Chew Hua Seng

Chew Hua Seng is one of Singapore's richest businessmen according to Forbes magazine. He is founder and CEO of listed Raffles Education Corporation, which started as Raffles Design Institute.

He is owner of 2 bungalows at 32K and 32H Nassim Road. The later, about 13,000 square feet, was bought from Madam Lam (wife of Malayan Diary Industries director Thio Keng Thay) for $25.5 million. Its sale was the subject of a recent lawsuit between Madam Lam and the real estate agent handling the sale, during which the agent sued for its 1.5% commission and won.

Mr Chew has started a $100 million charitable foundation named after himself.

Tommie Goh

Former army officer and now well-known businessman, Tommie Goh, is co-founder of 2G Capital. He has now bought a bungalow at 2A Ridley Park for over $30 million, next to his existing home.

Buying landed property

As mentioned previously, the Residential Property Act (RPA) restricts non-Singapore citizens from purchasing landed property in Singapore. They are not allowed to effect such purchases unless permission has been given by the Comptroller of Housing. It is rare that permission will be given.

Example where permission might be given - a foreign multi-national corporation agrees to set up a half billion dollar plant in Singapore, and wants permission to buy a bungalow for its chief executive officer. A company like Exxon-Mobil might fit this description.

It should be noted that a Singaporean who assists a foreigner to buy property under the RPA by agreeing to act as the foreigner's nominee is committing an offence. One example was lawyer Rick Tham who agreed to act as a nominee for an Indonesian.

To avoid problems for foreigners buying landed property, any agreement signed should be stated to be subject to the approval of the relevant authorities. Check with your lawyer.

Jet Li

Action superstar Jet Li is reported to have become a Singapore citizen. However, because of privacy reasons, the Immigration and Checkpoints Authority would not confirm this.

However, recent detailed newspaper reports (June 2009) state that he has spent Singapore $19.8 million dollars to buy a bungalow in Binjai Rise which is off Dunearn Road/Bukit Timah Road.

There are strict rules on foreigners buying landed property like bungalows (standalone houses), semi-detached houses (a house joined to just one other house), and terrace houses (houses joined in a row). The relevant law is called the Residential Property Act.

Hong Kong and China stars

Actor Jet Li is supposed to have sent his wife, Nina Li-Chi and 2 daughters to Singapore in 2007 of the children's education.

Actress Gong Li became a Singapore citizen last year.

Jackie Chan

Famous marital arts actor Jackie Chan owns several properties in Singapore including an apartment (believed to be in the Claymore area near Orchard Road) which he stays in while in town.

He has close ties to Singapore and plans to donate several antique houses to a local university when it is set up in a few years.

American investor Jim Rogers

Iconic billionaire investor Jim Rogers who founded the Quantum Fund with George Soros lives in Singapore with his second wife Page Parker and 2 young daughters.

So convinced is he about China's rise that he had a native Mandarin (Chinese) speaking minder for his daughters while they were living in New York, US. He wanted to move to China but found that the pollution there was usually quite unhealthy.

He is planning to enrol his daughters into Nanyang Girls School where although the language of instuction is English, there is a strong Mandarin usage by the students. To obtain priority in admissions, just like many Singapore parents, he is volunteering at the school by giving talks on investment. Maybe he will talk on how to bring down the ringgit.

Rogers is, according to recent reports, only renting accomodation at the moment. He is not buying any Singapore residence as he thinks that prices here are at the moment too high.