a city that seems to match your needs and wants (desires) at the moment, but don’t be afraid to make a mistake because you can always move along to the next city on the list. In fact, think of the Most Desirable Cities as a ‘bucket list’ – your urban adventure to-list list. Life, after all, is one big journey that involves many different pit stops and moments of refueling.

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JUNE-JULY 2013

Most desirable cities Property Life’s first annual list of cities where everyone should live – at least once in their lives.

SELECTION METHODOLOGY

Firstly we made short lists of the cities based on 14 different criterion, ranking the top three cities with the best abilities to meet basic desires of livability. We started with the fun stuff and considered the best cities for sports, vegetarians, carnivores, enjoying the outdoors, art, architecture, dancing and lazing on a beach. The third city on each of these lists received one point, the second received two points and the first received three points. However, we weighted with an additional point the cities that ranked in the areas we felt were the most important: raising a family, affordability, level of personal freedom, environmental concerns, healthcare and safety. We also felt that it was important to further weight the selections with the following additional factors:

LANGUAGE

While learning the language of a new culture is often half the excitement of living in a foreign country, it can also pose problems for an expat. For the time being, English is considered by most as the world’s common language (though soon enough we all may have to learn to say ‘ni hao’ to China), so we’ve added a point to cities where English is either the official language or commonly spoken, and removed a point if not.

FREEDOM OF PRESS

Freedom of the press is a reflection of the freedom of its people as well as an indicator of democracy. So using the Press Freedom Index from Reporters Without Borders, an organisation that assesses the degree of journalistic freedom by country, we added or removed points. Good: +2. Satisfactory: +1. Not great/not bad: zero. Some problems: -1. Difficult: -2. Very serious problems: -3.

CRIME

While one of our Best Cities articles applauds the safest cities in the world, we would also like to point out that there are some wonderful cities that also happen to have a fair bit of crime, too. The United Nations Office on Drugs and Crime (UNODC) produces a yearly report to report the degree of violent crime by country, based on the number of homicides. For a UNODC score of below 1, we give: +2. Between 1 – 2: +1. Between 2 – 5: zero. Between 5 – 10: -1. Over 10: -2.

TIE BREAKERS

In case of a tie, the city with the higher number of public holidays won. (Because then there’s more time to enjoy the city!)

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13+ POINTS

FROM TOP: ARTOZ, PFLORES / SXC.HU

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13 POINTS

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TOKYO, JAPAN Why did the world’s most expensive city (by cost of living) win? It’s got everything – culture, cosmopolitanism, infrastructure, safety, healthcare, freedom, business acumen… On our Top 3 Best Cities lists, it ranked number one for cities for tech lovers, number two for places to raise a family, number one for environmental issues, and number two for healthcare. It also received two bonus points for having terrifically low crime. Even with points deducted for not speaking English and having less freedom of press than we’d like, there’s no denying the underlying qualities of living in this global city.

SYDNEY, AUSTRALIA A city that regularly ranks highly in the various livability studies, it’s no surprise to find in on our cities of desire list, too. In fact, it actually tied for first with Tokyo, but Tokyo beat out Sydney because Tokyo has way more public holidays (15 in Tokyo vs. 9 in Sydney)—the deciding factor in the case of a tie. Sydney performed well in our Top 3 Best Cities lists for enjoying the outdoors, lazing on a beach, top-notch healthcare, and safety. It also received a bonus point for speaking English, although did not get any points added or removed for its level of freedom of the press.

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11+ POINTS

AUCKLAND, NEW ZEALAND Yet another city consistently found in livability studies, Auckland performed well in our own study for being a great place to run a business and enjoy tremendous personal liberties. But it was really in the bonus round where Auckland kicked up its heels— scoring an additional five points for speaking English and getting top marks for freedom of press and a lack of crime.

5 10

ZURICH, SWITZERLAND

POINTS

Zurich appeared only twice in our Top 3 Best Cities lists, but was at the top in each of those – best cities to raise a family and world’s safest cities. And while it’s German speaking and so didn’t score any points for English, Zurich received top bonus marks for freedom of press and crime.

POINTS

NEW YORK, USA In a tie with Auckland, New York lost the tiebreaker by having fewer public holidays. But it was a close one, especially considering that New York appeared in more of the Top 3 Best Cities lists than Auckland (but didn’t score as many bonus points as Auckland). In our opinion, New York scores highly for artists, meat lovers, dancers, and entrepreneurs. It also received a bonus point for speaking English, but didn’t get any extra points (nor have any taken away) for crime or freedom of press.

POINTS

Hong Kong is safe, great for business, a mega tech hub and offers personal freedom to its residents. It’s also English speaking, and although the press doesn’t have extensive freedom, it is an incredibly safe and crime-free urban utopia.

CLOCKWISE FROM TOP LEFT: WATFORD, BRAZIU, BERN161616, RINGOC2 / SXC.HU OPPOSITE PAGE FROM TOP LEFT: AKIVASHA, 13DEDE, LARZIP, ARKI / SXC.HU

HONG KONG

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POINTS

LONDON, UK London is our top city when it comes to the arts, and is one of the most environmentally conscious cities in the world. It’s also safe and English speaking, which helps make it that much more desirable. As one of the most prominent multi-cultural hotspot cities anywhere on earth, it’s no surprise to see it on our list—only that it didn’t rank a bit higher.

FEATURE

AMSTERDAM, THE NETHERLANDS

POINTS

Notorious for its liberal democracy, this city offers just so much more, from architecture, history, to art and culinary delights, and deserves to be recognised for all that it is, not just its red light district. Amsterdam, unsurprisingly, ranked quite well in our Top 3 Best Cities for personal liberties, but also scored some serious bonus points for speaking English, having a low crime rate and strong journalistic freedoms. It tied with Copenhagen but lost the battle by having just one less public holiday.

COPENHAGEN, DENMARK This must be the first real unexpected city to make the list of most desirable in the world. Like Auckland, it didn’t show up very often in our Top 3 Best Cities lists – just once, in fact, for top cities for healthcare. But it scored exceptionally well with the bonus points for speaking English (although the official language is of course Danish, over 80% of the population also speak English), and received full marks for freedom of press and having very little crime. This is definitely a city worth exploring, and if not for having less visibility (publicity) than some of the world’s other global cities, would likely appear more often in the Top 3.

POINTS

SINGAPORE This city was actually in a four-way tie for the number ten spot, but thanks to low crime, speaking English, and having 15 public holidays, far and away the highest number (except Tokyo), the tiebreaker was a no brainer. Singapore has a well-deserved reputation for being squeaky clean and with near-perfect infrastructure. It also scored well in our Top 3 Best Cities list for running a business and for overall safety.

Honorable Mentions Other cities that came so close to making the cut: Chicago and San Francisco, USA, as well as Vienna, Austria, and Vancouver, Canada.

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BES T

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CIT I E S

F O R

ART’S SAKE

Whether you’re into fine arts, drama, or even art represented through photography, these three cities are considered the best in the world. BY JENNIFER LS HARRISON

ART EVERYWHERE Street view outside the Chicago Art Museum

streets. Likewise, there must be enough publicists and managers who recognise talent when they see it and so can take the artist out from the studio into the public arena (allowing the stereotypical starving artist to take home a paycheck and stock the fridge). Programmes from the government that clearly demonstrate the importance of art and culture within the local environment and economy should also be part of the equation. There can be no doubt that some of the work from the old masters found in buildings and museums all over Rome,

Florence or Paris provide some of the best inspiration for an artist. Art is woven into the fabric of society and an artist is just as highly valued as any other profession. Other old-world European cities, such as Vienna and Berlin, also rank highly for their inspiration, collections and local talent. Yet, they don’t rank quite as highly as the following three best cities in the world for an artist.

Chicago UNITED STATES

Many will scoff at the site of Chicago on such a list, especially that it beats out Paris and Rome for a place in the top three. Although ‘new’ by comparison, America is in fact a great place for many budding, young professionals, even artists. The government of America as well as the

he love of art is as subjective as its creation; needless to say, so is the selection of a city that best represents art to those who appreciate it and create it. The proliferation of museums, galleries, fine art and performing art schools, and theatres is a good start. But what else does an art aficionado need to feel fulfilled – or inspired – by a city in order to call it home? Beautiful scenery, beautiful models as well as an abundance of studio workspace may be enough for some. Performing arttists may find solace in a large selection of community theatres and casting companies. Yet to call a city one of the best in the world for art, there needs to be more, such as a network of budding or professional artists with such prolific creations that their work spills from the studios, museums and galleries and onto the

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many, many private foundations, societies, and non-profit organisations eagerly encourage, support and fund art as a profession, as a passion, and as an important part of economic progress. The large population of Chicago (2.7 million) enjoys a tremendous selection of museums and galleries for appreciating art in all its forms – including art that is fine, made of glass, considered contemporary, formed by sculptures, or represented through photography. There is, for example, The Art Institute of Chicago, Museum of Contemporary Art, Chicago, DuSable Museuem, and the Architect Gallery, among many others. And according to the US News & World Report, The School of the Art Institute of Chicago is second-best school in America for fine arts (behind the Yale School of Art). It even ranks in the top 10 globally. But Chicago makes this list because it not only represents the fine arts, it equally calls attention to singers, dancers and stage performers. Indeed for those artists who take to the stage instead of a studio, Chicago is home to Roosevelt University’s Chicago College of Performing Arts, ranked as the fourth top school of performing arts in America. The local theatre community here is strong and original, and with an interesting history of ‘improv’ theatres

that started the careers for American celebrities like Tina Fey, Mike Myers, Vince Vaughn, Joan Rivers, John Belushi, Dan Akroyd and Bill Murray. Chicago may be cold and blustery in the winter, but its exceptional local cuisine (mmm… Chicago-style pizza), Lake Michigan views and more affordable real estate make the weather tolerable. Don’t forget, it’s also the birthplace of American blues music.

New York UNITED STATES

New York makes this list for exactly the same reasons as Chicago – but on a much bigger scale. If Chicago has 50 art museums and galleries, then New York must have 100, and many of them world famous (Metropolitan Museum of Art, The Guggenheim, etc.). Talent scouts abound in Chicago; yet they live and prosper in far larger numbers in New York. In fact, for anyone seeking a career in the field of anything

ART IN ALL FORMS The Metropolitan Museum, one of New York's wide selection of museums and galleries for appreciating art in all its forms.

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even vaguely related to art, then, as the song goes, ‘if you can make it here, you can make it anywhere.’ And for all of those government programmes, foundations and non-profit organisations that support the arts in Chicago, many of them are based in New York. Four of the top 20 fine arts schools can also be found in New York (Columbia University, New York State College of Ceramics, Bard College and Hunter College) and the number one fine arts school, Yale University, in New Haven, Connecticut, is within striking distance of the Big Apple. For performance artists, New York is probably the best city in the world for making a career and a name for yourself. Home to the New York Conservatory for Dramatic Arts, The School of Arts at New York University, the New York Film Academy, and, of course, the world-famous Julliard School, there is no lack of support and community (not to mention training and mentoring) in this grand city. If you have any doubt whatsoever about the ability of New York City to bolster your career as any type of artist from any walk of life, then simply stroll through the Brooklyn neighbourhoods of Williamsburg or Bushwick. Here art is so prolific it cannot be constrained by the walls of a gallery, museum, studio or classroom.

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London

The skies of London aren’t grey. They are heavy with oil paint evaporating off centuries-old canvases and thick with the energy of vibrant new artists dancing, singing, painting, sculpting and snapping photos, marching forward and pulling the London art scene into a brave new world. Rife with foundations and non-profit organisations just waiting to fund not only the old-world heritage of the arts and culture in London, but to discover the ‘next big thing’ of modern, contemporary art, there is simply no denying the premium placed on arts in both modern and historical society. Case in point: London is home to the top-ranked school for fine arts in the world: the Slade School of Fine Art, founded in 1871. London is also home to the second, third and fifth globally ranked schools for fine arts: Goldsmiths at the University of London; the Royal Academy; and Camberwell, respectively. If you’re already educated in your field and looking to be discovered, or advance your career beyond the occasional gallery showing and small theatre performance, then London is definitely your place. It’s perhaps already the most multicultural hub on the planet, and as such, represents the widest variety of art and artists. In fact, London is perhaps the hottest global hotspot for art appreciation. Five of the top 20 most visited museums in the world live in London: the British Museum, Tate Modern, National Gallery, Victoria & Albert Museum, and National Portrait Gallery. And there are more festivals dedicated to the arts in London than anywhere else in Europe. Between 2011 and 2015, the Arts Council England is set to spend over GBP £2.4 billion (USD $3.6 billion) in order to ‘champion, develop and invest in artistic and cultural experiences’ by supporting mu-seums, libraries and art

SHAKESPEARE'S GLOBE THEATRE The theatre is venue for live Elizabethan performances.

ranging from ‘theatre to digital art, reading to dance, music to literature, and crafts to collections.’ Here’s another clue as to the importance of the arts in London: entrance to all major museums is free. And I haven’t even touched on performance art in London. You’ve heard of Shakespeare, right? Built in 1599 (and again in 1614 and yet again in 1997), Globe Theatre may be the most significant symbol of any city’s value and placement of the arts within the local community – it is a true testament to London’s dedication to live theatre. And people from the farthest

reaches of the world travel to experience the live Elizabethan performances. There are a multitude of performing arts schools, agencies and talent scouts based in London and while you can’t necessarily call it on par with New York City or Hollywood in this regard, it is nevertheless the hotspot of performing arts for the whole of Europe. The best and brightest of those who make it on the live stage of London are often sent to the USA to walk shoulder to shoulder with the stars. Gerard Butler, Daniel Craig (the current James Bond), Anthony Hopkins, Ben Kingsley, Hugh Grant, Kate Beckinsale, Colin Firth, Catherine Zeta-Jones, Ewan McGregor, Jude Law, Orlando Bloom, Kate Winslet and Keira Knightly… to name but a few. Whatever your medium, there can be no doubt that London, overall, is the best city in the world for an artist.

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TECH JUNKIES Truly a class by themselves, these cities offer great support and opportunities for technophiles. BY ALBERT FONTENOT There are many cities that gladly welcome the benefits that technology provides, but are only receiving those benefits in a generally passive way. There are, however, some cities that get it. By keeping their eyes on the horizon, these cities stay at the forefront of innovation and, therefore, are amongst the most modern cities on the planet. In creating this list of the best cities for tech junkies, the following criteria were used: top internet speed and availability to the public, the adoption of technology by the city and the general public, and the overall environment for new advances and innovation, including the presence of TECH PARK

The Hong Kong government runs the Hong Kong Science and Technology Park to provide facilities, services and a dynamic environment to newly set up companies.

both well-regarded engineering schools and/or technology jobs. If there will be a top three, then that means a lot of cities will be crossed. There are many places around the world that offer great support and opportunities for technophiles, but the cities atop this list are in a complete class by themselves.

Hong Kong

As one of the few places on Earth offering 100 Mbps, an ultra high-speed connection that ranks as one of the fastest residential speeds in the world, Hong Kong is an Internet addictâ&#x20AC;&#x2122;s dream. (By comparison, the fastest average Internet speed in the USA is under 11 Mbps.)

ÂŠ SCOTT WONG/SHUTTERSTOCK.COM

ight now, we just may be in the midst of a Golden Age of Technology. Computers are getting smaller and smaller, yet becoming more and more powerful. The average smartphone has more computing power than the machines that guided the Apollo missions. Smartphones and tablets are our omnipresent best friends and constant companions; never more than an armâ&#x20AC;&#x2122;s length away, they are the last thing we put down at night and the first thing we pick up in the morning. For some of us, our online lives are richer and more fulfilling than our real-life existence. We are but mere acolytes prostrate before the altar of technology. But if technology is almost a religion, where are our Meccas?

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Due to its use in so many areas of everyday life, Hong Kong is also world leader in the implementation of smart card applications. Already, smart cards are used for library access, building entry, parking, public transit, and especially shopping. Furthermore, Hong Kong’s commitment to the development and nurturing of future technological innovation is demonstrated by the construction of Cyberport, a government-sponsored digital community created solely to help information and communications technology companies pool their resources and talents, with the result being Cyberport’s emergence as the most important ICT hub in all of Asia. The facilities offer incredible support to ICT start-ups and entrepreneurs, including financial assistance, office space, training, and access to possible investors. With such fertile intellectual surroundings, it is no surprise that Hong Kong ranks so high on this list. By increasing the integration of technology into practical applications, Hong Kong is starting to gain increasing recognition as a ‘smart city’, where organisational efficiency is coupled with energy

efficiency. This bodes very well indeed for the future of Hong Kong as a major player in the technology arena. Industry insiders predict smart cities to be an emerging future trend, with an estimated USD $40 billion to be invested in smart city technologies within the next three years.

Seoul

SOUTH KOREA

Some call this South Korean capital the most wired city in the world, and with 95% of residences having access to a highspeed broadband Internet connection, that may not be an exaggeration. This comes as great news to the members of the hard-core gaming community, who enjoy access to 24-hour online gaming cable channels.

SAMSUNG TOWER

The night scene at the Samsung Tower in South Korea where the tech firm creates smartphones and tablets.

They take their tech seriously. Seoul’s Digital Media City was once a garbage landfill, and now is one of the largest facilities of its type on the planet. Encompassing over half a million square metres, this sprawling digital metropolis is home to all things media: e-learning, online shopping, film production, broadcasting, and, of course, gaming. When the Digital Media City Landmark Building is completed in 2015, it will be the world’s third-tallest skyscraper. Two of the world’s largest electronic companies call Seoul home: Samsung and LG. And, as you might expect, Seoulites are justifiably proud of being at the forefront of the latest and greatest technological innovations. Already, you can live in an apartment controlled by either your smartphone or by a tablet. Samsung representatives say that facial recognition and biometric recognition will soon be part of a home’s security system. For gadget lovers who need the newest and the best, a trip to the Yongstan Electronics Market might be warranted. Here, there are literally thousands of independent shops all in one place, all competing with one another to earn your business, with resulting prices that are half of what you might pay elsewhere in the world. Competition is so fierce that haggling has been nearly elevated to a type of sport. A new word has even been coined, yong pali, to describe the particular behaviour unique to electronics salespeople here.

Tokyo

Nowhere on Earth has the appetite for the newest technology as ravenous as it is in Japan, and nowhere in Japan is this as true as it is in Tokyo. From incredibly lifelike robots to the greatest video games to the largest and most advanced televisions ever produced, Tokyo offers dazzling, over-the-top technology beyond the most hardwired tech junkie’s wildest dreams. What else could you possibly expect from the city that is home to such tech giants as Sony, Panasonic or Nikon?

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In April of 2013, Sony installed the world’s fastest home Internet connection, the Nuro, in Tokyo, with a near-instantaneous speed of 2 gigabits per second. This is over 200 times faster than the average Internet speed in the USA. Right now, the Nuro is available just in Tokyo and six surrounding prefectures. When it comes to providing a complete gadget shopping experience, Tokyo’s Akihabara electronics district may be Nirvana for tech lovers. Also called Electric Town, it is an entire neighbourhood of shops crammed together and stacked on top of each other, offering anything and everything tech. Both up-to-the-minute sophisticated pieces that are sometimes months, or even years, away from being released in other parts of the world, and hard-to-find antique components are available here.

GEEK HEAVEN

Many shopping districts in Tokyo are a techies' delight since it is home to numerous electronic stores.

In this district, you can also find Yodobashi Akiba, nine storeys of geek heaven, recognised as the world’s largest electronics store. Japan as a country spends more than USD $130 billion per year on research and development on science and technology. As the world leader in robotics technology, more than half of the world’s industrial robots are in Japan. Shinkansen, the world’s fastest maglev train, is capable

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of speeds at almost 600 kilometres per hour. And since 2000, 10 scientific Nobel Prizes have been awarded to Japanese scientists. In every direction you look, in every scientific endeavour, you can only use superlatives to describe the accomplishments. This is why Tokyo was awarded the top spot. It is obvious from this list that, right now, Asia dominates the field of cities loved by tech junkies. This is not likely to change any time soon, since cities like Singapore and Taipei very nearly made the list. When completed, New Sedong City in South Korea will be the world’s first ubiquitous city, built completely from scratch, and will be, hands down, the most technologically advanced city on the planet Earth. At least until the next one is built.

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Where on earth can you find a beach with warm, clear waters set within the confines of a productive yet culturally rich city? BY JENNIFER LS HARRISON

That’s not to say that there aren’t plenty of major cities across the globe nestled on the shores of a major body of water. Historically, with shipping being the primary means of transportation for goods and people, cities naturally cropped up anywhere a port (and therefore, shore) made sense.

LA JOLLA STRAND PARK The city's beaches have lifeguards on duty everyday.

Unfortunately, due to the industrialisation of manufacturing, not to mention years and years of petrol-fuelled boats using these waterways, many city-side beaches became polluted, with rubbish on the shores and water more full of petrol and gritty particulates than fish and other marine life. While there have been great strides to clean up these beaches and their waters, there are still many where swimming is not recommended. And there’s nothing worse that a lovely stroll on the beach when you know what dangers are looming within. So there I was, thinking, ‘Culture. Beach. City.’ And automatically I was drawn to the Med. In my estimation, the city of Portofino

here is no shortage of beautiful beaches on this great waterfull planet of ours. Finding an ideal beach within an ideal urban setting, however, is a slightly trickier negotiation. City living is often kept quite separate from beach living, and with good reason. When you think about it, cities are typically centres of productivity, with financial and business operations carrying on every proverbial New-York minute. If a tempting beachfront paradise lay just outside your office window, it’s fair to say you might not work as hard as your boss might like.

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on the Italian Riviera is one of the greatest, most underrated cities on a beach anywhere. But then I thought about the Mediterranean waters, and, well, ew. Then, I was this close to putting Tahiti’s Papeete on this list, purely for the amazing photographs that I could include in the article—Tahiti hosts some of the most stunning white-sand beaches with crystal-clear blue waters anyone has ever seen. Not a shred of pollution to be found anywhere near those beaches, that’s for sure. But Papeete just doesn’t quite qualify as a city. It’s more of a municipality, and with only 130,000 people or so (and only if you dig deep and reach far). Perhaps we’ll do another list one day on the ‘best municipalities for beach lovers’… Until such time, it is my specific duty to share with you that perfect combination of a great city with a great beach. I’m ever so pleased to say that they do exist.

San Diego

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San Diego is California’s southern-most city, just a hop, skip and jump from the Mexican border. Depending on your preferences, it has what can probably be best described as one of the most sublime weather systems in the world, with near-perfect temperatures year round and the least amount of rainfall on the west coast of America. Throughout the year, temperatures stay between 18 – 24C (65 – 75F). If I had to choose anywhere in America, based purely on climate, I’d certainly call San Diego home. The topography of the area, from canyons to mountains, and of course the bay area, keeps the climate subdued with the only real drawback of some fog in the mornings during the winter months—but it typically burns off by 11 am. San Diego is the eighth largest city in the US with a population of 1.3 million. As for city living, it’s the ninth safest in the US. And as home to Naval, Marine and Coast Guard stations, the local econ-

omy is based largely on military trade; yet, the ports also bring tourism and international trade. Some of the major attractions, drawing visitors from the world over, include SeaWorld San Diego and the San Diego Zoo, arguably two of the top animal centres in the world. It also includes a pocket of extreme wealth. La Jolla, on the north side of the city, had the highest average home price in America between 2008 and 2009. And with extreme wealth often comes extreme privilege, which is why some of the best beaches in San Diego are in La Jolla. A small cove as compared to others in the area, part of what makes this beach so spectacular is that there are lifeguards on duty every day, and they’ve even gone to the effort of building a wall to create a ‘pool’ for children so they can swim and frolic without being struck down by crashing waves. There’s also a grassy area for lazing and picnicking. In another area of wealth in privilege lies the beach of Coronado, ranked as one of the top 10 beaches in America, and it happens to be safe, clean, with lifeguards on duty and nearby a park.

HONOLULU Hawaii has a tourism-based economy mainly because of its beaches and tropical weather.

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With over 100 km of coastline, there are plenty of nearby beaches to interrupt your otherwise delightful urban existence: Mission Beach, Carlsbad, Torrey Pines and Pacific Beach, just to name a few. But really, in San Diego, you just can’t go wrong. All of the beaches in the San Diego region have received a ‘Top Tier’ pollution rating from the American Natural Resources Defense Council.

Honolulu UNITED STATES

Well no surprise here. Hawaii is synonymous with beautiful beaches, and it just so happens that Honolulu is a pretty great city. Did you know that it’s also the birthplace of US President Barack Obama? Although all of the smaller islands that make up this US state called Hawaii are literally outlined in warm, white-sand beaches and crystal-clear blue water, the main island, Oahu, is home to the capital city. So if you want that dual combination of vibrant city life on the shores of an amazing beach, then it doesn’t get much better than Honolulu. In fact, beaches aside, it’s a cosmopolitan and vibrant city in its own right, and as of 2012, the urban population grew to nearly one million. It’s also the financial and business hub of the Pacific and one of

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the most popular tourist destinations in the world, with approximately seven million visitors each year. While mostly a tourism-based economy due to Hawaii’s extreme diversity of topography and botanical life, it’s also a major centre of research, drawing doctors, geologists and botanists from across the globe. In the local Polynesian dialect, the name Honolulu means ‘a sheltered bay’, which means you can find tranquil beaches or have a hunt (no need to look too far) for beaches on the open seas with bigtime waves – there’s a reason, of course, that Hawaii is home to so many topranked professional surfers.

Sydney AUSTRALIA

Here’s a no-brainer. Sydney is regularly ranked as one of the most delightful and livable cities on the planet, with a super strong economy, gleaming infrastructure, and a cosmopolitan day and nightlife. And it just happens to be home to some of the greatest beaches in this here, mostly blue planet called Earth.

SYDNEY Bondi Beach is a surfer and swimmer's haven that draws sun worshippers.

In fact, the main reason Sydney gets the nod over Honolulu is that, while the beaches are arguably better in Hawaii (and the topography is more diverse, what with volcanic craters), the city of Sydney outshines Honolulu. That’s not to say that the beaches in Sydney aren’t awesome. In this one city alone, there are over 100, many of which are famous in their own right, and 70 of them considered surfing quality. Bondi Beach, for example, is just seven kilometers east of the Sydney CBD, and is one of the most famous beaches in the world. It’s a surfer and swimmer haven, a draw for sun worshipers, and an ideal family-outing spot. It also happens to have a vibrant cultural life, too, with a whole host of restaurants, cafes, hotels, as well as festivals and parades on a seemingly endless basis.

But truly, Bondi beach is the tip of the iceberg. Coogee and Manly beaches are just two more highly regarded seaside beaches in the area. There are also beaches by the bay and harbor and while they may not have the waves that suit the surfers, the calmer and warmer waters of these beaches add an additional layer of tranquility to a lazy day on the beach, or are even more ideal for family outings. And these beaches are clean, too. As a major tourist draw for the economy, not to mention Australia’s reputation for beach-loving fun, the cities and local governments take great care to keep the sandy confines and waters free from debris. Prior to 1992, there was in fact reason to steer clear of these beaches; since then, however, deep ocean outfalls were built to discharge sewage from the nearby wastewater treatment plants. Nowadays, it’s smooth sailing (or surfing, or swimming) ahead. For information about pollution levels and water safety, the New South Wales government division of Environment & Heritage hosts a website with daily updates on beach advisories: www.environment.nsw.gov.au/beachapp/oceanbulletin.aspx

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RUN A BUSINESS

Where on earth you should be if you own your own company. BY NAMTA GUPTA

o you run a business? Are you in the best place for your business? With a global economy and marketplace, it’s possible in many situations to consider a move to a more desirable location. Consider your needs and expectations carefully; there are many calculations to run through. For example, taxation policy, rule of law, bureaucratic interference, role of government, protection of intellectual property, and workforce availability may drive your decision to move your business. There may be smaller factors that simmer beneath your thought process, too, like

inflation, infrastructure, and population pressures. But the following cities provide the best-case scenario for any business owner.

Auckland N E W ZE A L A ND

With a population of just about 4.4 million, an unemployment rate of just 6.6% and a foreign direct investment (FDI) inflow that is tagged at USD $3.4 billion, New Zealand truly is a business owner’s delight. It also helps that this sparsely

populated country is the world’s fourth freest economy and has a very free and open market. The robust legal foundations of New Zealand help to make its largest city a safe haven for investments and business dealings, especially as it is largely free from political interference and social uphea-vals. New Zealand is a mature democratic state and easily one of the Asia–Pacific region’s most well-to-do countries. New Zealand’s tryst with wholesome economic liberalisation began in the 1980s and 1990s. The government went full throttle during this time and deregulated the economy, which helped sectors

Auckland is the financial centre of New Zealand

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like manufacturing, tourism and geothermal energy industries to bloom. But no economy can function smoothly and fairly without an active and impartial judicial system, and it is here where New Zealand truly scores. The country has strong laws to enforce protection of property and intellectual rights, and also has been tough in dealing with corruption (in turn helping competition to grow, which, in turn, drives the economy). Even the taxation policies of the successive governments have been in sync and have further fuelled the growth of New Zealand’s economy. The highest percentage rate of income tax is 33%, and the top corporate tax rate is 28%. And not only do start-up companies enjoy greater flexibility and licensing, there are other regulatory mechanisms in place to smother out any irritable elements in business dealings. These steps have reaped great dividends for Auckland. In fact, the 2012 economic ranking from the World Bank, on the parameter of starting a business, placed New Zealand ahead of Singapore and Hong Kong. (No small feat!) In the same study, New Zealand towered over all the rest – at number one – when it came to protecting investors. This country is also easy on credit policy and with no minimum capital required; it takes just 24 hours to start a business. Flexible labour regulations and talented workforce also aid the skilled labour market of this country, which in turn facilitates overall productivity.

Singapore

With a population of about 5.3 million and an unemployment rate of just 2%, Singapore is the toast of all business dealings and has successfully topped all global rankings year after year. It is the world’s second freest economy, and an open market where businesses thrive and get due assistance from the government.

Singapore is a leading global financial centre known for its efficient financial sector.

With an FDI inflow of USD $64 billion and a controlled inflation rate of just 5%, it certainly could be one of your best bets. In World Bank’s 2012 Doing Business report, Singapore country ranks number one in the world on ease of doing business and second in terms of taking steps to protect investors. The same study also placed Singapore as the fourth best country in the world where you could start your business. And these are only some of the laurels that this city-state has amassed! What makes its success even more spectacular is that Singapore has easily one of the most multicultural societies in the world, and yet there are little frictions in its sociopolitical environment. Even language is not a barrier here as English is its official language of business and government.

The growth story of Singapore started right after it achieved independence. Its government turned its energy to set the economy to order and took several measures to sustain it. It also undertook many steps to help its export industry and to extensively industrialise. This approach bore fruits and today; Singapore, even with its small size, is one of Asia’s finest work places. One of the best aspects of doing business in Singapore is the rule of law and effective judicial remedy. It deals with any dispute in a time-bound manner and has several subsidiaries to deal with any business concern. What adds to the prestige of the judicial framework is that the need to go to court for any mediation or settlement rarely arises, as most disputes get sorted out in Singapore Mediation Centre. Additionally, a business owner would have it easy here since the top income tax rate is just 20%, while the top corporate tax rate is just 17%. Other taxes include value-added and property taxes. The overall tax burden stands at roughly 14.1% of total domestic income. Singapore’s overall regulatory and business dealing environment remains one of the world’s most transparent and efficient. And with no minimum capital required, launching a business can take only three days.

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UNUSUAL SKYSCRAPERS These Hong Kong buildings are owned by an Australian company who wanted them constructed to make it look like Koala Bears were holding onto the building.

As a leading global financial hub, Singapore also has a rather efficient financial sector that is highly competitive and mobile. Its government sprinted ahead by opening the domestic market to foreign banks.

Hong Kong

Per economic rankings of 2012, Hong Kong is the best country in the world to start your business and is thus far a more favoured destination. The 2013 Index of Economic Freedom sets this southern

Chinese territory as the world’s freest economy. Earlier in 2012, Hong Kong was ranked number two in trading across borders by the World Bank’s economic rankings. The same report also placed Hong Kong as number three in the world for protecting investors, as well as number six in the world to a start business. The economic freedom and helpful political clime offered for starting a business are really attractive for potential business owners, but what helps the most is that it has great infrastructure to begin with (besides effective taxation policies).

Hong Kong has a highly competitive market environment and equally efficient policy measures. It helps that, while it has a population of just 7.1 million, it has an unemployment rate of just 3.4%. Inflation, tagged at 5.3%, is also low while FDI sits around USD $83.2 billion. Furthermore, literacy levels are high with a rather robust and talented workforce, corruption is checked at every corner and transparency is valued. Its proximity and increased dealings with mainland China have also fuelled its growth trajectory. Contractual and labour obligations are well taken care of and the legal system is sound and swift. Hong Kong celebrates efficiency and encourages rule of law. So, in case of disagreements, the aggrieved parties can seek legal respite if they so require. In Hong Kong, private property rights, intellectual property rights and freedom of exchange are effectively safeguarded. There is also much respect for government as it keeps bureaucracy and its own interference in check and allows market forces to cohabit and engage as per their needs. The taxation policy is simple, with the income tax rate being just 15% and the top corporate tax rate being just 16.5%. This taxation mechanism is rather effortless and competent and, thus, Hong Kong has been able to put the overall tax burden as low as 14.5% of GDP. Hong Kong is truly a great destination if you wish to run your own business venture. Besides the above-mentioned factors, the no-nonsense attitude and the government’s support for new businesses (with zero minimum capital) put Hong Kong at the top of this list.

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RAISE A FAMILY BY ALBERT FONTENOT

eciding where to raise a family is a very personal choice, and ultimately will depend on your innate values and desires. Every parent wants to provide the highest possible quality of life for their family, but what exactly constitutes that quality can differ from family to family. Even with differences in opinion, however, there are certain universal wants and needs that every parent has in common: every child needs a good education, quality healthcare and broad cultural horizons. Likewise, articles of this sort are also subjective to a degree by their very nature. While not meant to be all-inclusive, special thought was given to cities that had the most to offer for expatriates, not just residents. But simply, all three of these locations provide an excellent environment to raise a family. The competition was very tight, and although they are located on three different continents, the similarities are evident: all three cities have low crime rates and offer universal health care to residents. Two are also classified as ‘global cities’, two have hosted Olympic Games and all three routinely rank as among the most livable cities in the world.

Vancouver CANADA

Vancouver, located in British Columbia, Canada, has been acclaimed as one of the world’s most livable cities for over 10 years running. The city is one of the country’s most populous cities, yet stunning natural wonders the North Shore Mountains and the Pacific Ocean dominate the geography.

Canada as a nation has one of the best educational systems in the world, ranking third overall, according to the Organisation for Economic Cooperation and Development (OECD), with extremely high scores across the board in reading, science and math. Included amongst its elementary and secondary schools are Montessori schools, fine arts schools, numerous French immersion schools and even a Mandarin bilingual school. There are 11 universities in the region, the largest being the University of British Columbia, which is ranked as one of the top 40 universities in the world.

2010 WINTER GAMES Vancouver's hosting of the 2010 Winter Games was an opportunity for families to get together. © SERGEI BACHLAKOV / SHUTTERSTOCK.COM

The need for the French-immersion and Mandarin bilingual schools becomes evident when you consider that Vancouver is one of the most ethnically, culturally and linguistically diverse cities on the continent. Over half of Vancouver’s residents claim a language other than English as their native tongue. Because of the transfer of the sovereignty of Hong Kong in 1997, Vancouver became a popular immigration destination for ethnic Chinese, who now make up a full 30% of the population. Further proof of diversity can be demonstrated by one astonishing statistic: just one generation ago, only 7% of all Vancouver inhabitants belonged to any so-called visible minority; now, the number is a full 51%. In deference to the diverse populations, there are daily newscasts in Mandarin, Cantonese, Korean, and Punjabi.

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Culturally, Vancouver has held many international events, chief among them the 2010 Winter Olympics and Paralympics. The city is also known as a significant television and film production centre, earning the nickname ‘Hollywood North’. The second-largest industry in Vancouver is tourism, bringing in millions of international visitors from every corner of the globe. In addition, thanks to national health coverage by the Canadian government, residents in Vancouver enjoy free, highquality healthcare. The only true negative to raising a family in Vancouver, and for some, it may be a major one, is the high cost of purchasing a home. While the average two-level home in America sells for around USD $365,000, the equivalent in Vancouver

can cost USD $987,000. To combat this, the Vancouver government has legalised secondary suites and is planning more urban intensification.

Tokyo JAPAN

While there is universal healthcare in Japan, the government tends to cover 70% of the costs, leaving the remaining 30% to the resident. However, the quality of care is extremely high—the Japanese enjoy the highest life expectancy rates in the world. FAMILY PARK Enjoying the sight of cherry blossoms at the Tokyo's Inokshita Park is a favourite Japanese family activity. © TAKASHI USUI / SHUTTERSTOCK.COM

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There is also a great deal of freedom to select your preferred doctors or facilities. Moreover, with consistently stellar educational scores, especially in science, it comes as no surprise that Tokyo, Japan, ranks highly on the short list of the best cities to raise a family. Year in and year out, the Japanese educational system has been recognised as one of the best in the entire world. As a whole, Japan boasts an impressive 99% literacy rate, and 90% of all students graduate from high school. Yet this metropolis has much more to offer than education alone. As both the seat of the Japanese government and home to the Imperial Palace and Imperial Family, Tokyo is at the very centre of both historical and modern Japan. It’s the largest metropolis on the planet and also one of the top financial centres in the world; so it is no exaggeration to say, ‘As goes Tokyo, so goes Japan, and so goes the world’. Tokyo is truly a global city. For parents, this translates into an excellent opportunity for gainful and lucrative employment. Tokyo is a major financial centre in the world economy, and in fact, there are over 50 top Global 500 companies based there. This is more than twice the number of the next-closest world city. For a deep cultural history, it is hard to top Tokyo. The roots of city go back to villages founded more than 2,000 years ago, creating a unique opportunity for families to appreciate the history of not just Tokyo, but the entire nation. Japan is one of the oldest nations on Earth, and living in Tokyo would be a richly rewarding experience for any family. Though modern-day Tokyo remains the cultural centre of Japan. Offered are world-class museums and art galleries, and there are many important festivals throughout the year. Tokyo is also internationally known for fine dining. According to the famous Michelin guide, Tokyo has been awarded more than twice as many ‘dining stars’ as Paris, its closest competitor. In addition, the city hosted the 1964 Summer Olympic Games and is bidding on those to be held in 2020. It is very well that high-paying job opportunities abound in Tokyo because

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expatriates planning to move there will need that extra capital. Just as with Vancouver, the only major caveat to raising a family in Tokyo is the possible expense. In 2012, Tokyo was listed as the costliest city for expatriates. Moreover, at one point, it was listed as the most expensive city to live in for 14 consecutive years.

Zurich

SWITZERLAND

Like the others, Zurich offers an exceptional educational system, especially in math. It is home to both the University of Zurich and the Swiss Federal Institute of Technology, each of which is ranked among the top 50 universities in the world. The latter is regarded as the top university in all of continental Europe. Like Tokyo, Zurich is also a global city and one of the world’s leading financial centres, with the fourth-largest stock exchange. Zurich is also the largest trading center for gold in the world. Most Swiss banks are headquartered in Zurich. Culturally, Zurich is world-renowned for its museums and art galleries, includ-

EDUCATIONAL AND FINANCIAL CENTRE The Swiss city of Zurich is host to top universities and financial institutions. © NATALI GLADO / SHUTTERSTOCK

ing the Swiss National Museum and the Kunsthaus, both amongst the most important art and cultural museums in all of Europe. The city also claims the Zurich Opera House, which was once used by composer Richard Wagner, and is considered one of the most prestigious opera houses in the world. For outdoor activities, Zurich is in a beautiful prime location, framed by forested hills on the east and west. It borders Lake Zurich, and is bisected by the Limmat River. Because the city is only 30 kilometres away from the Swiss Alps, some of the finest skiing in the world can be easily enjoyed. Hiking, walking and biking trails are abundant as well. Perhaps due to its location in such a picturesque environment, Zurich is a world leader in climate protection. It is

one of the few cities in the world to have established a strict limit of carbon emissions, and by law, the government must take this limit into account in all matters. This has led to such innovations as improved public transportation and a bicycle-only network. Health care coverage in Switzerland is universal and the Swiss are some of the healthiest people on earth (with a life expectancy second only to Japan). Perhaps there is a correlation to the lack of crime in the nation, allowing for a more carefree, less stressful lifestyle. When you start combining all the factors—education, culture, location, climate, healthcare, crime rate, job opportunities, history, beauty—it is easy to understand why Zurich sits atop the 2012 rankings for both livability and overall quality of life. Zurich has been at or near the top of this ranking for almost a decade. Even the now familiar negative of expense loses some of its impact. Although Zurich is the sixth most expensive city in the world, this is counteracted by the fact that it is the wealthiest city in all of Europe. With great expense, there comes great opportunity.

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START-UP ENTREPRENEURS BY JENNIFER LS HARRISON

hese days when one thinks of a start-up company, hightech endeavors come to mind, and therefore, Silicon Valley. But as we all know, there are many ways to start a new business, and a variety of industries from which to choose. From cafĂŠ owners to courier service providers, and financial advisory companies to the next big Internet technology, all new business owners have the same needs in common:

for a start-up entrepreneur are not all-inclusive, and several cities that are certainly worthy did not make the cut, such as London, Boston, Vancouver and Sydney. Whatâ&#x20AC;&#x2122;s perhaps even more surprising than the list itself, though, is the lack of Asian cities. As centres of industry and technology, one would expect at least one â&#x20AC;&#x201C; perhaps Hong Kong, Tokyo or Singapore. But when it comes to nurturing a new idea, networking, financial support,

đ&#x;&#x2026;? An easy bureaucracy to navigate đ&#x;&#x2026;&#x2018; Tax incentives for new businesses đ&#x;&#x2026;&#x2019; Relevant, normally low-cost (especially in the beginning) workforce

COLUMBUS CIRCLE This landmark in Manhattan, New York City, is surrounded by many start-up enterprises.

and spreading the word, the world cities in Asia are not quite there yet. In truth, there are a few cities that can truly say they offer it all.

New York City UNITED STATES

As one of the worldâ&#x20AC;&#x2122;s busiest multi-cultural hubs, it is of little wonder to see NYC make such a list. While the recent Global Recession may have hindered the performance of many businesses in this city, there are nevertheless few cities that can beat the amount of funding available to the local entrepreneurs, or that show

ÂŠ STUART MONK/SHUTTERSTOCK.COM

đ&#x;&#x2026;&#x201C; Networking opportunities to build and grow the client base and/or find financial backing Itâ&#x20AC;&#x2122;s up to the local government to supply the first two points listed above â&#x20AC;&#x201C; tax and bureaucracy are forever the domain of politicians. The workforce may also be affected by government policy, however, especially if the local immigration laws increase or decrease a particular industryâ&#x20AC;&#x2122;s wages and labor pool. Of course different industries have different needs for a huge variety of skills. It may be enough for a tech start-up, for example, to set up shop nearby a university where students are looking for internships and recent graduates are looking to start their careers (and are therefore the most likely to opt for the lower-paying, entry-level jobs). Factories, on the other hand, may need low-paying migrant workers; furthermore, science research labs require highly educated employees. With these things in mind, Property Lifeâ&#x20AC;&#x2122;s choices for the best cities on Earth

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more output from their entrepreneurial activities. When you consider as well the general way of thinking of the local entrepreneur network– it’s onwards and upwards for any who choose to start a business here. According to Startup Genome, a research company that produced a study called The Startup Ecosystem Report 2012, New York City has a trough of benefits for the start-up entrepreneur not seen in many other places. In terms of output of software companies, they rank NYC at number two, and say that companies here in general ‘monetise earlier, with a higher ratio of paying customers’. The study also points out that local entrepreneurs tend to be ambitious, consumer-oriented, and with a higher proportion of women at the helm (18%). While many of the start-up businesses in New York are not ‘data driven’, and almost every industry is represented in this city, there is a burgeoning market for software companies – Silicon Alley. Ranging from Tribeca, SoHo, and on over to Brooklyn, the dot-com culture in New York is spreading. With several universities within the city limits, a port that welcomes immigrants from across the globe, multi-na-

tional corporations, and the very highly skilled and well educated, there is a workforce of every level available. As a global media hub, do not forget, too, that the promotion of your new business is also at the ready.

Tel Aviv

ISRAEL Tel Aviv is fast becoming the surprise start-up hub of the new millennium. Compared with New York or Silicon Valley, they do not yet have a history of churning out highly successful, big-profile businesses; however, the infrastructure is well in place to get this party started. Financial support and a strong network of like-minded, entrepreneurial businessmen and women are setting the stage for the start-up hub. And, in fact, the primary reason Tel Aviv nudges out New York City is due to the ease and

ISRAEL'S BIGGEST Downtown Tel-Aviv and the nearby Ramat-Gan City have the highest density of startups in the world.

availability to get funding for venture. According to the Startup Genome report, Tel Aviv also has ‘the highest density of tech startups in the world’. Higher than Silicon Valley, the holy mecca of tech startups? That’s right. The report further explains that in ‘2009, 63 Israeli companies were listed on the tech-orientated NASDAQ – which is more than Europe, Japan, Korea, India and China combined. Almost every major tech company has some kind of subsidiary in Israel…’ The workforce here is very well educated, and while the entrepreneurs are ambitious, they are getting noticed internationally for jumping in to smaller markets where there is less risk. This is in large part due to its somewhat isolated location and small(er) population. Speaking of small markets, a start-up company is basically a guppy trying to find a home in a world-sized ocean. At least in Tel Aviv, in comparison to New York City, you’ll be a small fish in a relatively smaller ‘pond’, so to speak.

San Francisco/ Silicon Valley

It’s just got to be said that Silicon Valley ranks in any list for the best places to start a new company, especially of (though definitely not limited to) the tech variety. San Francisco, especially Silicon Valley, is a culture of start-ups, and there is no place like it on earth. When you consider the sheer volume of people who are starting their own companies, the networking, workforce and funding opportunities are well and truly mind-boggling. In fact, if you don’t move there to start a tech company, then move there to start a company that feeds the tech companies. Consider that even techno-nerds need to eat, a place to do their laundry, to buy furniture, fill their cars with petrol… and they’re most certainly going to need legal as well as financial advice. But perhaps what makes this place so special is the share-and-share-alike atti-

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A CULTURE OF START-UPS Street scene of Chinatown in San Francisco California, after a rain shower (Top).

This is one of the huge welcoming signs for Google plex in Silicon Valley. (Bottom).

tude and friendly nature of its residents. Sit in a café in the area – any café – and you will be surrounded by people tic-tacking away on their computer keyboards, hatching a plan to start a company (or promoting that plan, or engineering the design, or contemplating their next move). You don’t have to pay to join networking groups in Silicon Valley. Simply be and networking happens. Have a question about your own business plan? Not sure of the algorithm you programmed into your most recent software update? Ask the person at the next table. It is no exaggeration to say that almost every single person you encounter in this city is starting their own company or has recently started their own company, and so if they can’t help you with your question, they will know someone who can. And what’s more, they’re not going to serve you with consultancy bill. They’ve been there, done that, and know how you feel. It’s called a community— goodwill reigns in this domain. And it cannot go without saying that if you need more help starting your company than a coffee-shop ‘chit chat’ can provide– help of the financial variety, for example—you can get that in Silicon Valley, too. Lots of people here have lots of money, and they tend to share with the right person with the right idea. A lot. When you think of living that American Dream, forget about New York or Los Angeles (well, no, don’t got that far—they have their reasons for greatness, too). Silicon Valley, though, is home to the global dream of the new world. And with several universities on its doorstep, including Stanford, there is always a young and eager workforce on tap. In fact, in many minds, Silicon Valley sets the standard by which all other startup hubs are compared.

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CHEAPSKATES It is possible to live on a budget in a city where life is grand. BY JENNIFER LS HARRISON

hat I wouldn’t give at times to chuck it all in and simply live someplace where I didn’t need to toil 40-50 hours a week just to pay the bills. It’s hard to imagine such a place exists, at least where the cost of living doesn’t impede the overall quality of living. When I look at studies that rank the most expensive cities in the world, they often include the same cities that appear high up on lists that rank the most livable, too. Singapore, Melbourne, Vienna, Tokyo, and Vancouver, for example, are all wonderful cities that offer high-quality healthcare, education, infrastructure, business opportunities, lifestyle activities, and government assistance for those who qualify. Yet, for those who do not qualify for government aid, these cities also come with a hefty price tag. Consider Melbourne as the prime example of an endearingly livable city – you’d be crazy to not want to live there –and it has ranked number one on The Economist Intelligence Unit (EUI) Global Livability Report not once – but twice –in both 2011 and 2012. However, the me-

dian price of a house, according to the Real Estate Institute of Victoria, is AUD $560,000 (USD $527,000). Numbeo, a database service provider that reports current statistics on ‘world living conditions’ shows the following statistics for Melbourne: Average home price

USD $7,860 per square metre

Average rent, one-bed apartment in the city centre

USD $1,600/month

A meal for two in a mid-range restaurant

USD $75

A small bottle of water

USD $3

Ouch. But short of moving to Myanmar or Afghanistan, where the cost of living may be extraordinarily cheap but the lifestyle leaves more than just a little to be desired, where else is it possible to live without breaking the bank – but while not dodging bullets or bore-hole public latrines? We all have some standards of living, of course. I wouldn’t want to live without basic human comforts, or put my (or my family’s) life in danger just to save a few pennies. But – would you be willing to

sacrifice just a little bit of that Melbournestyle quality in exchange for affordability? In that case, let me tell you where you can do just that.

Santiago

C HIL E

The underrated and scintillating Santiago kicks off our countdown of awesome cities that you can afford. With a population well over 6 million, it’s the largest on the list, too. In all honesty, this city is so great that the only real reason it’s not number one or two on this list is due to the pollution. But as mentioned, living on the cheap comes with at least a few sacrifices. Numbeo says to rent an apartment in the city centre, depending on size, costs about USD $400 per month, while a meal for two in a mid-range restaurant is USD $39 on average. And that precious bottle of water? USD $1, a third of the price in Melbourne. The cost of living in Chile is exceptional, especially when considering the qual-

WINTER SKI Santiago is a good skiing destination or even a retirement option for experts since cost of living is only USD $1,000 a month.

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Winston-Salem

2 ity of living (pollution aside). It boasts top-notch healthcare, political stability, strong infrastructure, and yet, at a trip to the supermarket, you’ll find bread, milk and beer all costs about USD $1.25 each. The cost of monthly utilities is only around USD $120. International Living magazine, researching retirement destinations for decades, actually says that the cost of living for an expat in this city is USD $1,000 per month – all in. It even includes some alcohol in its budget (and considering that you can buy a bottle of wine at the supermarket for about USD $6, their monthly budget of USD $75 is quite generous). In exchange for these nominal fees, there is more to Santiago than can be spied through the thick haze – an emerging artistic culture, world-class shopping and cuisine, a financial district (as strict and as uniform as any other financial district elsewhere in the world), sprawling suburbs and mountainous views (which provide a whole host of activities when you want to escape the urban routine). From skiing in the winter to beach lazing in the summer, a somewhat idyllic climate, not to mention strong economy, low levels of political corruption, and honest businessmen and women, Chile is a near-perfect example of a country where you can pinch those pennies without any pain. Oh, and it’s working on the pollution problem.

U N IT E D S T A T E S

I’m just as surprised as you to find a US city on this list—and I’m American! But it’s the most affordable city in The States, according to Bloomberg Businessweek. They also say that you can rent an unfurnished, two-bedroom apartment in this city of North Carolina for about USD $500 per month. A furnished one-bed in the city centre may go as high as USD $750, according to Numbeo. A meal for two in a mid-range restaurant runs about US $30, and a bottle of water is half the price of the same in Melbourne (USD $1.50). That’s not bad going for an American city with all the creature comforts you would expect in a first-world nation. Located in the southeastern state of North Carolina and with a core, central po-pulation of just over 640,000 (2012 estimate), Winston-Salem is known as the ‘City of the Arts and Innovation’ for its combo dedication to both fine arts and technology (though it’s perhaps more popularly known for the Salem witch trials back in the 1600s – a reputation that it just can’t quite shake). More recently, however, it's recognised for a still-prosperous tobacco industry, home of the R.J. Reynolds Tobacco Company (ow-ners of Camel brand cigarettes). It’s also the birthplace of famed doughnut bakery Krispy Kreme, and home to textile kingpin, Hanes.

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Cost of Living, Human Development & Economic Growth It’s not enough to know that a city is cheap. The Human Development Index (HDI) was developed in specific contrast to the world’s governments constantly gauging quality of life in terms of quantity of money. We use HDI here to give at least some sense of the well being of the residents of these cities. In terms of money, we used a cost-of-living calculator provided by both Expatistan.com and CNN, and set Melbourne as the basis of comparison. QUITO Less expensive than Melbourne by: Overall: 62% | Housing: 70% | Food: 61% HDI of Ecuador: High (#89 worldwide) EUI’s economic analysis: As an oil-based economy (according for 40% of revenue), 2013 will be a sluggish year due to ‘stagnant oil prices’. GDP grew 5% in 2012 and is expected to grow by just over 3% in 2013. Average home price: USD $958 per square metre SOURCE GLOBAL PROPERTY GUIDE

Rent: one-bed apartment, city centre: USD $300 SOURCE NUMBEO

WINSTON-SALEM Less expensive than Melbourne by: Overall: 53% | Housing: 82% | Food: 32% HDI of United States: Very High (#3 worldwide) EUI’s economic analysis: With a rebounding economy, especially in the housing markets, there’s optimism in the air. GDP growth is expected to be around 2.3% for the next few years. Average home price: USD $968 per square metre SOURCE ZILLOW

Rent: one-bed apartment, city centre: USD $750 SOURCE NUMBEO

SANTIAGO Less expensive than Melbourne by: Overall: 42% | Housing: 45% | Food: 46% HDI of United States: Very High (#40 worldwide) EUI’s economic analysis: With a strong economy in recent years, plus political stability and private consumption/spending, the GDP is expected to continue growing at a rate of 4.8% per year. Average home price: USD $2,517 per square metre Rent: one-bed apartment, city centre: USD $400

SOURCE GLOBAL PROPERTY GUIDE

SALEM'S SCENES Skyline of Winston-Salem, North Carolina. The prominent building on the left is the BB&T Financial tower; the tallest building, on the right, is the Wachovia Center.

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THE HIGH LIFE Quito has the second highest elevation in the world, providing residents amazing views and a cool climate.

As a home base for year-round living, the weather is rather delightful, though at times a bit humid and at times a bit chilly. Daytime highs in the summer average around 24C (75F) and the low temperatures in the winter rarely go below freezing. It’s also close enough to the sea as well as to the mountains to go out for a day excursion, as well as within reasonable reach of the famed touristic allure of Florida. As a quiet, comfortable city with an utter lack of pretention, it’s not as sophisticated as some, yet plenty of cultural activities abound. Think of it as a quaint and terribly charming representation of middle America, but at a price most can afford.

Quito

E C UA D OR

Moving from the first-world in the USA farther south where worlds tend to collide between second and third, we find Quito, named for the Quitu tribe that first settled there. It’s not only the capital city of the Ecuador, but also a capital city with the second-highest elevation in the world, giving it a distinct advantage in terms of views as well as weather. In fact, ecuador

means ‘equator’ in Spanish, so it’s no surprise that you’ll find an equatorial climate here—though with the elevation, there’s a reprieve from the heat. Temperatures hover between daytime lows and highs of 14C and 20C every day of the year (57 – 68F). Year-round spring weather? Now, that’s my kind of weather. Quito is truly a place where you’re not going to break a sweat or the bank. And thanks to the remarkably preserved historic centre, considered the best in all of the Americas, Quito has been a World Cultural Heritage Site since 1978. Besides culture, it also offers a lot of infrastructure and amenities that are of firstclass quality, some equal to many major Western cities. In terms of activities, the population of around 2.2 million lacks for nothing. The largest urban park in South America is found in Quito, the Parque Metropolitano Guanguiltagua (nearly twice the size of New York City’s Central Park), and is ideal for walking, hiking, biking or picnicking. For shopping, eating and sightseeing, there are the Historic Centre, the cosmopolitan La Mariscal district, and palaces, basilicas, cathedrals, churches, as well as museums and monuments.

Living in Quito costs next to nothing when compared to cities in North America, Europe or parts of Asia. According to Numbeo, a meal for two in a decent restaurant costs a mere USD $18. An average apartment in the city centre is a shockingly low USD $300 or so, and a small bottle of water costs just USD $0.95. Quito does have a reputation for crime, however, especially petty crime, though it’s not as bad as some make out. If you’re not a loud and obnoxious gringo who flouts cameras, jewelry and wads of cash all about, then nothing more than common sense is needed to avoid the worst from happening. In truth, everything about Quito makes me want to live there, not just its cost of living. It’s a beautiful, well-organised, cultural and cosmopolitan city, relatively safe, and certainly healthy. International Living magazine points out that, although the United States has more money than Ecuador, the life expectancy is the same in both countries. That certainly begs the question, ‘Why?’ It can’t hurt that the populace takes to the outdoors more often, thanks to a comfortable climate and plenty of activities. Fruits and veg are local and organic. And the pace of life is simply less stressful. Quito also boasts a tremendous health care system with high-quality services offered and bargain prices. For living on the cheap with very little sacrifice in the quality-of-living department, Quito outshines the competition – easily.

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FREE SPIRITED Do you know which cities protect your safety and personal liberties? Any of these three. BY NAMTA GUPTA

ÂŠ MSTYSLAV CHERNOV / WIKIMEDIACOMMONS

reedom is one of the most cherished virtues of our human society. Each of us has a wish to live in an egalitarian community and to exercise our rights without fear or favour. But is it really that easy? Unfortunately, the answer is no. Often people mistake economic liberty with individual or human freedom. While economic liberty and exercising political power are equally important in determining a societyâ&#x20AC;&#x2122;s outlook on liberty, they are not and cannot be the sole criteria to judge the liberty exercised by an individual in that country. Why? Because, while there are several governments that promote economic liberty, there are actually very few that put the same effort to promote human liberty. So a country or a city that is a good place to work may actually be the worst

WESTERN AND CHINESE CULTURES Intersection of Yee Wo Street and Hennessy Road, Causeway Bay, Hong Kong.

place to lead a fulfilling and liberal quality of life. We must consider, then, several yardsticks to arrive at a conclusion: đ&#x;&#x2026;? Freedom to exercise individual faith đ&#x;&#x2026;&#x2018; Equal opportunities for all đ&#x;&#x2026;&#x2019; Political and civil rights (specifically womenâ&#x20AC;&#x2122;s rights are extremely important if a government is to be considered a liberal entity) How a government treats its minorities and whether it commits crimes against them also make a worthy barometer for quality of life.

Most cosmopolitan, Western cities fit this bill to a large extent, as they have wide network of democratic, legal and civil institutions that cater to the needs of its populace. But unfortunately, this is not possible in the majority of many other areas due to reasons ranging from ethnic framework to gender insensitivity to political upheavals. To help you understand the best, most livable and freedom-loving cities, we bring to you the top three where liberty is valued â&#x20AC;&#x201C; and nurtured.

Hong Kong

It is easily one of the safest cities of the world: women and children enjoy a crime-free environment and can even venture out at night alone. There is an extensive police network to cater to the

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growing urban population and justice is swift, if the need so arises. Also, there is a healthy expat population in Hong Kong, which helps the city achieve a very fine balance of Western and Chinese culture, making it open and accessible to people from all walks of life. The 2008 book Towards a Worldwide Index of Human Freedom (co-researched by Switzerland’s Liberales Institut) cited a study called the ‘Index Table’, which acknowledged that the people of Hong Kong enjoy individual liberty. In the ‘human freedom’ category, it placed Hong Kong at number three in the world. The ranking enjoyed by Hong Kong becomes even more significant when you realise that it leaves Australia, USA and even the UK well behind. What is even more incredible, considering it is still part of mainland China (the same ranking did not even place China in the top 50), Hong Kong has been able to keep its populace largely free from any censorship. People in this Asian city also enjoy religious freedom with ease and there is little (or none at all) restriction in practicing one’s faith. Buddhism, Hinduism, Islam, Taoism and Christianity are widely popular. Furthermore, healthcare here is world-class and there are options available for almost every group. The average life expectancy in Hong Kong is 82 years (2011 estimate), higher than most countries in the world. However, there is one grey area that the territory needs to tackle immediately: air pollution. It continues to wreak havoc with the lives of Hong Kongers. Although the government has jumped into the fray and is trying to curb it, it has achieved only limited success so far. In terms of the way that Hong Kong treats its minorities, particularly the sexual minorities, it has broken taboos and even set up the Equal Opportunities Commission (the first in Asia). This commission is a completely independent, statutory body established in 1996 under the Sex Discrimination

MARKET SCENE Westermarkt at the Westerstraat at Amsterdam.

Ordinance, and is responsible for overseeing the implementation of the anti-discrimination ordinances. Of course, more needs to be done, but it is indeed a welcome development and puts Hong Kong at par with the world’s most liberal nations.

Amsterdam THE NETHERLANDS

It is easily one of the safest cities in the world, and the City Mayors Foundation, an international think tank, placed Amsterdam on number 12 (2012 study) in terms of quality of living. What makes Amsterdam more palatable to people is the absenteeism of

crimes, particularly heinous ones. While thieving does take place (no respite from this even here), the hard crimes are particularly negligible. Not only are women and children safe, but also the quality of life is guaranteed with world-class healthcare services (although they are usually quite expensive). While there are lots of private cli-nics and hospitals to cater to the needs of its populace, the government, too, has pitched in with the Public Health Service of Amsterdam (GGD Amsterdam). Aside from these basic factors for a quality life, Amsterdam is rather free spirited in terms of individual liberties as well. The people here are free to adhere to any religion (although Christianity is the leading one with 17% of the total population identifying themselves as Christians). Slowly, though, other religions are also making their presence felt, with Islam standing at a close second at 14% of the population. But this has not caused any frictions or flare-ups, making Amsterdam one of

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SAFE AND DIVERSE The financial centre of New Zealand offers equallity at every quarter and all minorities are treated with respect.

the most diverse and truly free cities in the world in terms of religious harmony. The secular fabric of this city can be measured by the fact that, in 2000, a Hindu temple was made after 17 years of a long planning process – without any issues. If that is surprising, then you should take note that even a Buddhist place of worship holds a place of pride in this scenic, predominantly Christian city. Amsterdam’s sexual minorities dwell here with ease and it goes to the credit of this beautiful city that it is the sole place where they can breathe easy. With vir-tually no crime targeted against this community, Amsterdam is their safe haven. The city has gone further ahead to make its policy of tolerance particularly clear: at the foot of the Westerkerk (Western Church) there stands a monument made up of three pink granite triangles. The idea behind it is to honour the victims of sexual violence around the world – and it is one of a kind on our dear planet.

Auckland NEW ZEALAND

Don’t be surprised at the Kiwi dominance of world’s ‘most liberal’ list! New Zealand has made huge strides when it comes to granting as much liberty as possible to its people. And Auckland deserves this crown. Per the Canadian think tank Fraser Institute, New Zealand topped the index of human freedom, offering the highest level worldwide and, therefore, putting it way ahead of several far richer and more powerful nations (such as France, Australia, Germany, the USA and the UK). The laurels don’t dry up here, though. The global think tank, the City Mayors Foundation, also placed Auckland at number three in terms of quality of life (ranking 2012). It also goes to this city’s credit that it is widely considered as one of the safest places in the world. Crime is on the margins and is tackled effectively as and when

it is required. The robust police force makes Auckland extremely safe indeed. Further which, women have equal rights and are safe from discrimination. Children and the elderly also enjoy good health and environment, thanks to the laborious efforts of people and government working in harmony. Also, Auckland is a very diverse city with people from around the world. People from as many as 200 different ethnic backgrounds live in the country and most have made Auckland their base. The easy political and cultural clime has also added to Auckland’s colour, and people here have a ‘cool’ image of their country. For minorities, including the local gay and lesbian community, the society here is vocal and there is no discrimination towards anyone on the basis of their choices. There is equality and all minorities are treated with sensitivity and much respect. Any religion as well can be practised and people are free to choose their own form of worship. Christianity remains the most adhered to but others like Hinduism, Sikhism, Buddhism and Islam are not far behind and make up with impressive numbers. While freedom of religion is a boon for the city, it also makes the situation a bit complicated. While people appreciate this diversity, they also feel that their religious identities get diluted in such an open culture. Hence, people have developed a slightly over-the-top negative attitude towards other religions. Though it is still in the bud, and it would be wrong to view Auckland through that prism alone, the potential exists for Auckland for its crown to become thorny. While no city is perfect for any one reason, Auckland has rightfully earned it place as the number one city for the free spirited!

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TREE HUGGERS American poet Joyce Kilmer will probably love living in these three cities.

hen American poet Joyce Kilmer wrote his most famous poem titled ‘Tree’, there where questions about the location that he was referring to, particularly if he was pointing to a specific tree. The speculations that it referred to areas near Rutgers University where Kilmer studied for two years, or University of Notre Dame or Mahwah, New Jersey, were doused by Kilmer’s son who wrote: ‘Mother and I agreed … that Dad never meant his poem to be one particular tree, or to the tree of any special region. Just any trees or all trees that might be rained on or snowed on, and that would be suitable nesting place for robins’. With billions of trees found in all the continents of Earth, many places would definitely qualify to be included in a list of best cities for tree huggers. This early, we are excluding forested areas in the list because while trees and other greeneries abound in those parts,

MORE THAN TREES Beautiful, mountainous Bouldor, Colorado (above). Hyde Park, one of London's eight Royal Parks (opposite page).

property developers are not generally interested in those places because they are either protected areas or too far that it would cost both developers and buyers a lot to build homes or commercial areas there. That criterion set, there would still be many cities that could make it to the list. In the US alone, 15 to 20 cities would easily qualify. Europe, with its high benchmark for the environment, would certainly yield several cities that could compete for the top three positions. Trees and urbanisation generally do not go together because for urban areas to grow and expand, trees must be cut to give way to development. However,

as many global cities found somewhere along the way, it is not healthy for residents to live in a cement jungle. That has led to various concepts in architecture and urban planning for state and city planners to set aside portions of their jurisdiction for green areas to provide residents shade and areas for rest and recreation. Such areas definitely need trees, which play an important role in reducing soil erosion and moderating the climate by removing carbon dioxide (produced in large volumes in cities) from the atmosphere and storing large quantities of carbon in their tissues. Each tree can grow to manufacture 5 lb. of pure oxygen daily, consume CO2 to battle the greenhouse effect and provide cooling equivalent to 10 room-sized air conditioning units. Realising the vital role that trees play in urban life, Sir Ebenezer Howard of the United Kingdom initiated in 1898 the garden city movement. The movement

BY VITTORIO HERNANDEZ

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pushed for the creation of garden cities that referred to planned, self-contained communities surrounded by parks or greenbelts that have proportionate mix of residences, industry and agriculture. While different cities picked up the movement, many took different approaches, but all have the same goals of providing a greener and healthier environment by ensuring not only are there enough trees but these plants are cared for and nurtured sufficiently. These are the cities that are exerting efforts and succeeding in providing residents a good place to live and work in by taking good care of and planting more trees.

Boulder

UNITED STATES

The 11th most populous city in Colorado, Boulder ranks high in so many measures of well being and quality of life, such as

number one in Moneywatch’s Top 10 Happiest Cities, Backpacker Magazine’s Best Cities to Raise and Outdoor Kid and AARP Magazine’s Top 10 Healthiest Cities to Live and Retire. Given these accolades, it is not surprising for Boulder to figure prominently in our list. Its trees are spread across thousands of acres of open space, conservation easements and nature preserves, of which about 60% is open to the public. Visitors can savour Boulder’s worldclass hiking trails. One good place to try hiking are the hiking trailheads near Chautauqua Park in South-Western Boulder or those are the western edge of the city. The city is also known for being a popular road biker’s starting point. To manage growth of the city, the Boulder government has been following a policy of controlled urban expansion, including voter approval in 1959 of the Blue Line city-charter amendment that limited city water service to altitudes

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below 5,750 feet to protect from development the mountain backdrop. City voters also approved in 1967 a dedicated sales tax to buy more open spaces to contain urban sprawl. In 1979, Boulder drafted a comprehensive plan that made rules on future zoning, transportation and urban planning. Boulder has about 400,000 public and private trees planted, maintained and removed. To protect these trees, the Boulder Planning Board approved in 2009 tree protection standards on the city’s code which limits activities related to tree management beginning with planting, all the way to pruning and cutting, to be done by a certified arborist’s supervision.

London

UNITED KINGDOM

The Great Storm of 1987 led the City of London to value its trees more by identifying leading landmark trees. The next

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year, 41 trees were awarded plaques that were erected beside the tree. In 2000, 10 more trees were added to the list. Among the trees cited were the Bexley Charter Oak Trees in Danson Park, the Tree of Heaven in Ravenscourt Park and the Marylebone Elm Tree in Huntington. Tree lovers would surely want to more than just have their photos taken in front of these landmarks but also learn their history. Take for instance the Marylebone Elm tree, which BBC said escaped the threat of the Dutch Elm disease and made it the last Elm tree standing in Westminster. Another interesting tree is the Brunswick Plane in Camden, one of the original trees planted by the Victorians. Known for their very long trunks and spread of leaves from spring to autumn,

other Plane trees could be found in different street and park trees in Greater London. It is not just the public sector that’s involved in caring for and nurturing trees in London. In 1993, an independent charity, the Trees for Cities, was established to inspire people to plant and love trees, not only in the city but worldwide.

MUST SEE IN TOKYO Natural Parks that comprise 36% of the city (Top). Tokyo's famous cherry blossoms (Bottom).

Re:leaf, a partnership among city residents, businesses and communities initiated by the London mayor, aims to increase the city’s tree cover by 5% in 2025 to match the city’s expected population of 8.5 million residents. That would be a ratio of one tree for every Londoner, to match the same ratio in 2003 when there were about 7 million trees in Greater London. To achieve that goal, Re:leaf plans to plant an average of 75,000 trees yearly to add to the current stock, of which 500,000 are spread in London streets.

Tokyo JAPAN

With 12.8 million residents as of October 2007, Japan’s capital city definitely needs more trees. To address this concern, Tokyo passed in 2006 the 10 Year Project for Green Tokyo with the main aim of increasing roadside trees in the capital city to 1 million from 480,000. The city also added 1,000 hectares of green space, of which 88 ha will build a new park to be named Umi no Mori (or sea forest), to be located on a reclaimed island in Tokyo Bay that used to be a landfill. The project targets to plant 220,000 trees from 2007 through 2010 and bring the total number to 700,000 trees. When the project ends in 2014, there would be 950,000 roadside trees in Tokyo and 300 hectares more of green space. Besides the growing number of trees that line Tokyo’s streets, trees in the city could be found at natural parks that comprise 36% of Tokyo. Of course, a trip to Tokyo is not complete without the visitor seeing the city’s famous cherry blossoms. Travel guides list the top 10 places to see more than 1,000 cherry trees of more than one dozen varieties literally blossom. These are in Shinjuku Garden, Ueno Park, Chidorigafuchi, Sumida Park, Yoyogi Park, Asukayama Park, Meguro River, Inokashira Park and Koishikawa Korakuan. The best time to visit these parks is early April.

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HEALTH CARE Health is indeed wealth. Residents of these three top cities for healthcare will surely agree. BY VITTORIO HERNANDEZ

s a patient of two chronic ailments the past few years, I have learned to value and take better care of my health-- especially since I have to regularly take maintenance drugs, undergo lab tests and check ups and pay all of these expenses out of pocket. While following my doctorsâ&#x20AC;&#x2122; orders, adjusting my diet to avoid sugar and fatty food, exercising regularly and avoiding stress all help in keeping me fit for work and still able to enjoy lifeâ&#x20AC;&#x2122;s simple pleasures, trips to clinics and hospitals are inevitable. It is not just people like me with chronic ailments who appreciate the proximity of a health facility, but likewise healthy people who are occasionally attacked by viruses, meet accidents or have to deliver babies. Most people I know, when looking for new homes or migrating, always check the availability of a nearby clinic or hos-

pital before they make a decision to lease or buy a house, move their business or sign an employment contract. Wise decision, if you ask me, because even the healthiest person could just slip on a wet floor, cut himself while chopping veggies or just wake up one morning with a high fever and runny nose. Definitely, having at least a general practitioner or health care worker just a few steps or ride away could spell the difference between life and death. Others would not be content with the availability of a tertiary clinic for emergencies. Some want better healthcare facilities with topnotch medical practitioners because they have diseases that require specialists or have end-stage ailments that call for the use of sophisticated equipment to prolong their lives or relieve the pain caused by a cancer. One particular criterion insofar as foreign visitors and expats are concerned is the availability of doctors and other

medical workers who could communicate in your language or commonly spoken tongues, such as English, French or Spanish. Being sick is bad enough, but failing to communicate with your healthcare provider is not only stressful, but could even be fatal if language barrier results in wrong diagnosis or botched procedures. As the global consciousness for good health and wellness spreads to nations amid rising incidents of cancers, vehicular accidents, obesity and stressinduced ailments, more attention is given to improve healthcare by public and private institutions. Private organisations are opening healthcare facilities ranging from small clinics in small towns to large hospitals that offer the best doctors and equipment. Some countries even have specialty hospitals that cater to particular vital body organs such as the Philippinesâ&#x20AC;&#x2122; Heart, Kidney and Lung Centres.

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However, the following three cities emerge as the best places for healthcare because of their combined criteria of: proximity to areas with large populations and number of medical facilities, modern equipment that could prolong one’s life, medical breakthroughs that offer solution for ailments once thought of as not curable, and availability of a competent and caring medical staff who would nurse a patient back to health. For sure, many cities offer good and quality healthcare, whether they are in or out of this list. And we are happy that more cities are striving to improve the health of the residents, being believers in the adage that health is wealth.

EU and EEA citizens or Swiss nationals who plan to stay in Copenhagen or other parts of Denmark for less than 3 months and are covered by a statutory health insurance in another EU country can use their European Health Insurance Card to gain access to any healthcare services medically needed while in the country. Besides free medical care, vital drugs are entitled to 75% reimbursement and other prescribed drugs at 50%. Other than the public Copenhagen Hospital, there are three private-run medical centres in the Danish capital city. These are Amager Hospital, Bispebjerg Hospital and Hvidovre Hospital.

Copenhagen

DE N MA R K

Proof that healthcare in Denmark can be relied upon is that the country spends close to 10% of it gross domestic product on heathcare, resulting in a life expectancy of 78.6 years and one physician available for every 294 people. Being the capital city of Denmark, Copenhagen offers primary care to residents provided by general practitioners whose number and location are determined by counties and whose fees and working conditions are centrally negotiated between the doctors’ union and the government. The Copenhagen Hospital is run by the county and offers free and universal access for all residents, except dental care and physiotherapy. Even non-residents, according to the Danish Health Act, receive free emergency hospital care if they are in an accident, giving birth to a child, have an acute illness or sudden aggravation of a chronic disease.

THE BEST HEALTH CARE The Copenhagen Hospital offers free and universal access for all.

Tokyo JA P A N

Healthcare throughout Japan, because of the country’s first-world status, is known for being at an advanced level in medicine and medical technology. Patients have options to pick the appropriate hospital, depending on the seriousness of their ailment or urgency of their medical situation. Tokyo, the country’s capital city, has 13 major hospitals and clinics to serve the residents and visitors. While these facilities have medical staff who can often speak fluent English, expats who have lived in Tokyo say that language barrier is still a problem in some places. It is good that several embassies have a list of recommended medical service providers for their nationals who live in Tokyo. There is the Association of Medical Doctors in Asia’s International Medical

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Information Centre, a not-for-profit organisation that provides further medical information in English, Chinese, Tagalog, Korean, Portuguese, Thai and Spanish. Another one that offers assistance in English, Chinese, Korean, Thai and Spanish languages is the Tokyo Metropolitan Health and Medical Information Centre. However, one downside for people who seek Tokyo's top-ranked healthcare is that it is a very expensive place to live. For 14 straight years until 2006, Tokyo was the most expensive city in the world, according to the Economist Intelligence Unit. The high cost of healthcare in Tokyo is felt most by those who are not part of the country’s National Health Insurance Plan. They must either have a private insurance plan or pay in cash whenever they need medical attention.

Sydney

A U ST RA L IA

Although Canberra is the official capital of Australia, Sydney is the most prominent city and capital of the state of New South Wales, which means that healthcare in the Land Down Under is best in this city. Unlike Copenhagen and Tokyo where healthcare is more of a government responsibility, in Sydney, health services are

PUBLIC AND PRIVATE Health services in Sydney are dellivered by private and public hospitals like the Sydney Hsopital.

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delivered by both private and public systems funded by taxes and private health insurance. The NSW government runs several big public hospitals in Sydney but are coordinated by 8 metropolitan local health districts, plus it operates two specialist networks that focus on children’s and paediatric services and forensic mental health. There is also a third network across public health services in three Sydney facilities, namely the St. Vincent’s Hospital, Sacred Heart Hospice and St. Joseph’s. Sydney is also home to three teaching hospitals, the Royal Prince Alfred Hospital, Prince of Wales Hospital, Royal North Shore Hospital, Westmead Hospital and Liverpool Hospital. Teaching hospitals not only deliver medical care to patients but also provide clinical education and training to future and current doctors, nurses and other health professionals, which assure a continuous and steady supply of healthcare workers for a city, state or region. International visitors to Sydney as well as other Australian cities are advised to have some form of health insurance cover, including ambulance cover, because cost of medical care and hospitalisation could be very expensive. Although Australia has reciprocal healthcare agreements with the UK, Sweden, Finland, the Netherlands, Italy, Malta, New Zealand and Ireland, these agreements do not cover all health services and there are restrictions in some cases. Here's one final reason why Sydney is the best city for healthcare: it's the first Australian state to commit funding for the newly approved Disability Care Australia, which will bring the number of assistance to people with disabilities to 20,000 by 2015.

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SAFETY CONSCIOUS While a little common sense goes a long way in any city, there are places where you don’t have to constantly look over your shoulder.

n the early 1990s, I visited a friend who lived in a very wealthy suburb of Philadelphia, Pennsylvania. One evening, while driving back home after visiting the Philadelphia Museum of Art (not to see the art but rather to emulate Rocky Balboa running up the front steps singing, ‘Gonna Fly Now’), we

Sydney Harbour Bridge © THE EGGPLANT/FLICKR

BY JENNIFER LS HARRISON had to cut through a rough-and-tumble neighbourhood. ‘Duck down!’ my friend yelled, holding onto the steering wheel with one hand and shoving me onto the floor of the car with the other. ‘It’s a shooter street,’ she said, indicating that this was an area of the city widely known for its gang activities and drive-

by shootings. Seemingly everyday in the news there were reports of innocent bystanders being gunned down by stray bullets in these neighbourhoods. Up until that moment, I had never been anywhere with such an extreme potential for violent crime. Growing up, we never locked our doors at night. As a kid,

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I was allowed to walk to and from school on my own. And as a young woman, I could venture alone down any city street in my hometown without looking over my shoulder – even at night. Things have changed, and sadly for the worse. In today’s world, it’s important to divide your money between a few pockets in case someone steals your wallet, or to walk in groups, avoid certain areas, and, especially for women and children, to not venture out at night, at least not without a chaperone. For the most part, our guides to the best cities on earth, in any category, include relatively safe cities. However, Rio in Brazil, and Cape Town in South Africa, are probably the least safe of any city we recognise in these pages. In searching for the safer side of urban dwellings, we encountered many studies that showed cities with the least reported crime. In one such report by Maps of World, the top places included (in the top 10) Angola, Syria, Yemen and Cameroon. I literally laughed out loud.

Clearly failing to officially report crime does mean it doesn’t happen. And even if these places did actually have low crime, would you want to live there? I thought not. In the Property Life study of the best cities for the safety conscious, though, we consider safety in the world’s greatest cities. And there are some cities that are well and truly safe—and not just relatively so. And they also happen to be vibrant, interesting and cosmopolitan cities, too.

SAFETY IN STYLE Opera house in Zurich © ZOONABAR /FOTER

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Sydney

AUSTRALIA

One of the reasons Sydney is so often at the top of many studies on livability is due to its low rate of crime. It’s also a downright decent place to live for many other reasons, such as healthcare, environmental friendliness, cosmopolitan and cultured city life, and then of course there are the beaches, nice weather, and easy access to mountain, rainforests and The Outback. According to the New South Wales Bureau of Crime Statistics and Research, in 2012, the number of assaults, breaking and entering, and theft of motor vehicles dropped by between 4 and 7%. Thanks to a gun law enacted in 1996, gun-related crimes, including suicides, had gone down by two thirds since 1986.

Zurich

SWITZERLAND

Zurich gets all the glory while the capital city of Switzerland, Berne, stands idly by, letting Zurich get all the accolades. It’s easy to see why, though. Zurich is not only the financial capital of Switzerland, but also a pretty important one on the global stage, too. Once known for its classic cultural activities, like opera and orchestras, the city is cutting loose, and the cosmopolitan residents have more choice than ever when selecting restaurants, bars, cafes, museums, art galleries, or more. So it’s a good thing that the city is safe, with a strong, highly present police force and a resulting low rate of violent crime, leaving the criminal activity largely to pickpockets and other lesser offences. As

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is the case, though, with much of this type of ‘petty’ crime, it’s targeted at foreigners. The low crime rate is not to say, of course, that there is no crime at all. But you’re unlikely to have to break out your Swiss army knife in order to protect your new Swiss watch or Swiss chocolate.

Singapore

In a city as safe as Singapore, it’s possible to leave your laptop on the table at a café while you pop to the restroom and it will still be there when you return. You can even forget on a bus your laptop, smart phone, or even wallet bursting with cash, and it will be returned to you, intact, and right quick, too. City workers busily cleaning the already squeaky-clean streets can often be seen wearing bright orange safety vests with the following imprinted on the back: ‘Low crime does not mean no crime.’ A subtle reminder that even in a city with as little crime as Singapore, you should never let your guard completely down. But

in reality, the chance of becoming a victim in the Lion City is fairly negligible. In fact, in a city already so safe, it’s even more impressive when you read that in the local newspaper, The Straits Times, that the crime rates fell last year further still to its lowest level in 30 years. Thanks should go in large part to the new Commissioner of Police, Ng Joo Hee, appointed three years ago. As part of his undertaking, the commissioner instituted a Community Policing System last year that encourages police officers to alight their police cars and patrol on foot or even on bicycle. So like all things in life, Singapore is not perfect. But it’s about as close as you’re going to get, at least in terms of safety.

Emergency Numbers Sydney: 000

Copenhagen: 112

Singapore: 999

London: 999/112

Zurich: 117

Amsterdam: 112 Auckland: 111

Hong Kong: 999 New York: 911 Tokyo: 110

Worst 10 Countries for Homicides Honduras El Salvador Ivory Coast Venezuela Belize

Jamaica US Virgin Islands Guatemala Saint Kitts and Nevis Zambia

SOURCE THE UNITED NATIONS OFFICE ON DRUGS AND CRIME

Crazy Crime Laws

Clearly these laws are made to be broken (or laughed at): In SWEDEN, it is forbidden to flush the toilet after 10pm in an apartment (where someone lives). It is against the law in the US STATE of ARIZONA for a donkey to sleep in a bathtub.

Singapore CBD at night. © ARIAN ZWEGERS/FLICKR

In NEW JERSEY, USA, it’s illegal to wear a bulletproof vest while committing a crime. In the UK, no one is legally allowed to pass away in the House of Parliament. SOURCE LIST25

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Best cities, continued The following best cities were a part of the overall calculations of the Property Life most desirable cities: BEST CITIES TO GET YOUR

BEST CITIES FOR THE

BEST CITIES TO

caffeine fix

hard-core carnivore

embrace the great outdoors

VIENNA, AUSTRIA

Where coffee-house culture has been deemed by UNESCO as an ‘Intangible Cultural Heritage’ since 2011.

SEATTLE, WASHINGTON, USA

Home of Starbucks, droves of artisanal coffee houses, and the number one city in the US for coffee consumption.

ADDIS ABABA, ETHIOPIA

The birthplace of the beloved coffee bean. Enough said.

BUENOS AIRES, ARGENTINA

Beef production, fresh off the pampas, is part of the very fabric of this meaty culture.

NEW YORK, NEW YORK, USA

MELBOURNE, AUSTRALIA

A city known for outdoor living, thanks to the climate and boastful beach culture.

From a NY Sirloin to a sidewalk street cart hotdog, New York has the best of everything, including meat. Aussie grass-fed steak in the most edible of cities! BEST CITIES TO

BEST CITIES FOR

sport’s nuts CHICAGO, ILLINOIS, USA

Thrice named by Sporting News as the top city for sports, and we quite agree.

ATHENS, GREECE

Home of the ancient Olympic Games as well as the modern version, too.

BOSTON, MASSACHUSETTS, USA

Besides hosting the Boston Marathon for 117 years, which was this year brought to tragedy, Bostonians are champions from the university to professional levels in a wide variety of sport.

RIO DE JANEIRO, BRAZIL

The citizens of this city virtually live out doors, especially in Ipanema and Copacabana, two world-famous beaches where you can strut your bikini-clad stuff.

shake your booty VIENNA, AUSTRIA

Home to the contained, classic Waltz, this great city even has an entire season dedicated to dancing at the ball.

SEVILLE, SPAIN

At the mere mention of the word flamenco, most people tap their feet and snap their fingers. It’s a contagion.

NEW YORK, NEW YORK, USA

From hip hop clubs to salsa clubs to seasonal balls, this, the birthplace of break dancing, the city that never sleeps, can get down and boogie with the best of them.

BEST CITIES FOR

SYDNEY, AUSTRALIA

CAPE TOWN, SOUTH AFRICA

Surfing, paragliding, hiking up and down Table Mountain, and plenty of outdoor festivals keep the air quite fresh in the lungs of Capetonians. BEST CITIES TO

appreciate architecture DUBAI, UAE

At the peak of the construction boom, more cranes could be seen on the skyline here than anywhere else on Earth. Here the architecture is uber modern and on the grandest of grand scales.

CHICAGO, ILLINOIS, USA

Not only a reflection of American architecture but an influence, too, as home to some of the earliest skyscrapers.

BARCELONA, SPAIN

veggie lovers

A world class, award-winning city for architecture, including the foreverunder-construction Sagrada Familia, Barcelona is the epitome of expression and surprise in architecture.

ISTANBUL, TURKEY

The best place to get a salad that’s satisfying enough to be considered a feast for royalty.

SEOUL, SOUTH KOREA

Vegetarian and veggie-full freshness served everywhere you look.

ATHENS, GREECE

Heartland of the Mediterranean diet where entire meals can be centred around an aubergine or avocado.

Grilled Hellumi Salad of Istanbul

Table Mountain, Cape Town

Seattle, home of Starbucks

Sagrada Familia, Barcelona

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Growing greens

in your urban jungle

Creative alternatives to the scarcity of the traditional garden. By Radha Spratt

JDNX / FOTER

hen London became Europe’s financial capital in the 19th century, it also earned the distinction of succeeding Ancient Rome, Renaissance Florence and Baroque Paris as Europe’s garden capital. Not only does it have more green space and private gardens than any other capital city, many planning ideas seen around the world originated in London: the parks system, the Garden City, the Green Belt (the ring of countryside aimed at preventing urban sprawl) and the ‘green grid’ (an integrated network of open and green spaces linked with rivers and waterways). Now, on public and private scales, Londoners appear to be continuing this pioneering tradition by coming up with creative alternatives to the scarcity of more traditional gardens; and they’ve integrated

BEST EVIDENCE London is the best evidence that there are unique and fascinating ways to be green amid the urban jungle.

their inventions with the varied flavours and scenes of 21st-century London in some unique and fascinating ways.

GUERRILLA GARDENING Richard Reynolds, a man who has popularised ‘guerrilla gardening’ in London and around the world through his blog guerrillagardening.org, first began his clandestine (and still illegal) activities in the South London borough of Elephant and Castle in 2004. Fed up with the local Council’s neglect of public spaces, this young advertising executive armed himself with a trowel and seeds and began a personal crusade to

beautify his local area. His simple acts of improvement – planting flowers on pavements and verges and tending to roundabouts – have attracted an army of followers numbering in the tens of thousands and inspired movements in places as far removed as Nairobi, Mumbai and Buenos Aires. He’s also written a book on the subject, On Guerrilla Gardening. Despite the obvious public benefits of what he’s doing, he’s faced opposition from Council officials and even celebrity gardeners, and says, ‘they treat us eager amateurs as dysfunctional upstarts’. Quite in keeping with the moniker ‘guerrilla’, he’s determined to continue evading pernickety red tape and ‘challenge apathy amongst communities who feel they are helpless and preoccupied with their private realm’.

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Reynolds has done a lot of planting for a while now. I asked him how he managed to maintain what he’s sown and he replied, ‘It is time consuming, but I focus on my local area, so it’s really rather like having a huge garden to tend. I also plant in a way that’s relatively low maintenance and I know that things get done by other people too, whether it’s clearing litter or adding a few plants, the gardens don’t rely on me’.

these plots of land are generally maintained by individuals or groups of people who use them to grow their own flowers, fruits, herbs and vegetables. The very first allotments in England date back to the mid-1700s, and they were patches of land that beneficent landowners and members of the clergy bequeathed to the poorest of the poor so they might grow their own food and escape starvation. The allotments were rural and their

COMMUNITY GARDENS – AN URBAN FAD Guerrilla gardening isn’t, of course, the only form of people coming together to tend to plants; community gardens are the focal point of an increasingly popular pastime in London. Also known as allotments,

GREEN ON HIGH Rooftop gardens are popular in London.

purpose purely functional; it wasn’t until the late 19th century that they caught on as something of an urban fad. Come the First and Second World Wars and fashion turned to necessity once again; the number of plots rose to a record high and then tapered off again by the 1960s. Today, people are turning to allotment farming and community gardens once again, but this time for reasons to do with environmental conservation and healthy living. In fact, there exist various governmentsponsored schemes that facilitate the growing of food in public parks around the city. Capital Growth, a partnership between the Big Lottery’s Local Food Programme and the Mayor of London, aimed in 2012 to create 2,012 such new community food-growing spaces. You can also set up your own park-users groups and work with local Councils in helping maintain trees and parklands through bulb-, flower- and tree-planting, and there are some orchard planting and harvesting projects currently in progress as well. They say you ought to start them young, and this is precisely what schools around London are doing in terms of encouraging children to participate in school-run initiatives to grow fruits and vegetables in raised beds in school grounds; these are regularly used to prepare healthy school meals, and such training will no doubt go a long way towards helping these kids make nutritionally smart choices for life.

Dalston, the hippest part of cool East London, is home to the Dalston Roof Park, a solar-panelled rooftop venue where plantboxes are bursting all year round with every kind of local-community-grown foliage, bar, barbeques, gigs, outdoor film screenings and a regular line-up of theatre productions from one of the UK’s most respected young companies. Who said alternative gardening wasn’t, like, in? There are other venues and high-rise buildings in London with rooftop gardens – the world-famous Southbank Centre, for instance, which houses the Royal Festival Hall and the Hayward Gallery; the Cannon Bridge Roof Gardens on the north bank of the Thames, an acre of deluxe green with spectacular views, ambient lighting and lots of bubbly, aimed at corporate events;

PAYTON CHUNG / FOTER

ROOFTOP GARDENING IS ALL THE RAGE

FEATURE J U N E — J U L Y 2013

even the Merrill Lynch Financial Centre is carpeted in lavender bushes. None of these, however, cater to the amateur gardener eager to flex his or her green fingers.

ABIGAIL SILVESTER / EVERYSTOCKPH0TO

JUST SAY NO TO CONCRETE JUNGLES Websites like Landshare.net perform the useful service of bringing together ‘those who have land to share with those who need land’. They feature pages of listings, and when trawling through the various adverts, it is amusing to come across Darren (no, I haven’t changed the name) in Kennington who doesn’t have time to take care of his garden and is offering it to anyone who wants to grow vegetables there, providing he gets a share of the produce (a sweet deal for Darren). I also discovered that the University of London, with its vast urban sprawl of 18 colleges and 10 research institutes, is offering its roof space to anyone keen on food growing and beekeeping. Inspired by the High Line in New York City, London held its own design competition, ‘A High Line for London’, in 2012. It attracted entries from 170 countries and aimed to showcase radical ideas for

LITTLE PATCH OF GREEN London residents value having their own little patch of green and have gone some lengths to buy and maintain them.

engaging communities with green infrastructure. The designs are entirely conceptual, with there being no current plans to transform them into real projects on the ground. They do, however, highlight the growing awareness of a very real need for people to bring nature back into our concrete jungles. The Chelsea Fringe Festival, again a child of 2012 and independent of the famous Chelsea Flower Show, features over three weeks in the summer the work of professionals and enthusiasts ‘as long as it’s interesting and legal, and on the subject of gardens, flowers, veg-growing or landscape’ and encompasses ‘everything from grassroots community garden projects to avant-garde art installations’.

THE THERAPY OF GETTING GRUBBY In his 1625 essay ‘Of Gardens’, Francis Bacon described gardens as ‘the greatest refreshment to the spirits of man’ and gardening as ‘the purest of human pleasures’. Now this might seem like indulgent hyperbole, but it’s not that far from the truth. Anyone who’s abandoned the concrete labyrinth of ‘Central’ on a bright and breezy summer’s day for a stroll through one of London’s five Royal Parks, or beautiful, untamed Hampstead Heath, will confirm that they’ve felt restored, soothed… tranquil, even. The more hands-on appreciators of gardens speak and write at length of the therapeutic benefits of getting grubby. As a form of horticultural therapy, gardening is actually long known to improve memory, cognition, language skills and socialisation. It’s no wonder then that Londoners, like the residents of very many other world cities where space (and especially green space) is at a real premium, hanker after their own little patches of green. And they’ve gone to some lengths to acquire and maintain them.

ABOVE IT ALL IN SINGAPORE

In a small island nation where land is scarce, the only way to go is up. BY JENNIFER LS HARRISON

s a status of wealth, there is no equal to owning a deluxe penthouse. In a city like Singapore, where the amount of land is limited yet wealth abounds, the market is ideally primed for owner occupation or rental investments within the penthouse sector.

A PRIME PENTHOUSE MARKET IF THERE EVER WAS ONE A short 50 or 60 years ago, Singapore was just another third-world, South-East Asian country with makeshift shanty towns and very little infrastructure. Crime was rampant and air and water-borne diseases kept the populace in poor health. Today, however, Singapore is recognised as one of the cleanest, safest, most politically stable countries in the world, and a hub of wealth unmatched globally. It’s a remarkable feat in the span of a few decades. Gaining prominence as the playground of the rich and famous, The Boston Consulting Group reports that in 2011 there were 188,000 millionaire households in Singapore, meaning that one in six households had a disposable income of more than SGD $1 million. This number is climbing. The Wealth Report from Knight Frank and Citi Private Bank shows that Singapore boasts the highest GDP per capita in the world. Combined with very low taxes, ideal infrastructure, low crime and a pro-business government, Singapore is now a magnet for the world’s wealthiest and has one of the highest percentages of wealthy foreign residents of any country anywhere. And yet, with such a mass of wealth, 85% of Singaporeans reside in governmentsubsidised Housing and Development Board

(HDB) flats. Generally, it’s not a lack of money holding back the residents from owning landed property or even larger, luxury apartment accommodation – it’s simply a lack of space. As a small island-nation, just 700 km sq., land in Singapore is not only at a premium, but it is just, in fact, hard to come by. For locals with a bit of cash, and especially for those with a job in the CBD, buying into the penthouse way of life makes a great deal of sense. For an expat residing in Singapore, however, it’s not a choice between a large house in the suburbs or a penthouse in the city – land cannot be owned by foreigners outside of Sentosa Cove. The penthouse option is therefore only one of two options when property ownership is required and space is desired. Consider that over 60% of Singaporean permanent residents are foreign-born, and many of them extremely wealthy. Buying a penthouse allows these foreigners to maintain a higher level of status amongst their peers as well as maintain a city dwelling, close to work, infrastructure, entertainment, and shopping.

PENTHOUSE SALE AND RENTAL MARKET In spite of mass ownership of HDB flats, the local Singaporean newspaper, The Straits Times, reports that the penthouse market is still extremely lucrative, showing examples of penthouse sales that garnered extreme profits in very short periods of time. In one such case, an owner sold his penthouse at Nassim Park Residences and made a profit of SGD $6.2 million, up 35%, less than three years after buying the unit. Another timely sale came for a penthouse owner at The Edge on Cairnhill just five months after the purchase—he made SGD $ 3.1 million.

While not all penthouse sales are going to achieve such massive returns on investment, at least not typically in such a short period of time, there are other sound investment reasons to consider a penthouse purchase over smaller condo units or even landed properties. In terms of rental yields, for example, the per-square-metre rental returns are simply higher for condominium apartments than for landed property. As penthouses are typically the largest apartments within a condo development, their per-square-metre returns are the highest. According to Singapore’s Urban Development Authority (URA), you can expect a 3-4% rental return for your penthouse offering, whereas landed property only achieves a 2-3% rental yield. Additionally, there are more caveats with land ownership/rentals than a penthouse. Primarily, and affecting rental yields and investment returns perhaps more than any other factor, is the limited choice of locations. Unless you or your tenant specifically want to live in Holland Village or the East Coast of Singapore, for example, then a penthouse condo is a much better option for living in the location of your choice, whether CBD or suburbs. There are condo developments scattered all over the island, many with penthouse units; enclaves of landed property, on the other hand, are limited to a much smaller selection of areas. Finally, a penthouse in a luxury development is a zero-maintenance lifestyle choice, for both you or your tenant if you do decide to let. The attractiveness of this type of living appeals to a wider audience and garners a higher level of sales. It’s a worry-free choice, a status symbol and a convenient lifestyle rolled into one. And in Singapore, perhaps more so than many other cities worldwide, a penthouse purchase is a stronger, safer and more lucrative investment.

PENTHOUSES IN SINGAPORE

S I N G A P O R E

As mentioned, there are penthouse units across the island due to a very large supply and widespread desire for luxury condominium developments. Naturally, some developments stand out above the rest (pun intended).

P E N T H O U S E S

SIGNATURE AT LEWIS

ithin the highly desirable District 10 location, the freehold development named Signature at Lewis envelops its residents with nature, space and affluence. District 10 is the premier location in Singapore for landed properties, including such addresses as Bukit Timah, Farrer Park, Holland Village and Tanglin. It’s not only a famous local celebrity haunt but also home to the highest hill in Singapore (in the Bukit Timah nature reserve) – and all just 10 minutes from the city’s most prestigious shopping district, Orchard Road. District 10 is also highly valued for its selection of local and international schools, such as the Singapore Chinese Girls’ School, Chinese International School, Anglo Chinese School, Raffles Girls’ School, Nanyang Primary, St. Margaret’s Secondary, as well as for the topnotch medical facilities of Mount Elizabeth, Camden and Gleneagles Medical Centres. And just to top it off, the world-famous Singapore Botanical Gardens round out the offerings of this desirable location. The premium residential development at Signature at Lewis capitalises on all that District 10 has to offer with the level of privilege and privacy that is to be expected in such a neighborhood. From its covered drop-off point at the main entrance, the luxurious facilities are discreet yet evident, and include both a fountain garden and a garden plus yoga deck. For water enthusiasts, there’s not only a wading pool and water feature, but also a massage spout pool and lap

pool. The gymnasium, outdoor fitness garden, function rooms and barbecue area are all also specifically designed to make the residents feel quite comfortably at home. The penthouse units are modern, natural, fully kitted out with top-of-the-range European appliance and designer fixtures, and the living space is open and yet private, thanks to clever tactics of gardening with planter boxes and surrounding foliage. There are two types of split-level penthouses available, although both on the 12th floor. The first is 285 square metres with a senior master bedroom, en-suite, as well as a junior master bedroom, en-suite, and two additional

Exceptional privacy

The penthouse roof garden and private pool.

bedrooms, all with bay windows. The kitchen is separate yet opens onto the dining room and living room open-space areas, with a comfortable balcony adding extra living space to the package. And the upper level includes a private swimming pool and roof garden with plenty of space for lounging, playing with the children, or entertaining. The second penthouse has the same number of bedrooms though is slightly larger at 320 square metres. It also includes a foyer with private lift. The layout of this unit is more open-plan with the kitchen revealed to the dining and living rooms. The living quarters are jointly segregated to the south side of the space. And upstairs, an open rooftop terrace compliments the private pool and rooftop garden with the same ample space for lounging or entertaining.

S I N G A P O R E

P E N T H O U S E S

TREASURE ON BALMORAL

nother luxury residence, also in the heart of the esteemed District 10, the exclusive freehold development on Balmoral is a treasure trove of affluence. The name would almost sound like a cliché if it weren’t for the lighting of the buildings that make them glow like jewels. A shimmering wall of water twinkles like diamonds at the entrance, and the several other water features, from the aqua gym, splash pool, lap pool, landscape pool, and hydro-massage pool, reflect the natural daylight and ambient nighttime lighting for a distinct feeling of being set within a sea of opals and sapphires. Tranquility is a key parameter in the design here as lush greenery, steam rooms, meditation deck and foot reflexology path take you out of your urban setting to a hideaway retreat. In fact, it would be easy to forget you’re on a small island with a lack of land and space, thanks to the clean lines and open-plan living space complimented by cross breezes and ample balconies for added outdoor living. The vistas overlooking the skyline and mature greenery add an additional level of living above and beyond the confines of the city.

And these views don’t get any better than when sitting at the very top in your own, fully appointed luxury penthouse. Ranging in sizes (303, 340, 341 or 343 square metres) and number of bedrooms (three

Double take

Floor-to-ceiling windows offer optimal views plus crossventilation and spatial freedom..

or four with the four-bedroom units, including both a master and junior master en-suite), all penthouse suites at Treasure on Balmoral include an upper level with private swimming pool, rooftop garden and barbecue pit. The open-plan living areas are surrounded by bay windows and each include private foyer, wet kitchen and dry kitchen both opening to the outdoor and indoor dining rooms – and to the living rooms and spacious balcony.

S I N G A P O R E

P E N T H O U S E S

SKYLINE 360° AT ST THOMAS WALK

erhaps one of the ultimate highlife penthouse residences in Singapore, the Skyline 360 is so named for its elevated panoramic views of the Singapore skyline and its enviable location with something on offer in every direction, such as shopping, nightlife and arts and culture. Towering at 36 storeys and perched atop a hill, it’s already an icon in a city with several dotting the horizon. It includes 61 modern freehold units of three and four bedrooms where the luxury is abundant beyond its location, generous in its design, yet wholly exclusive and affluent.

It’s fair to say that this is the residence of choice for any urban city dweller who wants the very best the city has to offer right on their doorstep, from the cosmopolitan shopping on Orchard Road to the nightlife of Clarke Quay and Robertson Quay to the vibrant culture found only on Marina Bay and its esplanade. Yet from the inside, the open-plan and open-air concepts transport you to another world altogether. From this vantage point so high above it all, the glimmering lights of the traffic below, as well as the residence and commercial lights from the city feel more like your own personal ambiance designed entirely for your own entertainment. This is a luxury residence where nothing is spared, from the designer fixtures and fittings indoors to the lavish facilities below, including hot tub, lap pool, splash pool, hydrotherapy pool, aqua gym, and biological pond, not to mention the sun tanning deck, children’s playground, barbecue and outdoor dining pavilion, club house and indoor gymnasium. Up to the 29th floor, there are only two units per floor, affording near-maximum pri-

Advantage of height

Skyline's tall building is perched atop a hill, adding even more drama to the panoramic views.

vacy; yet the penthouse and super penthouse units occupy an entire floor each. The smallest penthouses on offer— a grand 365 square metres – are found on floors 30 – 34. On the 35th floor, you’ll find a slightly larger penthouse at 373 square metres. In either case, there are four bathrooms and five bedrooms, one of which is a master en-suite with very large private balcony, and another is a junior master en-suite. The private foyers open into the spacious living areas and then onto the highly appointed kitchen and large dining room with more than enough space to accommodate a table that seats 10 people comfortably. The manner of the design, which incorporates large bay windows, is somewhat Ushaped and openly allows for panoramic views throughout. Included on the same floor and directly adjoining the living space is a large balcony and private pool. And then there’s the super penthouse. Located at the very top and occupying the entire floor, the massive 606 square metres of living space includes an extra large, wraparound balcony with stairs that lead up to your own private pool, roof garden, lounging deck and barbecue pit. Life at the top—it’s luxury, status and prestige. From above it all, it must seem like you own the world.

HIGH ABOVE

THE MALAYSIAN SKYLINE Penthouse living is truly the ultimate in city living— simultaneously avoiding and embracing the fastpaced, cosmopolitan chaos. BY JENNIFER LS HARRISON

he penthouse concept was born in the early 1920s in New York City, interestingly in the few years leading up to the Great Depression, brought on by a surge of wealth and the ensuing construction boom. Initially, the rooftops of crowded apartment buildings were often reserved for maid’s quarters. When the finances of the upper echelons allowed – but space constraints did not—rooftops were converted either as private living space for the family or as grand salons for lavish entertainment. Yet even prior to penthouses, occupying the upper floors of an apartment building was desirable as it raised the occupants far above the noise and chaos of the city streets below, offering peace, quiet and privacy. Fast forward 100 years and penthouses have maintained their status-symbol reputations as the ultimate representation of wealth throughout the world. Why? Quite simply, life at the top offers something inaccessible to those living on the first or second floor: peace and quiet. The views are pretty hard to beat, too.

MALAYSIA IS BRINGING IN THE MONEY The state of the economy and the amount of existing individual assets – and predicted growth on both accounts – has a direct correlation to the penthouse sector of the real estate market. In a stable and growing economy with a large proportion of high net worth individuals, penthouse units tend to sell quite well. And Malaysia’s economy is one of the strongest in the region; the Bank Negara Malaysia says the economic growth of the nation in 2012 was 5.6%, and it expects a similar percentage-point growth for 2013. While overall growth is a reflection of the stability in the market, increasingly Malaysia is producing as well as attracting individuals with a great deal of money. In a Wealth Report from a private banking group, the number of high net worth individuals (HNWI) in 2011 in Malaysia was 32,000 but is expected to more than double by 2015. Factors for this draw on HNWIs include stable GDP growth, a strong currency, and asset price appreciation from real estate investments.

In fact, the real estate market in Malaysia is extraordinarily stable. ‘In inflation adjusted terms,’ says Global Property Guide, ‘prices have been almost completely stable for the past 15 years.’ So although growth slowed a bit in 2012 after gaining huge ground with fast-rising prices as well as soaring numbers of transactions, in reality, the difference is negligible. By comparison to the extreme housing markets in neighbouring Asian cities, such as Hong Kong and Singapore, the growing market in Malaysia primarily represents affordability. The average price of a private residence in Malaysia’s capital city, Kuala Lumpur, is RM497,535 (USD $165,156). But don’t underestimate this emerging economy. Construction is ongoing, with the value of residential construction work increasing at the end of 2012 by nearly 25%. And perhaps the greatest strength of the Malaysian property market is the clever Malaysia My Second Home Programme (MM2H), a first-of-its-kind bid to entice foreign investors onto the local property ladder. This is significant because it’s the only country in South-East Asia to allow foreign ownership of land.

Entry-level qualifications for the MM2H programme depend on age, but investors must show liquid assets worth between RM360,000 and RM510,000 (USD $119,000 and $169,000) and will have to open a RM bank account with at least RM150,000 to 300,000 (USD $50,000 to $100,000). For the truly wealthy foreigners currently flocking to Malaysia for property, and the wealthy Malaysians born from the local development of industry, many are opting for extreme, high-end condominium developments and serviced accommodation, often in the form of a non-landed penthouse.

THE HEIGHT PREMIUM While the housing prices are strong but affordable, in 2012, the ‘high-rise price index soared 9.6%’ to an average price of

St. Mary Residences

Looking up from below (above). Private pool of the super penthouse (top and top left opposite page).

RM206,973 (USD $68,670). So whatever you think about landed property, more people in Malaysia are buying into high-rise developments than bungalows. In terms of investment, a condominium purchase makes more sense—not only do they offer a worry-free lifestyle, but gross rental yields are between 1 and 3% higher for condos than for bungalows. For the larger, high-end luxury condos with penthouse offerings, this means the per-square-metre returns are the highest in the marketplace.

At the height of it all are the luxury penthouse offerings, and height matters. For those willing to pay, the amenity of height comes at a premium, with each and every floor above adding additional Ringgit to the total price. In Malaysia, this sometimes means paying an extra RM15,000 – 30,000 per floor (USD $5,000 – $10,000) for what some are calling a ‘height premium’. The added per-floor cost doesn’t appear to be slowing interest, however. As the level of wealth rises in the country, so rises the ability (and desire) to purchase a status symbol such as a penthouse. In fact, one developer, Eastern & Oriental Bhd (E&O), seeing the prestige factor of the penthouse, coordinated an arrangement with car manufacturer Lamborghini. Late last year, buyers at the St Mary Residences Kuala Lumpur were offered the option to buy, at a special price, a super car to go with their super penthouse. In another ‘market first’ in Malaysia, records were broken in April of this year when two penthouse units were reserved at RM37 million each (USD $12.2 million) at the prestigious Four Seasons Place Kuala Lumpur. At RM3,026 (USD $1,000) per square foot, this breaks the per-square-foot price sales record in Malaysia. In terms of final purchase price, however, that record is still held by a penthouse triplex sale in 2010 at The Binjai On The Park for RM38 million (which worked out at RM2,600 psf, or USD $880 psf ).

PREMIUM PENTHOUSES IN KUALA LUMPUR

Based on demand, there is an increasing number of premium high-rise developments cropping up all over the country. This particular offering from Eastern & Oriental Berhad (E&O) represents one of the best.

P E N T H O U S E

I N

M A L AY S I A

ST MARY RESIDENCES

t Mary Residences is located in the highly desirable KLCC. Offering Manhattan-style metro living, the design is urban, modern and chic, reminiscent of a loft in the trendy SoHo district of New York City. Sitting on four acres of land, the three towers of St Mary Residences cater to every need.Facilities include all the expected, such as clubhouse, meeting room, function room, children’s playground as well as lap pool, wading pool, Jacuzzi pavilion and fitness centre. There are a few surprises, however. In addition to an outdoor playground, children also have an indoor playroom. For penthouse residents, there are on-demand housekeeping and private pool cleaning services, and, harkening to the hospitality roots of the developers of St Mary, all residents can also enjoy E&O legendary five-star concierge services. Catering to city dwellers and residents on site is a two-storey annexe, housing a collection of bistros, boutiques and spas. However, if you tire of retail therapy, in the heart of St Mary is the Central Park, an expansive 1.2 acre, fully turfed urban sanctuary, an 'oasis of

Inside the lap of luxury Penthouse suites of 3+2 and 4+2 beds. Dining room (top left), en-suite bedroom (top right) and living room (bottom right).

calm'. In an urban setting where land and space are a premium, this is an unusual dedication to nature, tranquility and the well-being of the residents. PENTHOUSE SUITES AT ST MARY RESIDENCES There are 16 penthouse suites on offer, ranging in size from 4,130 square feet (383 square metres) to the mansion-sized 6,769 square feet (628 square metres). Two of the penthouses offer four en-suite bedrooms plus one additional study room and five bathrooms in total. The third penthouse suite has an additional function room. The grand daddy, the 628-square-metre super penthouse, comes with a total of five en-

suites, a study room, function room and a total of six bathrooms. All suites are kitted with quality fixtures and fittings, including porcelain, stone and glass tiles, concealed air-conditioning units, and of course built-in kitchen cabinets and appliances. AT YOUR DOOR STEP One of the most desirable aspects of penthouse living is that you can live high and above the noise and chaos of the city streets below; yet those same city streets – the ones that take you to the best of the local shopping, dining and entertainment – are just an elevator ride away. St Mary is within easy walking distance from the city’s famous landmarks, including the Petronas Twin Towers, the KL Tower and the Bukit Nanas Nature Reserve. Several medical centres, embassies and transport stations (light rail, monorail and taxi) are at hand, alongside shopping malls, restuarants, art galleries and museums. To most the word ‘penthouse’ spells luxury, but to those who own one, it is simply home.

COUNTRY GUIDE J U N E - J U LY 2 0 1 3

Australia The Sydney Opera House, one of Australia’s most famous landmarks.

Darwin

COUNTRY INFORMATION OFFICIAL NAME

Commonwealth of Australia

CAPITAL CITY

Canberra

CURRENCY

Australian dollar (A$1 = US$1.04)

LANGUAGE

English (de facto official)

TOTAL AREA

7,692,024 sq km (6th largest in the world)

POPULATION

22,015,576 (July 2012 est.)

REGION

Australasia

TIME ZONES

UTC +8, +9:30 and +10

DIALLING CODE

+61

GDP (Nominal; 2012 IMF estimate)

USD $1.542 trillion (12th largest in the world)

GDP PER CAPITA (Nominal; 2010–2011 IMF estimate)

USD $66,371 (5th highest in the world)

HUMAN DEVELOPMENT INDEX

0.938 (Very high)

PROPERTY BASICS AVERAGE PRICE

USD $8,717 psm (usually a 120-sqm apartment)

RENTAL YIELD

4.94%

RENT PER MONTH

USD $3,592 (usually a 120-sqm apartment)

CAPITAL GAINS TAX

45%

SOURCE GLOBAL PROPERTY GUIDE

WHERE TO BUY Australia’s property market is as varied as its colourful landscape. However, before making any purchase, buyers should decide the reason for the purchase, as it will help them decide which area (city centres, residential suburbs, or touristy sites) and what type of properties (apartments, terraced houses, villas, bungalows, etc.) to buy. INVESTMENT Residential suburbs, especially those within 10 kilometres of cities’ CBD and have good transport network, are the places to go. According to Matthew Bell of Australian Property Monitors, the suburbs of Hawthorn (Brisbane), Mentone (Melbourne), Mona Vale (Sydney), Halls Head (Perth) and Thebarton (Adelaide) offer buyers good investment potential because of their proximity to city centres and plenty of commuting options. SECOND HOME Those planning to send their kids to Australia’s universities can opt for places close to these institutions, such as Central Canberra (Australian National University), Camperdown, Newtown and Darlington (University of Sydney), Parkville and Carlton (University of Melbourne), and St Lucia and Indooroopilly (University of Queensland). VACATION HOME Those who plan to purchase purely for vacation purposes will be delighted to know the wide range of properties available. The cities of Gold Coast, Townsville and Sunshine Coast are top choices in Queensland; the Sydney suburbs of Manly and Mosman; and suburbs within picturesque Mornington Peninsula south of Melbourne. For a wine connoisseur, there’s Barossa Valley north-east of Adelaide and Swan Valley north-east of Perth.

BUYING PROCESS ORGANISE A TEAM OF PROFESSIONALS The buyer must find a solicitor (licensed to deal within the state where the property is located); a good mortgage broker with experience in helping nonresidents; and, though not necessary, an accountant to help structure the financials and save on tax.

AUSTRALIA Perth

Adelaide

APPLY FOR A LOAN Mortgage must be pre-approved before looking for a property, so the buyer will know if he or she is eligible for a loan and how much can be borrowed. SEEK FIRB APPROVAL All applications from foreign citizens are put before the Foreign Investment Review Board (FIRB), which takes 30 days. An approval can only be granted on a specifically nominated property. Contracts, therefore, with foreign citizens must contain a clause that going ahead with the purchase is conditional upon getting FIRB approval.

FIND A PROPERTY Now is the time to visit Australia and search for a property. The other option is to use a buyer’s agent. NEGOTIATE THE PURCHASE PRICE General rule: Australian properties usually sell for up to 10% less than their list price. If the buyer is using a buyer’s agent, then he or she will help negotiate the price. OBTAIN FORMAL MORTGAGE APPROVAL When a property has been chosen, the contract of sale is then forwarded to the mortgage broker or bank to proceed with the formal approval. EXCHANGE CONTRACTS AND PAY DEPOSIT The contract can be exchanged after the loan has been formally approved and the solicitor gives a go ahead. A deposit of 10% is needed, although the amount is negotiable. Make sure the contract has the clause ‘subject to FIRB approval’ and 30 days must be allowed for a FIRB decision. SETTLE This occurs when the property actually changes hands and the loan is advanced. This will be handled by the solicitor in conjunction with the bank and mortgage broker.

Brisbane

Sydney

CANBERRA Melbourne Hobart

GETTING IN VISA REQUIREMENTS Citizens of Brunei, Canada, Hong Kong, Japan, Malaysia, Singapore, South Korea, Taiwan and the USA are eligible to enter Australia by applying for an Electronic Travel Authority (ETA; subclasses 976, 977 and 956). This can be applied for over the Internet, through travel agents and through airlines. Passport holders of the 27 member-states of the EU, the European Free Trade Association states, and the four European microstates are eligible for the eVisitor visa, which is free of charge. Citizens of Argentina, Bahrain, Brazil, Chile, Croatia, Kuwait, Maldives, Oman, Qatar, Saudi Arabia, Turkey and the United Arab Emirates can apply for an Electronic Tourist Visa (e676). Citizens of countries not mentioned above can apply for tourist visa (subclass 676), which will allow them to visit Australia for holiday or recreation or to visit family and friends. For more information on visa application, visit www.immi.gov.au/visitors/. AIRPORTS AND AIRLINES Air travel is virtually the only way of getting into Australia. Its flag carrier Qantas (www.qantas.com.au) flies from Sydney, Melbourne, Brisbane, Adelaide and Perth to 21 cities around the world, with the most flights to Hong Kong, Singapore, Bangkok, Kuala Lumpur, Jakarta, Manila, Tokyo and Osaka. Melbourne

For more information on flights to Australia’s major cities, visit the following sites: SYDNEY www.sydneyairport.com MELBOURNE melbourneairport.com.au BRISBANE www.bne.com.au PERTH www.perthairport.com.au ADELAIDE www.adelaideairport.com.au GOLD COAST goldcoastairport.com.au CAIRNS www.cairnsairport.com South Australia’s Barossa Valley

For more detailed guides, visit www.propertylife.asia/countryguides

COUNTRY GUIDE J U N E - J U LY 2 0 1 3

Denmark Amalienborg Slotsplads, the space in the centre of Amalienborg Palace in Copenhagen, Denmark

WHERE TO BUY

Helsingor

DENMARK

Roskilde

Haderslev

COUNTRY INFORMATION OFFICIAL NAME

Kingdom of Denmark

CAPITAL CITY

Copenhagen

CURRENCY

Danish Krone (DKK)

LANGUAGE

Danish

TOTAL AREA

43,094 sq km

POPULATION

5,556,452

REGION

Europe

TIME ZONES

UTC+1

DIALLING CODE

GDP

USD $313.637 Billion

GDP PER CAPITA

(Nominal; 2010–2011 IMF estimate)

USD $56,207

HUMAN DEVELOPMENT INDEX

0.901 (very high)

(Nominal; 2012 IMF estimate)

(32nd largest in the world)

PROPERTY BASICS AVERAGE PRICE

€3, 933

RENTAL YIELD

5.18%

RENT PER MONTH

€2, 038

CAPITAL GAINS TAX

32%

SOURCE GLOBAL PROPERTY GUIDE

Amalienborg mansions and the Marble Church in Copenhagen, Denmark.

COPENHAGEN

4 men at the sea looking at the westcoast of Esbjerg.

Aside from that, there are also some restrictions on foreign ownership, particularly in coastal areas where you buy summer holiday homes. Hence, foreign buyers are usually encouraged to form their own local limited company to do the buying for them. The best place to settle in is Copenhagen, the capital of Denmark. With its newly constructed bridge that links Denmark and Sweden, it can pretty much access all parts of Scandinavia. Among the favourite areas to buy are those apartments along the harbour and docks. Another plus point for Copenhagen is that it’s consistently on the list of the top cities to live in.

Viborg

GETTING IN BUYING PROCESS In Denmark, many sellers have a property report detailing the physical condition of the property and any defects. This report is shown to all prospective buyers. Once both parties come up with an agreement, a buyer should place a deposit of at least 5% of the purchase price with the estate agent. After which, there will be a cool-off period of 6 days after signing the purchase agreement wherein buyer can pull out of the deal. He will then be required to pay the seller 1% of the purchase price as form of compensation. But if the buyer pursues the deal, he will be given the following documents: • Land certificate - outlines the rights and obligations concerning the property • Cadastral maps - detail the property number and location • Tax note for the property - outlines the expected rate of property tax for the following year • Energy rating and plan - includes the current heating, electricity and water consumption, and guidance on how to reduce them

VISA REQUIREMENTS Foreigners who intend to stay in Denmark for more than 3 months are required to have a visa as well as a residence permit. However, if you hold a certain types of residence or re-entry permits, you need not present a visa. In the same vein, citizens of countries that are member of the Schengen acquis, of the EU or of EFTA, can be granted entry sans visa for a maximum of 90 days. AIRPORTS AND AIRLINES The main airport in Denmark is Copenhagen International Airport that caters to Copenhagen, Denmark, the entire Zealand, the Oresund Region, and a large part of southern Sweden. Most of the international flights fly to and fro Kastrup, but there are those that also fly to international destinations. These airports include Aarhus (Tirstrup), Billund, Aalborg, and Esbjerg. For further guidance, visit www.learn4good.com For more details about Copenhagen International Airport, Kastrup: www.cph.dk As for the list of Danish airports’ website: www.visit-denmark.dk For more detailed guides, visit www.propertylife.asia/countryguides

Alborg

• BBR-owner information - provided by the local With the holiday home prices taking a dip this year, council, which gives information on the property such as now is the perfect time to purchase residential homes. its history, dimensions, location and technical condition However, doing so may not be easy for foreigners due to the special regulations designed for them. First off, they The final stage of the buying process is the drafting of the have to meet the following conditions: deeds, which will be signed by both parties to legally bind • has previously resided in Denmark for at least five the sale. This document will then be forwarded to the years Land of Registry to register the change of ownership. Once • is an EU national working in Denmark done, the buyer pays the remaining balance to the seller who, in turn, gives the keys to the latter. • if non-EU national, should hold a valid residence or business permit

COUNTRY GUIDE J U N E - J U LY 2 0 1 3

Hong Kong Statue of the movie star Bruce Lee on the Avenue of Stars of Hong Kong

COUNTRY INFORMATION GUANGDONG OFFICIAL NAME

Hong Kong or Xianggang

CAPITAL CITY

None, as Hong Kong is a Special Administrative Region of China

CURRENCY

Hong Kong Dollar (HKD)

LANGUAGE

Cantonese, English

TOTAL AREA

1,104 sq km

POPULATION

7,182,724

REGION

East Asia

TIME ZONES

UTC+8

DIALLING CODE

852

GDP

USD $34, 049 (5th)

GDP PER CAPITA

(Nominal; 2010–2011 IMF estimate)

USD $243.302 billion (5th)

HUMAN DEVELOPMENT INDEX

0.906 (very high)

(Nominal; 2012 IMF estimate)

USD $20, 660

RENTAL YIELD

3.00%

RENT PER MONTH

US $6, 198

CAPITAL GAINS TAX

N/A

(*Asterisk relates to transit visas, and include just changing planes in Hong Kong, and cannot normally be upgraded to a tourist visa on arrival) Forms and a guide to the regulations (which includes a checklist of what you must submit) can be downloaded from www.immd.gov.hk/ehtml/fvisit.htm.

AIRPORTS AND AIRLINES Hong Kong International Airport (www.hongkongairport.com) is the territory’s main airport. Opened in 1998 (replacing Kai Tak in Kowloon), it is an important regional trans-shipment centre, passenger hub and gateway for destinations in mainland China (over 40 destinations) and the rest of Asia. It also operates in one of the world’s largest terminal buildings.

BUYING PROCESS Generally foreigners – except those from Afghanistan, Albania, Cuba, North Korea and mainland China (unless they are permanent residents in another country) – can buy properties in Hong Kong and rent out without restriction. And they have two options: either as an individual (including jointly with your spouse) or through a corporation. For large real estate developments, it’s best to own property through a Hong Kong corporation.

The airport is the primary hub of Cathay Pacific, Dragonair, Hong Kong Airlines, Hong Kong Express Airways, and Air Hong Kong. It is also the focus city of many other airlines, including China Airlines, China Eastern, Virgin Atlantic, United, and Air India. One of the world’s busiest, it handled more than 53 million passengers in 2011, has 90 airlines operate flights from the airport to over 150 cities across the globe, and recently surpassed Memphis International Airport as the world’s busiest airport by cargo traffic. For more detailed guides, visit www.propertylife.asia/countryguides

GETTING IN

SOURCE GLOBAL PROPERTY GUIDE

WHERE TO BUY As Hong Kong’s de facto financial and political centre, the Western and Central District is where the city’s skyline is most impressive. It also has some of the city’s priciest real estate, from upscale retail areas to posh condos built along the steep slopes of Mid-Levels. But over the last few years foreign buyers have avoided the traditional luxury districts, and opted for upcoming affluent neighbourhoods, such as West Kowloon, where a number of upscale residential projects were unveiled. This is also where the city’s tallest skyscraper is found – the 484-metre International Commerce Centre, which sits on top of Kowloon Station. © (LEFT)HENRIK GROENMEN/SXC (MIDDLE)WIKIMEDIA COMMONS (RIGHT)RINGOC2/SXC (TOP) WIKIMEDIA COMMONS

HONG KONG

HAINAN

PROPERTY BASICS AVERAGE PRICE

Guangzhou

Hong Kong, Kowloon

VISA REQUIREMENTS Most nationals only need to obtain a tourist visa if they want to stay longer than the number of days allowed for their nationality (go to www. immd.gov.hk/en/services/hk-visas/visit-transit/visit-visaentry-permit.html for a complete list and number of days allowed). Nationals of the following countries, however, are required to obtain visas before entering Hong Kong: countries that were once part of the Soviet Union, Afghanistan, Albania, Angola*, Bangladesh*, Burundi*, Cambodia, Cameroon*, Congo (Zaire)*, Republic of Congo*, Ivory Coast*, Cuba, Eritrea*, Ethiopia*, Grenada, Ghana*, Iran, Iraq*, Laos, Lebanon, Liberia*, Libya, Moldova, Montenegro, Myanmar, Nepal*, Nicaragua, Nigeria, Pakistan*, Palestine, Panama, Senegal, Serbia, Sierra Leone*, Solomon Islands, Somalia*, Sri Lanka, Sudan, Syria, Togo*, Vietnam.

Ten Thousand Buddhas Monastery (萬佛寺) is a Buddhist temple in Shatin, Hong Kong.

International Finance Centre, Hong Kong IFC

COUNTRY GUIDE J U N E - J U LY 2 0 1 3

Japan View of Shinjuku skyscrapers and Mount Fuji as seen from the Bunkyo Civic Center in Tokyo

OFFICIAL NAME

Japan

AVERAGE PRICE

USD $11, 466

CAPITAL CITY

Tokyo

RENTAL YIELD

5.53%

CURRENCY

Yen (JPY)

RENT PER MONTH

USD $6, 341

LANGUAGE

Japanese

CAPITAL GAINS TAX

15.00%

TOTAL AREA

377, 915 sq km

POPULATION

128 Million (as of 2012)

REGION

South-East Asia

TIME ZONES

UTH+9h

SOURCE: WWW.GLOBALPROPERTYGUIDE.COM/ASIA/JAPAN

WHERE TO BUY

DIALLING CODE

+81

GDP

USD $5.964 trillion (third largest in the world)

(Nominal; 2012 IMF estimate)

GDP PER CAPITA (Nominal; 2010–2011 IMF estimate)

USD $46, 736 (14th)

HUMAN DEVELOPMENT INDEX 0.912 (very high) SOURCE: WWW.CIA.GOV/LIBRARY/PUBLICATIONS/THE-WORLD-FACTBOOK/GEOS

JAPAN Sapporo

Japan is one of the few countries that allow foreigners to own a land. In fact, they can purchase a property even without setting foot on the country. As there are no restrictions over land ownership, property titles can be registered to a foreign address. Hence, foreigners can freely purchase or sell land, apartments, buildings, and even engage in real estate business. However, with Japan’s huge population, insufficient land supply is expected. This is evident in metropolitan Tokyo where most of the areas are extremely dense. More so, property buyers should also consider the geographic location of Japan. It is noted that since Japan is within the Pacific Ring of Fire, it is prone to earthquakes and volcanic activities. Taking this into account, an extensive research should be done before deciding where to buy. Aside from that, buyers should also consider the amount that they are willing to spend given the fact that housing costs in Japan are relatively expensive despite the cooling measures imposed by the government. TOKYO Ranks fourth among the most popular places in the world for real estate investment. This is undoubtedly a good place to live, as it is the centre of Japan’s commercial and financial activity.

Niigata

Mer du Japon

Fukushima

KANTO The most developed, urbanised and industrialised region in Japan. It also accounts for the largest share of GDP in the country. Though highly industrialised, it is home to some of natural wonders such as mountains, hot springs, and semi-tropical islands

Sea of Japan

TOKYO

Nagoya

Osaka Hiroshima

Fukuoka

Océan Pacifique

BUYING PROCESS FINANCE It is important to consult with your bank about finance. SEARCH Check the recent sales, property values and relative prices of your target property .

Pacific Ocean

The view of Osaka river during cherry blossom season.

INSPECTIONS This should be done to better understand the market and make the right decision

APPLICATION Once a property has been chosen, submit an ‘application to purchase’. Although not legally binding, this letter contains your intent to buy a property at a certain price. EXPLANATION OF MATTERS It is important to hire an agent so that once the price is agreed on, the former can investigate the details of the property and give you an ‘Explanation of Important Matters’. It contains all the important terms in the document that you need to review prior to executing the contract. EXECUTING THE CONTRACT Once a purchase contract is drafted, a 10% deposit is usually expected from the buyer before the contract date. LOCATION APPLICATION Upon completion of contract, you can make the formal loan application, which usually takes a month or so for final approval. However, if the mortgage is not approved, the contract will be terminated at no cost. FINAL SETTLEMENT The buyer transfers the remaining amount to the seller’s account, who, in turn, gives the title of the property and as well as the keys to the former. As for title registration, there will be corresponding government fees and taxes, which takes around 14 days to complete. SOURCE: HTTP://HOUSINGJAPAN.COM/REAL-ESTATE-TOKYO/BUYING-GUIDE/

GETTING IN It is important to obtain a visa in advance if you wish to enter or stay in Japan. The category of visa that you will need to apply for depends on the duration of your stay. For short visits, foreigners should have a temporary visitor visa or tourist visa, which can be obtained at the nearest Japan Embassy/Consulate. On the other hand, foreigners who plan to stay longer or wish to work in Japan should apply for a long-term visa. For more information about the Japanese visas, go to www.mofa.go.jp

Furthermore, there are countries that have visa exemption arrangements with Japan. Unless they intend to stay longer, citizens of these countries need only to present a passport upon arrival. To view the list of countries with visa exemptions, click www.mofa.go.jp

AIRPORTS AND AIRLINES Most of the major airlines and airports fly to Japan so it’s literally accessible from across the globe via air travel. The country’s two leading airlines, Japan Airlines (www.jal.com) and All Nippon Airways (www.ana.co.jp ) connect to wide range international destinations. For more information about some of the most important international in Airports, visit the following sites: Tokyo’s Narita Airport: www.narita-airport.jp Osaka’s Kansai Airport: www.kansai-airport.or.jp Tokyo’s Haneda Airport: www.haneda-airport.jp Nagoya’s Central Japan Airport: www.centrair.jp For more detailed guides, visit www.propertylife.asia/countryguides

PROPERTY BASICS

COUNTRY INFORMATION

COUNTRY GUIDE J U N E - J U LY 2 0 1 3

Malaysia Petronas Towers in Kuala Lumpur

The programme’s basic rule is that foreigners are not allowed to buy properties costing less than MYR500,000 (US$160,102). This is to prevent inflationary pressures in the lower end of the property market. Visit www.mm2h. gov.my for more details. Areas popular to foreign buyers are Kuala Lumpur, Johor Bahru and Penang. Other cities, such as Ipoh and Kota Kinabalu, and resort islands, such as Langkawi, are increasingly attractive as well.

COUNTRY INFORMATION OFFICIAL NAME

Federation of Malaysia

CAPITAL CITY

Kuala Lumpur

CURRENCY

Ringgit (USD $1 = MYR3.12)

LANGUAGES

Bahasa Malaysia

TOTAL AREA

329,847 sq km

POPULATION

29,179,952 (July 2012 est.)

REGION

South-East Asia

TIME ZONES

UTC +8

DIALLING CODE

+60

GDP (Nominal; 2012 IMF estimate)

USD $307.18 billion

GDP PER CAPITA (Nominal; 2010–2011 IMF estimate)

USD $10,085

HUMAN DEVELOPMENT INDEX

0.769 ( high)

Mount Kinabalu

GETTING IN VISA REQUIREMENTS Malaysia currently offers visa on arrival to citizens of 66 countries for stay of up to 90 days. In addition, citizens of ASEAN member countries (Cambodia, Indonesia, the Philippines, Singapore, Thailand, and Vietnam) plus 83 others can enter the country visa-free for stays of up to 30 days. For a complete list of these countries, visit www.kln.gov.my/ web/guest/requirement-for-foreigner. AIRLINES AND AIRPORTS Kuala Lumpur International Airport is Malaysia’s major point of entry. Currently handling 35 million passengers a year, the airport is the world’s 14th busiest in terms of international passenger traffic and Asia’s fifth busiest international airport. It is the hub of flag carrier Malaysia Airlines, which has regular scheduled flights to 87 destinations around the world, as well as the popular low-cost carrier AirAsia.

PROPERTY BASICS AVERAGE PRICE

USD $2,182 psm

RENTAL YIELD

7– 8.7%

RENT PER MONTH

USD $1,356

CAPITAL GAINS TAX

N/A

(usually a 120-sqm apartment in premier city centres)

SOURCE GLOBAL PROPERTY GUIDE

MALAYSIA

BRUNEI

Kuala Lumpur

MALAYSIA

SINGAPORE

Kuala Lumpur International Airport

INDONESIA

WHERE TO BUY Outside Singapore, Malaysia is South-East Asia’s most transparent real estate market according to Jones Lang LaSalle. As a result, buying a property here is straightforward and legally sound. Foreigners are allowed to purchase leasehold and freehold properties. However, it still pays to understand how the country’s market works and what is needed. Foreigners are also only allowed to buy two houses at a cost no less than MYR150,000 (US$48,030). In some parts of the country, it is only the local people and other indigenous groups are allowed to buy and sell land or property. Therefore, if one is considering buying a lot upon which to build, it is vital you check this ahead of signing any contracts. Many foreigners who come to Malaysia buy property under the Malaysia My Second Home (MM2H) programme, whose intention is to encourage foreigners to move to or spend a long time in Malaysia. The programme offers a number of incentives: a ten-year residence permit, tax-free car purchase, and tax-free income from outside Malaysia.

Penang

BUYING PROCESS The following is a very high-level overview of the process of buying property: 1 After identifying the property to purchase, hire a local lawyer to negotiate the price and draft an offer letter to the seller. 2 Upon signing the offer letter, pay 2% of purchase price. 3 Pay the additional 8% after the Sales and Purchase agreement is drafted and signed. 4 Apply for State Authority Consent. 5 The remainder of the purchase price is paid (cash or mortgage). 6 The Sales and Purchase agreement is sent to the land registry and the title deeds are transferred to the buyer’s name, subject to approval of the State Authority.

Numerous Asian airlines also fly from their respective hubs to the airport, most notable of which are Cathay Pacific (Hong Kong), China Airlines (Taipei), China Eastern (Shanghai), China Southern (Guangzhou), Emirates (Dubai), Etihad (Abu Dhabi), Garuda Indonesia (Jakarta), Japan Airlines (Tokyo), Korean Air (Seoul), Qatar Airways (Doha), Singapore Airlines (Singapore), Thai Airways International (Bangkok) and Vietnam Airlines (Hanoi and Ho Chi Minh City). For more information, visit klia.info/airlines.htm. The main point of entry in the eastern states of Sabah and Sarawak is Kota Kinabalu International Airport. Asiana Airlines and Korean Air have scheduled flights from Seoul to the city, Dragonair from Hong Kong, and SilkAir from Singapore. For more detailed guides, visit www.propertylife.asia/countryguides

COUNTRY GUIDE J U N E - J U LY 2 0 1 3

Netherlands Binnenhof, Hofvijver and flag of the Netherlands, The Hague

COUNTRY INFORMATION Koninkkrijk der Nederlanden

CAPITAL CITY

Amsterdam

CURRENCY

Euro

LANGUAGES

Dutch

TOTAL AREA

41,543 sq km

POPULATION

16,805,037

REGION

Europe UTC/GMT+1 (Standard Time) UTC/GMT+2

TIME ZONES

(Daylight Saving Time)

DIALLING CODE

+31

GDP

USD $773.116 billion (3rd)

(Nominal; 2012 IMF estimate)

GDP PER CAPITA (Nominal; 2010–2011 IMF estimate)

USD $46, 142

HUMAN DEVELOPMENT INDEX

0.921 (very high)

Mer du Nord

AMSTERDAM Utrecht

NETHERLANDS

But all things considered, The Netherlands is a beautiful country with developed and solid democracy. Such is partly the reason why people here are quite liberalminded. Among the many things that Dutch are proud about are the rich cultural heritage, flat lands, and its splendid capital—Amsterdam. If you want to get a taste of Netherlands, then settle in Amsterdam. It is by far the largest city and the seat of financial, cultural, and creative activities in the country.

BUYING PROCESS

Zwolle

North Sea

and Apeldoorn (-9.66%) in November 2012. As there are no improvements in the housing market, local property experts predicted that house prices are likely to continue dropping in 2013.

Arnhem

The good thing about buying a property in this country is that foreign ownership is not restricted. The purchasing process is also relatively simple. It involves a price agreement between the seller and buyer with the help of agents or makelaars. After which, there will be a signing of a temporary contract (voorlopig contract) that covers all aspects of the sale, followed by a 10% down payment to the seller. Once done, a copy of the signed contract will be sent to a notary public (notaris) for the completion of transfer of ownership. Ultimately, the registry of the property will be carried by the notaris at the Public Registry Office or the Kadaster.

Breda Eindhoven

PROPERTY BASICS AVERAGE PRICE

€4,650

RENTAL YIELD

5.11%

RENT PER MONTH

€4,650

CAPITAL GAINS TAX

1.20%

SOURCE GLOBAL PROPERTY GUIDE

WHERE TO BUY The Netherlands is not just known as a sporting country, but also as one of the world’s most well-of countries. But this does not mean that it is spared from the global financial breakdown. Statistics Netherlands (CBS) reported that the country has seen the biggest house price falls ever recorded in its two major cities, Amsterdam (-11.17%)

GETTING IN VISA REQUIREMENTS You need a visa or residence permit, in some cases, to enter and stay in The Netherlands. Depending on the purpose of your stay, your visa application will be dealt with by either the Ministry of Foreign Affairs or the Immigration and Naturalization Services. To apply for visa, you need to do the following: • Complete the visa application form • Affix a 35x45 cm passport photograph • Produce a passport that is no more than 10 years old • Submit application in person at the Schengen country’s mission But if you are a citizen of any of those countries, which have a visa agreement with Netherlands, you need not bring a visa for a 90-day stay. However, these are the The village of Rijpwetering

conditions that you should meet: • You have a valid passport • You have enough money (€34 per day) • Valid reason for visiting the country • You are not a threat to public order, national security, or international relations List of countries that are granted a 90-day stay sans visa: www.government.nl/issues/visa-for-the-netherlandsand-the-caribbean-parts-of-the-kingdom/documentsand-publications/leaflets/2012/10/04/countries-whosenationals-do-not-need-a-schengen-visa-for-thenetherlands.html AIRPORTS AND AIRLINES Netherlands principal airport is the Amsterdam Airport Schiphol, which is the fifth busiest airport in the whole of Europe. Besides this, Netherlands has four other international airlines that also fly to and from the country and international destinations. For further information about international airports, visit the following websites: Amsterdam Airport Schipol: www.schiphol.nl Eindhoven Airport: www.eindhovenairport.nl Rotterdam The Hague Airport: www. rotterdamthehagueairport.nl Maastricht Aachen Airport: www.maa.nl Groningen Airport Eelde: www.groningenairport.nl For more detailed guides, visit www.propertylife.asia/countryguides The Dom Tower in Utrecht

OFFICIAL NAME

COUNTRY GUIDE J U N E - J U LY 2 0 1 3

New Zealand Auckland metropolitan area, in the North Island of New Zealand

COUNTRY INFORMATION OFFICIAL NAME

New Zealand

CAPITAL CITY

Wellington

CURRENCY

New Zealand Dollar (NZD)

Auckland

LANGUAGES

English, Maori, New Zealand Sign Language

TOTAL AREA

267,710 sq km

Hamilton

POPULATION

4,451,017 (Jan 2013 estimate)

REGION

Europe

TIME ZONES

UTC+12 (Standard Time)

DIALLING CODE

+64

GDP

USD $36,648

(Nominal; 2012 IMF estimate)

GDP PER CAPITA (Nominal; 2010–2011 IMF estimate)

USD $161.851billion

HUMAN DEVELOPMENT INDEX

0.919 (very high)

Potential buyers should also make sure to check the Land Information Memorandum (LIM) of the property they would like to purchase. The LIM contains information from the local council about a property’s zoning, boundaries, building consents, etc. – in short, everything a buyer needs to know about the property.

Gisborne New Plymouth Wanagui

NEW ZEALAND WELLINGTON

Marlborough

West Coast Canterbury

PROPERTY BASICS AVERAGE PRICE

USD $3,559

RENTAL YIELD

8.02%

RENT PER MONTH

USD $2, 856

CAPITAL GAINS TAX

N/A

SOURCE GLOBAL PROPERTY GUIDE

up a huge chunk of the region’s income, and between 1996 and 2006 it is estimated that the area’s population grew 60% due to this industry.

WHERE TO BUY Foreign property buyers are mostly drawn to the Auckland Region because of its cosmopolitan lifestyle. However, houses in New Zealand’s most populous city, especially in its Eastern Suburbs, are quite unaffordable. Housing median price rose 8% year-on-year to December 2012 in the region, according to data from REINZ.

The Waikato, Hawke’s Bay and Marlborough regions in the North Island are also popular destinations of property hunters. In the South Island, the Otago Region, especially the picturesque Queenstown-Lakes District, is a market favoured by foreign lifestyle-property buyers. Tourism makes

Maori rock carvings at Mine Bay on Lake Taupo, New Zealand

BUYING PROCESS According to rightmove.co.uk, ‘open homes’ are quite popular in New Zealand. This means sellers allow potential buyers to view their home at a particular time on specific days, and no appointments are necessary. This way, buyers can view as many properties as possible. Another popular way to buy a house in New Zealand is through auctions. However, if planning to do so, make sure that everything is organised before the day of the auction, such as having the property title checked by a solicitor and a building inspection carried out. Also, during the house auction, it is possible that the buyer might end up bidding against other potential buyers; hence, it is important to have a budget and stick to it.

Microsoft Building Auckland City, Auckland

Once the preferred property has been found, it is then time to make an offer to the seller. During this negotiation the seller may agree to remedy any faults the building inspection has uncovered. When the offer is accepted, the buyer is then expected to pay a 10% deposit on the agreed purchase price. Both parties will also agree on the settlement terms, such as when the contracts will be exchanged and when the balance will be paid.

GETTING IN VISA REQUIREMENTS People from some countries (go to glossary.immigration.govt.nz/visafreecountries. htm for a complete list) don’t need a visitor visa to enter New Zealand for a visit of 3 months or shorter. However, they are still required to provide travel tickets or evidence of onward travel arrangements and evidence of funds for maintenance. Citizens of non-visa-waiver countries are required to apply for a visitor visa before travelling to New Zealand. For a complete list of steps, go to www.immigration.govt.nz/migrant/stream/visit/visitors/process/. AIRPORTS AND AIRLINES The country has a comprehensive network of international and domestic airports, with Auckland being the country’s busiest and major international gateway, serving more than 14 million passengers ever year (www.aucklandairport. co.nz/). It is the central hub for the country’s flag carrier, Air New Zealand, a regional hub of Virgin Australia and a focus city of JetStar Airways. Christchurch International Airport is the country’s second busiest and the South Island’s primary gateway, serving more than 5 million passengers annually. In addition to domestic flights, several foreign airlines fly here, including Qantas (Sydney), Singapore Airlines (Singapore), Emirates (Dubai, Bangkok, and Sydney) and Virgin Australia (Brisbane, Sydney and Melbourne). For more detailed guides, visit www.propertylife.asia/countryguides

Auckland Ferry Terminal

COUNTRY GUIDE J U N E - J U LY 2 0 1 3

Singapore Downtown Singapore’s Marina Bay

COUNTRY INFORMATION Republic of Singapore

OFFICIAL NAME CAPITAL CITY CURRENCY

Singapore dollar (S$1 = US$0.80)

LANGUAGES

English, Malay, Mandarin and Tamil

TOTAL AREA

710 sq km

POPULATION

5,353,494 (July 2012 est.)

REGION

South-East Asia

TIME ZONES

UTC +8

DIALLING CODE

+65

GDP

USD$267.9 billion

GDP PER CAPITA (Nominal; 2010–2011 IMF estimate)

USD $49,271 (12th highest in the world)

HUMAN DEVELOPMENT INDEX

0.895 (very high)

(Nominal; 2012 IMF estimate)

SINGAPORE

PROPERTY BASICS AVERAGE PRICE

USD $16,350 psm

RENTAL YIELD

2.95%

RENT PER MONTH

USD $4,817

CAPITAL GAINS TAX

N/A

(usually a 120-sqm apartment in premier city centres)

BUYING PROCESS There are two types of properties foreigners can purchase in Singapore: non-restricted and restricted. Restricted properties are those that require approval from the government, which may include land, landed properties and Housing Development Board flats (HDB). The Residential Property Act, however, regulates all foreign ownership in Singapore. It allows foreigners to purchase apartments in non-condominium developments without the need for government approval. To obtain approval to purchase land or landed properties, a form is available for download at the Singapore Land Authority website (www.sla.gov.sg). The following are the usual steps in buying properties in Singapore. 1 In order to protect your interests, engage the services of a professional estate agent or specialty attorney. 2 Option to purchase agreement requires 1% of the purchase price and is usually prepared by the seller’s agent or attorney. This agreement allows 14 days consideration before proceeding with the purchase. 3 Offer to purchase agreement is prepared by the buyer’s agent or attorney and is an alternative to the option to purchase agreement. 4 Inspections are stated in the option to purchase agreement, which allows the buyer to have a professional inspection of the property before completing the sale. 5 Close of sale is under the jurisdiction of the attorneys and usually takes 8–10 weeks to complete.

GETTING IN VISA REQUIREMENTS All travelers need a passport valid for at least 6 months before entering Singapore. Passports must have blank visa pages. It is also advisable to confirm whether a transit visa is required for any connections. Nationals of countries belonging to either Assessment Level I or II categories specified by the Singapore government will require a visa. These countries include Afghanistan, Algeria, Bangladesh, Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, Egypt, Georgia, India, Iran, Iraq, Jordan, Lebanon, Libya, Morocco, Myanmar, Nigeria, People’s Republic of China, Pakistan, Saudi Arabia, Somalia, Sudan, Syria, Tunisia, Yemen and Palestine. Visit www.mfa.org.sg for more details. AIRPORTS AND AIRLINES Singapore Changi Airport (www.changiairport.com), widely regarded as one the world’s best, is Singapore’s main international gateway. It serves more than 100 airlines, over 6,000 flights a week to more than 220 destinations. The airport has won 390 awards since 1981, including 23 ‘Best’ awards in 2011. The city-state’s flag carrier is government-owned Singapore Airlines, which has a strong presence in South-East Asia, East Asia, South Asia and the ‘Kangaroo Route’ markets and flies to about 62 destinations around the world. In 2012, the airline carried around 18 million passengers. Terminal 3 of Singapore Changi Airport

Marina Bay Sands

(usually a 120-sqm apartment in premier city centres)

SOURCE GLOBAL PROPERTY GUIDE

WHERE TO BUY Driven by an efficient legal system, impeccable infrastructure and strong and stable economy, Singapore’s property market is among the world’s priciest. According to Knight Frank, the value of real estate in Singapore surged 50.5% from the last quarter of 2006 to the same period in 2011. Quite expectedly, the city-state’s Central Region, which includes the urban planning areas of Downtown Core, Marina East, Marina South, Newton, Orchard, Outram, River Valley, Rochor, and Singapore River, has some of the island’s priciest real estate. These areas, however, are at the very centre (or very close to) of Singapore’s cultural, economic, and political activities. Singapore’s other regions (and their largest towns): East (Bedok), North (Woodlands), North-east (Hougang) and West (Jurong West). It is the Urban Redevelopment Authority’s policy to create partially self-sufficient towns within each of these regions to reduce congestion and traffic strain in the Central Area. As a result, these regions have their own commercial areas that offer facilities and amenities (such as hospitals, schools and shopping areas) comparable to those in the Central Area.

LAND Transportation in Singapore is extremely easy. The roads are modern, paved and well posted. Buses and taxis abound and take you anywhere on the island. The city-state’s highly efficient Mass Rapid Transit (MRT) System has a network of 102 stations with almost 150 kilometres of line on standard gauge.

Merlion Park

MRT

For more detailed guides, visit www.propertylife.asia/countryguides

COUNTRY GUIDE J U N E - J U LY 2 0 1 3

Switzerland Kramgasse (grocer's lane) with Zytglogge clock tower, Berne, Switzerland. Zähringer fountain in the foreground.

COUNTRY INFORMATION OFFICIAL NAME

Switzerland or Confoederatio Helvetica

CAPITAL CITY

Bern City

CURRENCY

Swiss Francs

LANGUAGE

French, German, Italian, Romansh

TOTAL AREA

41,277 sq km

POPULATION

7,925,517 (July 2012 est)

REGION

South-East Asia

Zurich Sankt Gallen

BERN

SWITZERLAND

Graubunden

UTC+1 (6 hours ahead of Washington, DC during

TIME ZONES

Standard Time)

DIALLING CODE

+41

GDP

USD $632.400 billion (4th largest in the world)

GDP PER CAPITA (Nominal; 2010–2011 IMF estimate)

USD $79, 033

HUMAN DEVELOPMENT INDEX

0.913 (very high)

(Nominal; 2012 IMF estimate)

Sion

BUYING PROCESS PROPERTY BASICS AVERAGE PRICE

€12, 610

RENTAL YIELD

2.94%

RENT PER MONTH

€3, 703

CAPITAL GAINS TAX

N/A

When it comes to purchase procedure, a local Swiss Public Notary will act for both the purchaser and the vendor and draw up the deeds and documents required for legal ownership. For foreigners, the Notary will apply on their behalf to the Cantonal authorities for an authorization permit. Through the Notary, the purchasing procedure is relatively simple: • Complete personal details forms and Power of Attorney documentation • Payment of the agreed deposit to the Notary’s account • Signing of the deed of sale • Registration at the Land Register

SOURCE GLOBAL PROPERTY GUIDE

WHERE TO BUY

Foreigners can purchase property in Switzerland provided that they would obtain a permit first from the appropriate cantonal and federal authorities. The Swiss Government also limits the properties that can be sold to foreigners. Each year, only 1,440 homes are allocated to offshore buyers. However, permission is not required if the property will serve as the main residence of the purchaser so long as he actually lives there (renting out is not allowed). In order to gain insights on the prospective house purchasers, the Internet is a convenient option. You can also make use of the estate agents for further guidance on which area is a good buy. Moreover, states or cantons are the ones to decide which areas can be sold; hence, estate agents can narrow down the options on your behalf.

GETTING IN VISA REQUIREMENTS When entering Switzerland, foreign nationals should carry valid travel document recognised by Swiss authorities. Depending on the country of origin, a foreigner may require a visa to enter Switzerland. For instance, citizens of the European Union (EU) or EFTA (European Free Trade Association) can enter with a valid passport or photo ID, while some non-EU need a valid passport only. Others, however, may be required to have a visa to enter the country.

SOURCE WWW.GSTAADREALESTATESERVICES.CH

Das Sunrisehochhaus in Zürich Nord, Schweiz

Residency permits are not required for a visit not exceeding three months. For visa application, submit the following documents to a competent Swiss representation: • One national (type D) visa application form, fully completed and signed by the applicant. For stays up to 3 months or authorisations for a 120-day visa, the regular Schengen visa application form should be used. You should also indicate your e-mail address and a contact phone number in case additional information is required. • Two passport photos per applicant (very strict requirements, please consult the details on the webpage) • Applicant’s valid original passport, plus a copy • Visa fee (only money order or cash) • If applying by mail, include one prepaid, selfaddressed, return envelope with a tracking number For more information about visas and regulations visit www.bfm.admin.ch

AIRPORTS AND AIRLINES Taking into account that Switzerland is one of the highly popular tourist destinations, it can be expected that its airport transport system is quite excellent. The two key airports in the country are Zurich Airport (tagged as the major international airport in Switzerland) and Geneva International Airport. Other fast-rising airports include Europort, Bern-Belp, and Lugano Airport. Check the following websites for more information about these airports: Zurich Airport: www.zurich-airport.com Geneva International Airport: www.gva.ch EuroAirport Basel-Mulhouse-Freiburg: www. euroairport.com Bern-Belp Airport: www.flughafenbern.ch Lugano Airport: www.lugano-airport.com For more detailed guides, visit www.propertylife.asia/countryguides

COUNTRY GUIDE J U N E - J U LY 2 0 1 3

United Kingdom The City of London, the UK's financial centre

WHERE TO BUY

COUNTRY INFORMATION OFFICIAL NAME

United Kingdom of Great Britain and Northern Ireland

CAPITAL CITY

London

CURRENCY

Pound sterling (£1 = USD $1.51)

LANGUAGE

English (official)

TOTAL AREA

243,610 sq km

POPULATION

64,047,162

REGION

Western Europe

TIME ZONES

UTC +0

DIALLING CODE

+44

GDP

USD $2.434 trillion (6th largest in the world)

GDP PER CAPITA (Nominal; 2010–2011 IMF estimate)

USD $38,811 (22nd highest in the world)

HUMAN DEVELOPMENT INDEX

0.875 (very high)

(Nominal; 2012 IMF estimate)

There are several cities in the UK that serve as financial hubs and business centres, and often include the best options for property investors, especially those with an aim to letting out the property for an income. The most obvious is London, although Edinburgh is also an excellent market, as are Bristol and Cambridge. Some cities are not for the faint of heart when it comes to investment, such as Liverpool, Newcastle and Glasgow, although deals are to be found for an investor who can afford to park their money and wait for returns. Countryside options are also popular investments in the UK, with ideal locations found all over the south and southwest, including Wales, as well as the Midlands, Yorkshire, and islands such as the Isle of Wight. Glasgow’s Clyde Arc

Oxford Edinburgh Northern Ireland

UNITED KINGDOM

LONDON

PROPERTY BASICS AVERAGE PRICE

USD $25,445 psm

RENTAL YIELD

3.43%

AVERAGE RENT PER MONTH

USD $8,737

CAPITAL GAINS TAX

28%

(usually a 120-sqm apartment in premier city centre)

SOURCE GLOBAL PROPERTY GUIDE

AVERAGE PROPERTY PRICE SOURCE RIGHTMOVE.CO.UK

USD $305,645

BUYING PROCESS Long considered a safe haven for prime-property investment, the UK’s real estate market is open to foreign investors. GET APPROVAL First, secure approval from a lending institution for financing (if paying cash, this is not necessary, but it will still be necessary to arrange for proof of ability to pay).

ORGANISE A TEAM OF PROFESSIONALS After finding an estate agent and searching for the property, hire a solicitor (attorney/lawyer) to draw up the paperwork for making an offer to the seller. During or after the negotiations, hire a chartered surveyor/ valuer to assess the property. SIGN AND SETTLE The valuation and survey documents will be required to finalise the mortgage, if used, and for the final contracts and negotiations. Your solicitor will draw up the final contracts and once signed, it’s time to move in.

GETTING IN VISA REQUIREMENTS For those who require a visa to visit the UK, there are tourist, family, study, sports, entertainer and business visas available, as well as transit visas. Citizens of the EU and Switzerland will find visiting and applying for residency easier than other nationalities (but official permission may still be required). Additional information for specific countries and reasons for visiting can be found at: ukba.homeoffice.gov.uk AIRPORTS AND AIRLINES All forms of transportation in the UK are excellent, ranging from paved roads, car hire companies, taxi services, bus and rail terminals, air travel and ferry service to most of the thousands of surrounding islands. Air travel especially is convenient in the UK with the many smaller, independent airports operating through the country and the islands. There are 471 airports and airfields scattered across the entire UK, 334 of which have paved runways. The country’s busiest – London Heathrow Airport (www. heathrowairport.com) – is also world’s busiest in terms of traffic volume of international passengers (more than 64.6 million in 2011). London’s second major airport is Gatwick, which served more than 34 million passengers in 2012. Manchester Airport, meanwhile, is the UK’s third busiest, serving more than 18 million passengers every year. Other major airports include London Stansted in Essex, Birmingham, Cardiff, Edinburgh, and Belfast. The UK’s largest airline, British Airways (www. britishairways.com), has a fleet size of 256 aircrafts and flies to 169 destinations worldwide. Other important airlines include Virgin Atlantic, BMI, easyJet, Jet2, and Thomson Airways, among others. LAND The UK’s radial road network is composed of 46,904 km of main roads, 3,497 km of motorways, and 344,000 km of paved roads. The National Rail network of 16,116 km route in Great Britain and 303 route km in Northern Ireland carries over 18,000 passengers and 1,000 freight trains daily. There are also urban or metro rail networks in London, Manchester, Birmingham, Edinburgh, Glasgow, Cardiff, Belfast, Leeds, and Liverpool.

For more detailed guides, visit www.propertylife.asia/countryguides

COUNTRY GUIDE J U N E - J U LY 2 0 1 3

United States of America New York City’s Brooklyn Bridge

COUNTRY INFORMATION

Alaska

OFFICIAL NAME

United States of America

CAPITAL CITY

Washington, DC

CURRENCY

US dollar

LANGUAGE

English

TOTAL AREA

New York WASHINGTON DC

9,826,675 sq km (3rd or 4th largest in the world)

313,847,465 (July 2012 est.)

REGION

North America

TIME ZONES

UTC –5 to –10

DIALLING CODE

GDP

USD $15.6097 trillion (world’s largest)

GDP PER CAPITA (Nominal; 2010–2011 IMF estimate)

USD $48,328 (14th highest in the world)

HUMAN DEVELOPMENT INDEX

0.937 (very high)

Hawaii

BUYING PROCESS

PROPERTY BASICS AVERAGE PRICE

USD $13,377 psm in premier city centres

RENTAL YIELD

4.7%

RENT PER MONTH

USD $6,286

CAPITAL GAINS TAX

America represents one of the safest and most transparent property markets in the world. All properties for sale are listed, by law, in a common database (MLS) that anyone, including all real estate agents and the public at large, can access at any time. ARRANGE FINANCING The first step is to either get pre-approval for a mortgage or loan, or to assemble any paperwork that shows you have the purchasing power to invest in property. No real estate agent or property seller will give an investor the time of day without proof that they have to means to go through with a purchase. GET A LAWYER After selecting a property, contact a real estate attorney. Although this is not required, and real estate agents in America are certified and able to provide legal contracts, it is nevertheless always recommended that you have an attorney at least review all contracts you sign.

SOURCE GLOBAL PROPERTY GUIDE

AVERAGE PROPERTY PRICE

Chicago

Los Angeles

POPULATION

(Nominal; 2012 IMF estimate)

UNITED STATES OF AMERICA

USD $180,800

SOURCE YCHARTS NYC

WHERE TO BUY The most popular destinations for foreigners buying property in America are New York (Manhattan and the Hamptons on Long Island), Miami and California, especially Los Angeles and San Francisco. However, Washington D.C. is another popular location, as is Arizona (for the desert climate) and Colorado (for the skiing). Additionally, the cities of Chicago and Atlanta have stable property markets with strong rental yields. The location of course depends entirely on what you want from your investment and whether you intend on renting it out or living in it yourself. There are many fantastic deals to be found in the ‘heartland’ of America, from Ohio to Wyoming, for every lifestyle imaginable.

OFFER Make an offer that is contingent upon the results of an inspection and/or formal survey, and then hire a licensed professional to carry out the inspection or survey. If there is anything wrong with the property, you can either withdraw the offer or renegotiate the terms. SEARCH At this point, a title search is performed to ensure that the property is truly free and clear to be sold. Contact your mortgage lender if applicable, as they will require copies or originals of the survey/inspection reports and title search be put in the bank’s name. CLOSE Your real estate agent will arrange a meeting called the closing which will include the sellers, a bank representative, a public notary, you the buyer and your attorney if desired. All contracts are signed, deposit money is paid to the seller, and the remainder of the balance owed is also paid.

It is best to consult the nearest US Embassy or visit travel.state.gov for further information specific to your needs. For more information on visa application, visit www. immi.gov.au/visitors/. AIRPORTS AND AIRLINES Deregulated since 1978, the US civil airline industry is entirely privately owned, though most major airports are publicly owned. The world’s four largest airlines in terms of passengers carried are US-based: Delta Airlines, United Airlines, Southwest Airlines and American Airlines. Chicago

In addition, of the world’s 30 busiest passenger airports, 16 are in the USA, including the busiest, HartsfieldJackson Atlanta International Airport. Each major city and several mid-to-large cities for each state in America will have either an international or national airport. The following are the USA’s major international gateways: JFK-NEW YORK www.panynj.gov/airports/jfk.html MIAMI INTERNATIONAL AIRPORT www.iflymia.com LOS ANGELES INTERNATIONAL AIRPORT www.lawa.org NEWARK LIBERTY INTERNATIONAL AIRPORT (NEW YORK)

www.panynj.gov/airports/newark-liberty

San Francisco

GETTING IN VISA REQUIREMENTS The need for a visa depends on your citizenship and reason for your visit to the USA. There are visitor, study, work and immigration visa available. In some cases, no visa is required for short-term visits for holidays or pleasure. In other cases, a visa application is a simple form to send to the US Consular and a reply will be received within a week or two. However, there are some cases in which a visa application may take several months to approve and may even require an interview.

O’HARE INTERNATIONAL AIRPORT (CHICAGO) www. flychicago.com/ohare/en/home/Pages/default.aspx LAND The USA is the world’s second largest automobile market and has the highest rate of percapita vehicle ownership in the world (765 vehicles per 1,000 Americans). It has 13 million roads, including the world’s longest highway systems. While its railway system is extensive, mass transit accounts for only 9% of total US work trips. However, ridership on Amtrak, the national intercity passenger rail system, grew by almost 37% between 2000 and 2010.

For more detailed guides, visit www.propertylife.asia/countryguides

Love Cruise

Yacht Charter E s ta b l i s h e d i n 2 0 1 2

www.yachtrentalsingapore.org Local Charter St. John Island, Lazarus Island, Pulau Ubin (starting from SGD $999 for 4 hours)

Cruising Long Ranger (37 guests), Admiral Zheng He (190 guests)

Overseas Charter Tioman, Penang, Langkawi, Bintan, Bali, Anambas, Nikoi Island (starting from SGD $2,500 for 1 day)

Docking Party & Events River Boat House (max. 240 guests) Call us (+65) 9105 0274

J U N E — J U L Y 2013

REVIEW

il Cielo, authentic Italian dining

in the heart of Singapore

here is no doubt when dining at il Cielo that the chef is authentically Italian. More than spaghetti and meatballs, or bread sticks and oil supposedly made from olives grown somewhere in Europe… this is a restaurant with a chef who has brought the essence of Italy to Singapore. Think of it as an experience of dining with some of your favourite foods, cooked literally to perfection, creatively, with style and, most importantly, with grace. While a modern take of traditional cuisine, it’s not so fancy that you feel like to chef is trying to show off, or is putting different flavours together simply for the sake of being different. At il Cielo (the sky), the menu is a collection of tried-and-tested recipes, developed with knowledge, care, craftsmanship, and an obvious love for food. The chef, Signor Omar Bernardi, is a man after my own heart. As a native New Yorker, I can’t help that I love pizza. I live for the stuff; but for me, it has to be New York style with a slightly thick, chewy crust and oodles of mozzarella cheese. You can throw some other stuff on top, if you like, but I’m not bothered. The basic variety is my all-time favourite.

So I was dubious at the typical Romanstyle pizza brought before me at il Cielo. It had what appeared to be a typical Italian-style thin and crispy crust, and was light on the cheese. I expected to taste a bite or two, and then save room for the next course. But I was well and truly mistaken. Yes, the crust was thin and crispy -- but it was also slightly chewy. And yes, it was light on the mozzarella, but this was no ordinary mozzarella. This was handcrafted Burrata mozzarella, made on site, and as fresh as fresh could be. There was so much flavour in each morsel that it simply didn’t need to have the excess cheese sliding off the edges. I could have finished the whole pie and left a very happy woman. The entire menu brought before us, with wines specifically selected by the sommelier to compliment each course, was a fan-tabulous feast of the common as well as creative foods of Italy, from simple yet truly magnificent grilled trout and salmon to handmade (using organic flours) pasta with a light tomato and prawn sauce.

By JS Lee

The chef has created a menu that can best be described as rustic Italian combined with a modern interpretation. As the most exported cuisine in the world, we’ve all been to many Italian restaurants over the years. But for a fresh take, you will be delighted with il Cielo -it’s like trying Italian food all over again for the very first time. Perched atop the Hilton hotel with a panoramic view of Orchard Road, there is a large dining room for 48 as well as a private dining room for eight and even 16 poolside seats for an alfresco atmosphere. CONTACT

Level 24 Hilton Singapore 581 Orchard Road Singapore 23883

RESERVATIONS

+65 6730 3395 ilcielo@hilton.com www3.hilton.com

HOURS OF OPERATION Lunch: Monday - Friday, 12.00 - 14.30 Dinner: Monday - Sunday, 19.00 - 22.30 Bar: Monday - Sunday, 18.00 - midnight

FEATURE JUNE— JUL Y 2013

Big Aussie sales

on’t be fooled by the record-breaking sales of top-end properties in Australia these days. One of Australia’s most iconic properties, ‘Altona’, based in the prestigious locale of Point Piper on the Sydney’s Eastern Suburbs, has been snapped up by a Melbourne-based Chinese-born investor for a record price of AUD $53 million. Whilst most leading Sydney agents declined to comment due to confidentially clauses as a condition of the sale, documents tendered to the Land and Titles office of Australia reveal the legal firm, Clayton Utz, acted on behalf of the purchaser. Clayton Utz is an investment company whose sole director is Xiuzhen Ding, a Chinese-born resident of Elwood, a beachside suburb in Melbourne. The renowned property has been on and off the market for some time after being shopped around the market for years by various leading Australian real estate agents, and with

OLD RECORD HOLDER

Property development at Point Piper, back at 2006.

various prices. Initial pricing hoped to fetch AUD $65M for the mansion, as it is widely regarded as one of the nation’s most prestigious harbourfront properties. The sale this week at AUD $53 million is nevertheless a record price for a waterfront mansion in Sydney’s Eastern Suburbs.

If you ask any top-end agents in town, there is a real buzz about the surge of Asian investors seeking Australian property.

By Rodney Prestia

Previous record holders The previous record for a Sydney residence was a AUD $45 million sale in 2008 of the late financier David Coe’s house on Coolong Road, Vaucluse, and closely followed by the AUD $43 million in 2010 paid by the Penn family for head-hunter Andrew Banks’s waterfront mansion in Wolsey Road, Point Piper. It’s the second massive sale in as many weeks in Sydney, fuelling speculation that the Sydney property market is well on the way to rebounding after several spasmodic years. Only late last week, it was announced that a ‘mystery buyer’ forked over AUD $33 million for the ‘Bang and Olufsen house’, a harbourfront mansion at Point Piper, so called because of its similarity to a hi-fi sound system. However, the reputation of Australia’s most expensive home still lies with Perth, with the 2009 sale of an AUD $57.5 million property paid for by mining magnate Chris Ellison

FEATURE J U N E — J U L Y 2013

for the mansion belonging to iron ore millionaire Angela Bennett, in the exclusive Perth suburb of Mosman Park.

ASIAN TARGET Large properties in Australia like these two are being aide by Chinese and Korean investors.

Surge of Asian investors So what has led to the surge in record prices in Australia? If you ask any top-end agents in town, there is a real buzz about the surge of Asian investors seeking Australian property. Their reasoning on why such a surge of interest is more probably in line with bargain hunters seeking to capitalise on what has been quite an erratic market; however, Asian investors are showing rising interest in Australia’s property market. With not only Singaporean and Chinese, who have predominately led the charge, recent media reports in Australia have stated that Korean investors in particular are looking to Australian property to help shift their assets away from that region’s political tensions. It is my belief that that the strength of the Australian dollar as well as concerns about the outlook for the mining boom could dampen the growth potential of any overseas interest in Australian real estate.It is also ludicrous to judge the movement of the market on a couple of large waterfront sales that are obviously in the minority of the market.

Price-setting lessons from my father So what do we make of these sales? And are they a detrimental factor in the market? I say not. In my very first job, I worked in the wholesale fruit and vegetable markets with my father, and one of the first things I learned was that we had to meet the market in order to sell fresh produce. Some days we would get 10 semi-trailers of lettuce in the door, and we had to reduce prices in order to sell the product. Well, it’s the same analogy with top-end real estate. The ‘Altona’ mansion was listed with a price point in excess of AUD $65 million, but yet, just this week, it has sold for AUD $53 million. When I mentioned to my father what a great price it was and that the market must be on the move, he looked at me and laughed. ‘Don’t you remember the markets, son? Anything can sell if it’s priced right!’

I guess to get the real indication of what is happening in the marketplace in Sydney one must look at the new construction and what is driving the market. In Sydney, there is barely a crane to be seen, suggesting that the market will definitely tighten due to supply constraints. Whilst the oversupply in Melbourne is evident, with cranes as far as the eye can see. I’d like to see how things play out with an election later in the year – it’s just too quick to judge what is actually happening in the Australian property market. However, there are some sensational buys out there, if you’re prepared to look around. Keep in mind, though, that it’s all price driven—something my father taught me many years ago.

Rodney Prestia is an Australian property expert who previously owned and operated one of the largest real estate agencies in Australia. He is currently the CEO of Dynamic Joy Investments. During his time as an Australian licensed real estate agent and accredited auctioneer, Prestia broke several records with regards to sales in the Sydney property market. He has built a business throughout Asia by doing one simple thing: telling the truth about the Australian property market – the facts, the trends, the growth areas, and locations of where to invest and to avoid.

FEATURE JUNE— JUL Y 2013

REVIEW

Classic Russian comfort food in Duxton

By Alexander Knight

ased on the name of a mythical Russian island, Buyan, in Singapore’s trendy Duxton Hill, revels in the old-world charms of pre-revolutionary Russian cuisine. With well-made favourites, such as bliny (‘блины’ - similar to a crêpe), piroshky (‘пирожки’ - individual-sized stuffed and baked buns), solyanka (‘солянка’ a thick, spicy and sour soup) and pelmeni (‘пельмени’ - Russian ravioli), there is something for anyone craving Eastern European comfort foods. The socially conscious menu also includes caviar from farmed sturgeon, as well as farmed wild boar and wild geese. There is no meat on the menu from protected wildlife. The chef gets right the consistency of all the food and it is served piping hot with smetana (‘сметана’ - similar to sour cream) to slather all over individual dishes. The Borodinsky bread (‘бородинский хлеб’) - a mixture of rye and whole wheat flour, barley malt syrup, molasses, coriander and caraway seeds - is a heady mixture that reminds this reporter of the time spent living in the former Soviet Union.

The establishment itself is beautifully set out and gives the customer two separate zones from which to choose: a long, cozy, dark wooden bar where the bar manager is both friendly and inventive. Alternatively, the ‘fine dining’ aspect of the restaurant is ornately decorated and gives a genuine Russian feel. Buyan has one of Singapore’s largest privately held wine cellars – valued at more than SGD $5 million – and is renowned for having bought a bottle of 1841 Veuve Cliquot worth SGD $40,000. As expected, the vodka selection is one of the finest in South-East Asia (with 50 varieties). In fact, this magazine recommends trying Kubanskaya vodka, a favourite for over 20 years. It goes very well with the Iranian Beluga caviar (the Russian version is only now coming back on stream having been banned for export as sturgeon stock was running dangerously low). For an opulent and fun night out, Buyan is an exciting interlude in the cornucopia of the usual Singapore fare.

CONTACT

9/10 Duxton Hill Singapore, 089593 RESERVATIONS

+65 6223 7008 info@byuan.sg http://buyan.sg HOURS OF OPERATION Lunch: Tuesday - Friday 12 - 3pm Dinner: 6 - 1030pm

V O U C H

The Most Anticipated Hot Spring Hotel in Taipei A Design Hotel blending chocolates, champagne, roses and Aqua Blue

E R

HOTEL DOUBLE ONE

(LEADER HOT SPRING HOTEL OF BEITOU)

As the signature work of renowned architect Li Weimin (李瑋珉), the design of the Hotel Double One is marinated in the simple and stylish atmosphere of Design Hotel as a leading concept and implemented into the planning. The entire hotel highlights aesthetics with a distinctive colour scheme, blends fashionable simplicity into style and creates an artistic atmosphere that incorporates taste. Each floor is themed with different colours reflecting the sweet, lovely memories of couples. The basement, for example, is dominated by warm chocolate tones while the first floor reveals the ultimate passion of love with a deep, rose red. The second floor uses a champagne colour to highlight a noble and elegant taste and the third floor emphasises the purity of love with an aqua blue. Hotel Double One values personalised services. The furnishings of each room are tailor made, and unlike most hot spring hotels in Beitou with public spa pools, the independent spa pool for each room enables guest couples to enjoy the natural surroundings while immersing in a private world for two. With extensive use of stone, wood, trees and other natural materials, guests are put at ease, able to take off their clothes and bathe in pool with colourful mosaic tiles all while enjoying a view of the brilliantly lit Beitou. The tailor-made services not only guarantee privacy but cater to the body, mind and soul. Apart from the majestic rooms Hotel Double One has to offer, there are also spa treatment facilities, restaurant and a conference room available to ensure satisfaction to both leisure and business travelers. In addition, greeneries are also to be seen throughout the hotel (indoors and outdoors) to allow visitors a relaxing environment in order to release tension and pressure after a tiring day of work or travel. Please check out our website for more details, rates and offers.

Hotel Double One

(Leader Hot Spring Hotel of Beitou ) (Beitou, Taiwan) TEL:

886-2-2897-3611

Hotel Leader Xitou

Leader Village Taroko

TEL: 886-49-261-2588

TEL: 886-3-861-0111

(Nantou, Taiwan)

(Hualian, Taiwan)

Leader distribution and business office in Taiwan: North 886-2-2363-0858 & South region 886-7-335-8108

www.leaderhotel.com.tw | www.leaderhotel.com

Present this voucher at check-in , Hotel Double One (Leader Hot Spring Hotel of Beitou offers you a free afternoon tea for two (NT$850) *The voucher is not reusable (photocopy is invalid) and only applies to one-time use. *The voucher is valid till December 31, 2013. *Hotel Double One reserves the right to make changes to or withhold this special offer. This offer is subject to change without prior notice.

*Please refer to hotel announcement for the time of supply

Unlike conventional hot spring resorts modelled from traditional Chinese and Japanese ideologies, Hotel Double One, located in the quiet and peaceful Beitou Youya Road No. 11 (in Taipei,Taiwan), features a modern and minimalist style. In fact, the Hotel Double One distinguishes itself from the rest of the Beitou district by placing an emphasis on privacy and customised services. And since '11' looks like a couple standing side by side, it is named Hotel Double One.

An urban resort nestled in the heart of Subang Jaya, Dorsett Grand Subang offers unsurpassed hospitality experiences, offering opulent rooms and suites nearby the city’s entertainment hubs, shopping districts, tourist attractions. Rich and superior in quality, the 478 guestrooms are tastefully furnished and designed to accommodate business and leisure travellers’ needs. For frequent business travellers wanting to experience a higher standard of accommodation, personalised service and a host of special privileges and amenities, the Hotel’s Club Floor is the ideal home-away-from-home address. Club Floor guests can look forward to preferential treatment from the moment they enter the hotel. A Club Floor ambassador will be on hand to accord a personal welcome and escort guests to the Premier Lounge for private check-in. Also exclusive to Club Floor guests are special welcoming amenities and services such as cold towels and refreshing welcome drinks.

For the comfort of Club Floor guests, all the newly renovated Club Rooms boast of chic décor complemented by modern fittings, and offer a panoramic view of the lush Subang green belt. Other facilities include complimentary in-room WiFi and laundry. All Club Floor guests are accorded automatic access to the exclusive Premier Lounge located on Level 16. Open daily from 6 am to 10 pm, complimentary facilities at the Premier Lounge include: • Daily breakfast from 6.30 am -10.30 am. • Daily evening cocktails (5.00 pm to 7.30 pm) featuring a fine selection of canapés served alongside soft drinks, wines and spirits at the Premier Lounge with the breathtaking vistas of the picturesque Subang Lake and the city skyline as its backdrop. • Refreshments (coffee, tea and juices) throughout the day. • 2-hour usage of the Premier boardroom (subject to advance reservation and availability)

• Broadband internet access. • Wide selection of newspapers, magazines and books at the Premier Lounge. • Two dedicated work-stations equipped with desktop computer. A team of dedicated Club Floor ambassadors, headed by Nancy Münnig, Club Floor Manager is always on hand to offer personalised check in and check out as well as to handle all onward travel and hotel reservations to shopping and entertainment arrangements. Dining at Dorsett Grand Subang is an endless pleasurable affair with the vast international and local specialties available. Terazza Brasserie offers wide array of local and international dishes; the signature Barbeque Delights held on Fridays and Saturdays are not to be missed. For Chinese food lovers, The Emperor is a great place to dine as the fine Dim Sum selections and top-notch a-la-carte Cantonese cuisines offered are simply enticing to the taste buds! For meeting and conference planners, the hotel offers more

than 26,000 square feet of meeting space which includes ten individual function rooms and a pillarless ballroom with a capacity of more than 1,000; all equipped with a full range of audio-visual facilities and meeting paraphernalia to cater to every need. For recreations, Dorsett Grand Subang lives up to its reputation as a urban resort with its extensive range of facilities such as the new sparkling swimming pool; Tanjung Wellness Spa offering a host of holistic treatments and massages specially designed to soothe the senses and Clark Hatch Fitness Centre where certified personal trainers are available upon requests. Dorsett Grand Subang is strategically located in the convenient hub where attractions like the Sunway Lagoon Theme Park, Sunway Pyramid Shopping Mall, Empire Shopping Gallery and Subang Parade are only 5-minute drive away. Getting around town is easy as complimentary shuttle services are provided by the hotel to designated places.

Dorsett Grand Subang, Jalan SS 12/1, 47500 Subang Jaya, Selangor, Malaysia T: +60 3 5031 6060 | F: +60 3 5031 9624 | www.dorsetthotels.com/malaysia/subang About Dorsett Hospitality International Limited Dorsett Hospitality International (HKEx Stock Code 2266), formerly known as Kosmopolito Hotels International, is a spin-off from Far East Consortium Limited. With three brands under its umbrella - the upscale and midscale Dorsett Hotels & Resorts and d.Collection comprising a range of charismatic boutique hotels, and the value-led Silka Hotels - the group currently owns and manages 19 hotels in China, Hong Kong, Singapore and Malaysia with six more opening within the next two years in China, Hong Kong and United Kingdom. For more information on Dorsett Hospitality International, visit: www.dorsett.com

Invest in British history

From only £10,000/USD $15,391

10.4 % projected yields

Education investments are a contemporary, ethical alternative that provide a secure teaching platform for future generations. Scarisbrick Hall would like to offer investors the opportunity to be a part of the school’s expansion, development and growth. The opportunity will be for investors to purchase shares in the historical grade 1 listed building, the hugely successful Beautiful Beginnings Nursery, TCM (Teaching, Coaching and Mentoring) extracurricular activity division, state of the art sporting facilities, international boarding facilities and the new 6th form college.

Investment highlights: Grade 1 listed historic investment Min. £10,000/USD $15,391* investment for share purchase £34.5M to purchase 49% shares Min. 3-year investment - dividends paid on and after year 3 10.4% p.a. projected yields Asset secured investment Sipp approved investment Excellent yields over a medium to long-term period *Price based upon an exchange rate of 1.54 USD

REQUEST YOUR FREE INVESTMENT BROCHURE NOW www.buyassociation.asia/scarisbrick/propertylife Tel: +65 6534 9390

JAMES E. HARRISON

Harrison is a real estate expert who has worked in Singapore, across Europe, Africa and the United States.

Online property search —

technology alone is not enough Searching for property on the Web can either save you or cost you time, depending on the property market.

any years ago, just after marrying my lovely American wife, I moved from England to New Hampshire, USA. We rented a typical New England house from a friend of hers, and everything was domestic bliss—even after the honeymoon period started to wane, I still wanted to spend my life with her. Seemingly a good time to settle down rather more permanently, off I toddled to the realtor at the end of our street. (We lived on Oak Street, which I thought was rather endearing; the next street over, though, Elm Street, always gave me a cross between a grin and slight shiver.) I entered the realtor’s office, took the offered chair, and made pleasantries whilst drinking the ghastly drip coffee. Eventually the hard-working realtor brought the conversation around to my impending purchase and we discussed my needs. I said I needed to be in the centre of town to placate my New York-born wife, but that I also wanted a big garden for me and my dogs. Excellent! We had a peek through some of the property listings he had printed from the MLS (all US properties for sale are listed—by law—in a national Multiple Listing Service database), and we even discussed scheduling a visit to some of the chosen properties. Then… ohoh, ‘Can you,’ he asked, ‘please bring your bank loan approval letter?’ Um, I just wanted to have a look see what I could get for my money – and then go to a bank with the appropriate story for however much I needed to borrow! Nope, no dice. Pretty please? No. This was back in the year 2000, back before the word Google became a verb. So although I went online, I was only able to find four houses for sale in our town.

Four. I could see that, if I wanted to use a realtor to find a property – and clearly I was going to have to – I had to play by his rules. Nowadays, of course, it is for the most part is easy to have a look online for available property for sale before contacting the bank or (at least initially) an estate agent. And then you can even use Google Maps to look at the neighbours’ houses and gardens. (Hint: if there is a sofa on the front lawn or a pack of dogs in the back garden... avoid).

If I wanted to use a realtor to find a property – and clearly I was going to have to – I had to play by his rules. You can also use the Web to see if the asking price is on target. As valuation is based mainly on the use of comparable data, you can actually compare similar properties for sale and get an idea of what offer you should make. Progress and technology – it all sounds good so far, right? So what do we need estate agents/realtors for? Good question! I will pose a hypothesis in the next issue. For now, allow me to explain simply where the worldwide Web property search falls down: in countries/areas with imperfect markets.

One country (that shall remain nameless to protect the innocent) where I lived and worked in real estate happens to be a perfect example. You do a search, see a property you like, contact the agent, arrange a viewing... next thing you know, you’ve arrived at a house that you don’t recognize. You say: ‘Umm, excuse me, sorry, I don’t think this is the right house.’ Agent’s reply: ‘Oh that house was sold last year. But this one is similar.’ Or the other problem I encountered frequently is that the asking price is at a massive variance to the Web price, up or down by 50% (or more). So the advertised Web price means nothing. What’s the ‘take away’ on this rambling story of mine? Well, in a stable property market you can use the Web as your primary tool of search and, especially if buying overseas, can save yourself a massive amount of time. On the other hand, as with all things Caveat Emptor, before researching property online, first research that country’s listing reputation. In a country with an unstable market, an online search may be meaningless, wasting your time instead. So to leave you with one last true story of a property search in Southern Europe, in a market that seemed to be stabilising... I found a delightful property online (in 2003), arranged a meeting with the realtor, drove over two hours through a storm on potholed roads, and arrived at a massive metal-clad gate that was locked. The agent said the owners were away for a month and although I couldn’t go in I could certainly peak through the gates! Apparently, the Stockholm Syndrome descended upon me because we actually ended up buying this house and, four years later, I became a partner in that estate agency.