1 00:00:03,049 --> 00:00:05,349 Speaker 1: You're listening to AC N A podcast. 2 00:00:08,069 --> 00:00:11,810 Speaker 2: So, on this podcast, we've talked many times about how 3 00:00:11,819 --> 00:00:16,739 Speaker 2: property is the single biggest wealth builder and with flats 4 00:00:16,750 --> 00:00:20,059 Speaker 2: fetching eye watching prices here in Singapore. It's no wonder 5 00:00:20,069 --> 00:00:23,579 Speaker 2: we hold on to this concept of growing our money 6 00:00:23,590 --> 00:00:26,579 Speaker 2: as effectively as possible, right? But what if you are 7 00:00:26,590 --> 00:00:29,700 Speaker 2: priced out of the local property market 8 00:00:30,090 --> 00:00:33,818 Speaker 2: and you want bang for your buck outside of that market? 9 00:00:34,200 --> 00:00:36,770 Speaker 2: Do you know anyone who has put their money down 10 00:00:36,779 --> 00:00:39,348 Speaker 2: on a house or a flat in a neighboring country 11 00:00:39,360 --> 00:00:43,549 Speaker 2: or even further out the field in Australia? Perhaps Europe? 12 00:00:43,560 --> 00:00:46,159 Speaker 2: Where do you begin? And what do you need to 13 00:00:46,168 --> 00:00:48,949 Speaker 2: navigate in order to make sure that you are not 14 00:00:48,959 --> 00:00:52,790 Speaker 2: putting your money into something you cannot get out of? 15 00:00:52,799 --> 00:00:55,229 Speaker 2: That's the big question, right? Hello and welcome 16 00:00:55,319 --> 00:00:58,459 Speaker 2: to this episode of the Money Talks podcast. I'm Andrea Heng. 17 00:00:58,470 --> 00:01:01,709 Speaker 2: Thank you for listening. My guest today is Clarise LA. 18 00:01:01,849 --> 00:01:05,750 Speaker 2: She's head of sales, residential International Project Marketing at night. 19 00:01:05,760 --> 00:01:09,268 Speaker 2: Frank Private Limited Claris. Thanks for joining us. Thank you, Andrea. 20 00:01:09,349 --> 00:01:12,378 Speaker 2: Thank you for having me. Delighted to be here. I'm 21 00:01:12,389 --> 00:01:15,039 Speaker 2: so delighted to have you to the ownership of a 22 00:01:15,050 --> 00:01:18,500 Speaker 2: second property overseas, aimed at the dream. So let's start 23 00:01:18,510 --> 00:01:20,459 Speaker 2: with why some Singaporeans 24 00:01:20,550 --> 00:01:24,809 Speaker 2: may want to buy property overseas in the first place. Right. 25 00:01:24,819 --> 00:01:27,720 Speaker 2: What's the most common reason that you've heard in your 26 00:01:27,730 --> 00:01:30,709 Speaker 2: encounters for us? What we have been observing? Of course, 27 00:01:30,720 --> 00:01:34,610 Speaker 2: as you have mentioned, it's a diversification of portfolio overseas 28 00:01:34,660 --> 00:01:37,199 Speaker 2: looking for they could potentially be priced out or they're 29 00:01:37,209 --> 00:01:41,760 Speaker 2: just looking for more growth opportunities um abroad. Well, secondly, 30 00:01:41,769 --> 00:01:44,929 Speaker 2: buyers are also looking out for a property acquisition with 31 00:01:44,940 --> 00:01:45,679 Speaker 2: lower cost for 32 00:01:46,339 --> 00:01:51,239 Speaker 2: thirdly is also planning for their Children, studying abroad. For example, 33 00:01:51,389 --> 00:01:54,989 Speaker 2: you know, Children studying abroad, it requires a significant amount 34 00:01:55,000 --> 00:01:58,550 Speaker 2: of expenses as well. So some buyers are looking to 35 00:01:58,559 --> 00:02:01,900 Speaker 2: plan ahead so they can purchase a property not only 36 00:02:01,910 --> 00:02:04,319 Speaker 2: as an accommodation for their Children, but they can also 37 00:02:04,330 --> 00:02:07,800 Speaker 2: get a potential rental income out of it. That's part 38 00:02:07,809 --> 00:02:10,919 Speaker 2: of the planning of kid for for years to come. 39 00:02:11,169 --> 00:02:15,970 Speaker 2: And of course, another interesting point is also currency leveraging 40 00:02:15,979 --> 00:02:18,789 Speaker 2: because the Singapore dollars is strong, you could hedge and 41 00:02:18,800 --> 00:02:22,978 Speaker 2: use currency in a way to purchase an investment property 42 00:02:22,990 --> 00:02:26,429 Speaker 2: abroad and then still get a decent potential income out 43 00:02:26,460 --> 00:02:29,039 Speaker 2: of it. And last but not least as a holiday home, 44 00:02:29,050 --> 00:02:31,470 Speaker 2: a lifestyle factor as well. We are all you know, 45 00:02:31,479 --> 00:02:35,330 Speaker 2: very well traveled, we love to travel. So they were 46 00:02:35,339 --> 00:02:38,110 Speaker 2: like perhaps a certain destination where they can go back 47 00:02:38,119 --> 00:02:39,029 Speaker 2: and use the space and 48 00:02:39,117 --> 00:02:41,337 Speaker 2: and they are not, they could then rent it. I 49 00:02:41,348 --> 00:02:44,337 Speaker 2: long to be in any one of these categories, but 50 00:02:44,348 --> 00:02:46,798 Speaker 2: time will tell whether I'll make it or not. So 51 00:02:46,806 --> 00:02:50,938 Speaker 2: I'm curious about where they are snapping up these homes. 52 00:02:50,947 --> 00:02:53,977 Speaker 2: I've read a whole bunch of lists. Um I'm seeing 53 00:02:53,988 --> 00:02:58,757 Speaker 2: names like Australia, Japan, the UK, some parts of Europe 54 00:02:58,768 --> 00:03:02,137 Speaker 2: as well. Where else is popular for Singaporeans. What we 55 00:03:02,147 --> 00:03:05,087 Speaker 2: have been observing is Australian and UK driven by the 56 00:03:05,098 --> 00:03:06,977 Speaker 2: factors that have mentioned earlier, education, 57 00:03:07,225 --> 00:03:11,495 Speaker 2: parents are looking to plan ahead. So this property doesn't 58 00:03:11,505 --> 00:03:14,406 Speaker 2: just serve in accommodation but also as an investment factor 59 00:03:14,416 --> 00:03:17,416 Speaker 2: where they could rent it out. Aside from that, we 60 00:03:17,425 --> 00:03:21,126 Speaker 2: are also seeing Japan, as you have mentioned correctly recently 61 00:03:21,136 --> 00:03:25,326 Speaker 2: with the strengthening of Singapore dollars and Japan has also 62 00:03:25,335 --> 00:03:29,065 Speaker 2: a low cost of debt. Japan has become increasingly appealing 63 00:03:29,076 --> 00:03:33,645 Speaker 2: and we all love Japan, right? Yes. So it's very attractive, 64 00:03:33,656 --> 00:03:34,925 Speaker 2: lower weakening 65 00:03:35,393 --> 00:03:37,673 Speaker 2: and also lower cost of debt. So it does in 66 00:03:37,684 --> 00:03:41,233 Speaker 2: turn brings a potential good investment. Oh, I see. What's 67 00:03:41,244 --> 00:03:44,604 Speaker 2: one country people might be surprised or city that people 68 00:03:44,613 --> 00:03:47,464 Speaker 2: might be surprised. Singaporeans are buying into. We do see 69 00:03:47,473 --> 00:03:51,914 Speaker 2: some travel destinations such as n really, you know, it's 70 00:03:52,093 --> 00:03:57,274 Speaker 2: a popular amongst fellow skiers in Singapore. So with avid 71 00:03:57,283 --> 00:04:01,194 Speaker 2: skiers who love just being in the winter n is 72 00:04:01,203 --> 00:04:02,873 Speaker 2: now popular for an all year 73 00:04:02,962 --> 00:04:07,132 Speaker 2: around destination because during summer, you could do golfing, you 74 00:04:07,141 --> 00:04:10,261 Speaker 2: could do all these summer activities. So, yeah, Miko is 75 00:04:10,272 --> 00:04:14,162 Speaker 2: actually increasingly, that's interesting. You always think of Miko as 76 00:04:14,171 --> 00:04:17,752 Speaker 2: a travel or holiday destination. Never really for homes. There 77 00:04:17,761 --> 00:04:21,522 Speaker 2: are like properties over there that could appeal, for example, 78 00:04:21,532 --> 00:04:24,431 Speaker 2: for holiday goers who really love the place, a place 79 00:04:24,440 --> 00:04:26,252 Speaker 2: for them to stay and they couldn't rent it out 80 00:04:26,261 --> 00:04:29,611 Speaker 2: when you are using it. Ok. That's interesting and fun. 81 00:04:29,842 --> 00:04:30,821 Speaker 2: This eco sounds fun. 82 00:04:31,059 --> 00:04:33,420 Speaker 2: So let's pick up on that. right? Geography. What do 83 00:04:33,428 --> 00:04:35,760 Speaker 2: we need to know about buying a place in Europe 84 00:04:35,769 --> 00:04:39,570 Speaker 2: versus neighboring Asia? Now, I know that's very broad. So 85 00:04:39,579 --> 00:04:44,700 Speaker 2: let's scope it to say Malaysia or Indonesia versus Australia 86 00:04:44,709 --> 00:04:47,409 Speaker 2: and then versus the UK, what are the key differences 87 00:04:47,420 --> 00:04:49,500 Speaker 2: that we need to know? OK. I think we could 88 00:04:49,510 --> 00:04:53,399 Speaker 2: categorize this as like Europe and Asia for example. But however, 89 00:04:53,410 --> 00:04:56,380 Speaker 2: as a general rule of thumb, buyers will, should definitely 90 00:04:56,390 --> 00:04:56,709 Speaker 2: do their 91 00:04:56,820 --> 00:05:00,690 Speaker 2: research and due diligence before going into any market. One 92 00:05:00,700 --> 00:05:04,079 Speaker 2: of the most important factor to consider is the rule 93 00:05:04,089 --> 00:05:06,670 Speaker 2: of law making sure that you are well aware of 94 00:05:06,678 --> 00:05:10,359 Speaker 2: ownership rights. For example, like UK, anyone can buy and 95 00:05:10,369 --> 00:05:13,329 Speaker 2: sell there, it's a free market. But then for example, 96 00:05:13,339 --> 00:05:16,380 Speaker 2: in Australia, you can only buy a new built property, 97 00:05:16,390 --> 00:05:18,820 Speaker 2: meaning you can buy a resale. Oh I see in 98 00:05:18,829 --> 00:05:21,630 Speaker 2: New Zealand right now, only Singapore and Australians can buy 99 00:05:21,640 --> 00:05:22,480 Speaker 2: a property there 100 00:05:22,730 --> 00:05:25,349 Speaker 2: and good understanding of the rule of law and also 101 00:05:25,359 --> 00:05:29,428 Speaker 2: the taxation regulations because ultimately when you buy and sell, 102 00:05:29,440 --> 00:05:32,799 Speaker 2: what are your stamp duties? Which is your acquisition cost? 103 00:05:32,809 --> 00:05:36,029 Speaker 2: And then what is your property tax, your ongoing cost 104 00:05:36,200 --> 00:05:38,730 Speaker 2: and then capital gains tax and things like that or 105 00:05:38,738 --> 00:05:42,829 Speaker 2: repatriation of profits, et cetera. Yeah, that's a really extensive list. 106 00:05:42,839 --> 00:05:45,619 Speaker 2: Thanks for that. So when it comes to buying property 107 00:05:45,630 --> 00:05:46,190 Speaker 2: in Singapore, 108 00:05:46,299 --> 00:05:50,910 Speaker 2: we have the benefit of having it quite straightforward, right? 109 00:05:50,920 --> 00:05:53,720 Speaker 2: We can use our CPF. Obviously, we can't do that 110 00:05:53,730 --> 00:05:57,880 Speaker 2: for our property overseas. So how would you advise clients 111 00:05:57,890 --> 00:06:01,980 Speaker 2: to fund this overseas property? So generally, buyers should definitely 112 00:06:01,988 --> 00:06:05,309 Speaker 2: practice caution and research the financing methods available to them 113 00:06:05,320 --> 00:06:08,049 Speaker 2: before proceeding to make a decision to invest in a 114 00:06:08,059 --> 00:06:09,750 Speaker 2: specific city or country. 115 00:06:10,029 --> 00:06:14,869 Speaker 2: So there are overseas property investment mortgage available even from 116 00:06:14,880 --> 00:06:18,209 Speaker 2: the local banks here in Singapore, such as D Bs 117 00:06:18,220 --> 00:06:23,149 Speaker 2: Uobo CBC uh May bank, they do lend, for example, 118 00:06:23,160 --> 00:06:27,440 Speaker 2: for the London and Uob, for example, they do have 119 00:06:27,450 --> 00:06:28,190 Speaker 2: a mortgage 120 00:06:28,678 --> 00:06:32,979 Speaker 2: options for Japan noting that there are also financing options 121 00:06:32,988 --> 00:06:37,260 Speaker 2: available from the specific countries that I have mentioned. So 122 00:06:37,269 --> 00:06:41,619 Speaker 2: generally buyers do have quite an array of home loans 123 00:06:41,630 --> 00:06:45,200 Speaker 2: available for them. And this purely just for investment having 124 00:06:45,209 --> 00:06:48,750 Speaker 2: said that buyers should also be aware that if you 125 00:06:48,760 --> 00:06:49,500 Speaker 2: were to 126 00:06:49,665 --> 00:06:53,924 Speaker 2: seek out financing from abroad, do look for specialists or 127 00:06:53,934 --> 00:06:57,545 Speaker 2: mortgage brokers who can better advise you and also they 128 00:06:57,553 --> 00:07:00,304 Speaker 2: are able to lay out what are the options that 129 00:07:00,315 --> 00:07:03,414 Speaker 2: are best suited for you? I, I didn't know that 130 00:07:03,424 --> 00:07:08,135 Speaker 2: we had financial institutions here who can facilitate loans overseas? 131 00:07:08,144 --> 00:07:10,554 Speaker 2: That's fantastic. Ok. Now I'm interested. 132 00:07:11,510 --> 00:07:14,399 Speaker 2: So that's just the price of the house, right? When 133 00:07:14,410 --> 00:07:18,540 Speaker 2: it comes to budgeting for any major expense like this one, 134 00:07:18,679 --> 00:07:22,480 Speaker 2: a major big ticket pricey item like a house, right? 135 00:07:22,630 --> 00:07:25,209 Speaker 2: There are other expenses to factor in as well. What 136 00:07:25,220 --> 00:07:26,769 Speaker 2: might some of those expenses 137 00:07:27,329 --> 00:07:30,859 Speaker 2: that we may have overlooked or not considered yet? Mark 138 00:07:30,869 --> 00:07:33,649 Speaker 2: might some of them be? So first and foremost, of course, 139 00:07:33,660 --> 00:07:36,049 Speaker 2: when you rent out the property will be the lettings 140 00:07:36,059 --> 00:07:40,609 Speaker 2: and property management uh cost you need someone to handle 141 00:07:40,619 --> 00:07:42,250 Speaker 2: um finding a tenant for you 142 00:07:42,519 --> 00:07:45,140 Speaker 2: and also to manage your property because you are not 143 00:07:45,149 --> 00:07:48,600 Speaker 2: gonna be there physically to, to handle them. So there 144 00:07:48,609 --> 00:07:52,100 Speaker 2: are this cost that of course varies from city to city. 145 00:07:52,260 --> 00:07:54,910 Speaker 2: And at the same time, there is also property tax. 146 00:07:54,920 --> 00:07:57,179 Speaker 2: It is an annual property tax. So best to get 147 00:07:57,190 --> 00:07:59,640 Speaker 2: to know as to what is the property tax amount 148 00:07:59,649 --> 00:08:02,570 Speaker 2: per annum for each country or the city that you 149 00:08:02,579 --> 00:08:05,299 Speaker 2: are looking to invest into. I think these are the 150 00:08:05,309 --> 00:08:07,390 Speaker 2: two of the main things. The rest are probably just 151 00:08:07,399 --> 00:08:09,859 Speaker 2: a running cost of like probably the utility 152 00:08:10,096 --> 00:08:12,766 Speaker 2: heating, you know, whether it's included in the rent or not, 153 00:08:12,777 --> 00:08:16,536 Speaker 2: it varies from cities to city. And if heating is 154 00:08:16,546 --> 00:08:19,057 Speaker 2: a thing because often we take for granted that we 155 00:08:19,066 --> 00:08:22,457 Speaker 2: only have one season in Singapore when you go overseas, 156 00:08:22,467 --> 00:08:26,467 Speaker 2: especially to countries that have multiple seasons, you have to 157 00:08:26,476 --> 00:08:29,397 Speaker 2: think about these things in your maintenance as well. Right. 158 00:08:29,527 --> 00:08:32,535 Speaker 2: What about some hidden costs perhaps that maybe took some 159 00:08:32,546 --> 00:08:35,356 Speaker 2: of your clients by surprise. Generally there wouldn't be a 160 00:08:35,367 --> 00:08:37,127 Speaker 2: hidden cost per se because 161 00:08:37,374 --> 00:08:40,754 Speaker 2: for example, even in lettings and property management, any additional 162 00:08:40,763 --> 00:08:43,494 Speaker 2: cost is pretty much laid out there up front. Yeah, 163 00:08:43,504 --> 00:08:45,613 Speaker 2: so buyers, you should definitely check out what are the 164 00:08:45,624 --> 00:08:48,773 Speaker 2: costs available. But one thing to note though, for example, 165 00:08:48,783 --> 00:08:52,393 Speaker 2: if you do take a mortgage from overseas, you know, 166 00:08:52,403 --> 00:08:55,674 Speaker 2: MS has a rule where the T DS R ratio 167 00:08:55,684 --> 00:08:58,554 Speaker 2: of 55% is applied. So if you take a mortgage 168 00:08:58,564 --> 00:09:01,023 Speaker 2: from Singapore Banks, so then you will be assessed under 169 00:09:01,033 --> 00:09:04,624 Speaker 2: the 55% T DS R rule. That's the total debt 170 00:09:04,801 --> 00:09:09,290 Speaker 2: visiting ratio and this applies even for overseas property, right? However, 171 00:09:09,301 --> 00:09:13,380 Speaker 2: if you take a mortgage from directly from overseas, then 172 00:09:13,390 --> 00:09:15,370 Speaker 2: you know, you don't fall into the category of being 173 00:09:15,380 --> 00:09:18,721 Speaker 2: assessed by MA S on this T DS R. What's 174 00:09:18,731 --> 00:09:21,421 Speaker 2: a ballpark figure for some of these mortgage loans? Is 175 00:09:21,431 --> 00:09:24,220 Speaker 2: there a cap? It depends from country to country and 176 00:09:24,231 --> 00:09:27,620 Speaker 2: also the the regulation. But generally I can give an 177 00:09:27,630 --> 00:09:30,601 Speaker 2: example for the UK you know, can get financing up 178 00:09:30,611 --> 00:09:32,091 Speaker 2: to perhaps 70%. 179 00:09:32,400 --> 00:09:36,000 Speaker 2: Um but more commonly as I've mentioned on the currency 180 00:09:36,010 --> 00:09:38,940 Speaker 2: leveraging hedging. So that's one way to take a mortgage 181 00:09:38,950 --> 00:09:43,200 Speaker 2: to manage your currency risk. So clients do take up 182 00:09:43,210 --> 00:09:46,858 Speaker 2: but you do not necessarily need to maximize the L TB. 70% 183 00:09:46,869 --> 00:09:48,989 Speaker 2: depends on your cash flow. You can take maybe 50 184 00:09:49,000 --> 00:09:52,319 Speaker 2: to 60 which is what we commonly observed. OK. I 185 00:09:52,330 --> 00:09:54,840 Speaker 2: might also add that this is good advice for even 186 00:09:54,849 --> 00:09:59,900 Speaker 2: buying property locally. I should say that. Can you own 187 00:10:00,260 --> 00:10:05,348 Speaker 2: your second property overseas if you already own an HDB flat? 188 00:10:05,359 --> 00:10:07,799 Speaker 2: I'm not asking for myself, just asking for a friend. 189 00:10:08,289 --> 00:10:12,049 Speaker 2: Sure, you can own a property overseas if you own 190 00:10:12,059 --> 00:10:14,900 Speaker 2: a H DB. But you have to have already achieved 191 00:10:14,909 --> 00:10:18,079 Speaker 2: the minimum occupation period of five years. And that's for 192 00:10:18,090 --> 00:10:22,460 Speaker 2: the regular flats. The new prime or premium flats have 193 00:10:22,549 --> 00:10:25,608 Speaker 2: 10 years, 10 years. Yeah. So just understand what your 194 00:10:25,619 --> 00:10:28,960 Speaker 2: mop is your minimum occupation period is what about private 195 00:10:28,969 --> 00:10:31,880 Speaker 2: property owners for private residential? You are free to own. 196 00:10:31,890 --> 00:10:33,159 Speaker 2: There is no minimum occupation 197 00:10:33,635 --> 00:10:36,276 Speaker 2: period applicable. Yeah, I see. So a lot of us 198 00:10:36,285 --> 00:10:38,976 Speaker 2: who go and buy a second property will likely rent 199 00:10:38,986 --> 00:10:42,494 Speaker 2: it out in the initial years. Would you recommend we 200 00:10:42,505 --> 00:10:47,064 Speaker 2: diy this or use a property management firm to sort 201 00:10:47,075 --> 00:10:50,585 Speaker 2: it out? I would definitely recommend having a local property 202 00:10:50,596 --> 00:10:54,295 Speaker 2: management and establish one to help with managing the property. 203 00:10:54,306 --> 00:10:57,555 Speaker 2: Because aside from us not being able to be there physically, 204 00:10:57,565 --> 00:10:58,314 Speaker 2: you are also able to 205 00:10:58,410 --> 00:11:02,280 Speaker 2: advise you on any rules or government laws that you 206 00:11:02,291 --> 00:11:06,151 Speaker 2: should abide to when it comes to dealing with tenants or, 207 00:11:06,160 --> 00:11:09,111 Speaker 2: you know, when it comes to also helping with any 208 00:11:09,122 --> 00:11:13,312 Speaker 2: maintenance repair work in future the neighbor complaints. Yes. So 209 00:11:13,322 --> 00:11:16,632 Speaker 2: definitely having them be better to help, to advise you. 210 00:11:16,642 --> 00:11:21,021 Speaker 2: And also some uh property management agency firms, they may have, 211 00:11:21,030 --> 00:11:23,381 Speaker 2: you know, taxation services, which will be better 212 00:11:23,567 --> 00:11:27,367 Speaker 2: because then it will seamlessly help you with the taxation filing, 213 00:11:27,377 --> 00:11:30,958 Speaker 2: you know, and it's basically someone who's there to take 214 00:11:30,968 --> 00:11:33,867 Speaker 2: care of all the hassle out of the equation. Yes. 215 00:11:33,877 --> 00:11:36,848 Speaker 2: So you don't have to worry about it. Exactly. Is 216 00:11:36,857 --> 00:11:39,867 Speaker 2: there a ballpark figure or a range as to how 217 00:11:39,877 --> 00:11:43,357 Speaker 2: much this might add up to letting? And property management 218 00:11:43,367 --> 00:11:47,098 Speaker 2: services varies from city to city or pretty much from 219 00:11:47,107 --> 00:11:48,617 Speaker 2: country to country. So 220 00:11:48,723 --> 00:11:51,523 Speaker 2: say for example, in UK, um an example in London, 221 00:11:51,533 --> 00:11:54,814 Speaker 2: it could range from 10 to, you know, 13%. It 222 00:11:54,823 --> 00:11:59,364 Speaker 2: really depends in other cities like Dubai, perhaps you would 223 00:11:59,374 --> 00:12:03,443 Speaker 2: be seeing property management fee at like maybe 8% right? Yeah. 224 00:12:03,453 --> 00:12:06,193 Speaker 2: So it really differs ok, about this. It is a 225 00:12:06,203 --> 00:12:08,463 Speaker 2: good gauge because it helps us with budgeting as well 226 00:12:08,473 --> 00:12:09,934 Speaker 2: because you have to think about the price of the 227 00:12:09,943 --> 00:12:13,054 Speaker 2: house and then all these other extra expenses as well. 228 00:12:13,064 --> 00:12:13,783 Speaker 2: So thanks for that. 229 00:12:14,020 --> 00:12:17,489 Speaker 2: So sometimes things in life happen, you know, you you're 230 00:12:17,500 --> 00:12:19,559 Speaker 2: forced to sell your home, for example, a couple of 231 00:12:19,570 --> 00:12:22,718 Speaker 2: situations can be your child has finished his or her 232 00:12:22,729 --> 00:12:27,010 Speaker 2: education in Australia. Or the UK or perhaps a family 233 00:12:27,020 --> 00:12:28,848 Speaker 2: member at home has passed on and you have to 234 00:12:28,859 --> 00:12:32,760 Speaker 2: go home to be a caregiver in Singapore. What do 235 00:12:32,770 --> 00:12:36,960 Speaker 2: we do with our second property overseas then? Should we 236 00:12:37,049 --> 00:12:40,030 Speaker 2: sit on it, hang on to it or should we 237 00:12:40,039 --> 00:12:44,760 Speaker 2: be prepared to potentially make a loss if market conditions 238 00:12:44,770 --> 00:12:48,510 Speaker 2: are not great? So definitely to your question, buyers should 239 00:12:48,520 --> 00:12:52,070 Speaker 2: monitor the market and of course, be um also aware 240 00:12:52,080 --> 00:12:55,030 Speaker 2: of capital gains tax. We don't have capital gain tax 241 00:12:55,039 --> 00:12:58,488 Speaker 2: for gains from property sale in Singapore. But you have 242 00:12:58,500 --> 00:12:59,989 Speaker 2: that in cities or in countries 243 00:13:00,280 --> 00:13:03,619 Speaker 2: like UK you know, Australia, Japan, again, it depends on 244 00:13:03,630 --> 00:13:06,270 Speaker 2: the market at that time, best to seek an advice 245 00:13:06,280 --> 00:13:08,890 Speaker 2: because when you're looking at exit strategy, you will have 246 00:13:08,900 --> 00:13:12,530 Speaker 2: to at least agency or seller agent to assist you. 247 00:13:12,590 --> 00:13:15,978 Speaker 2: So they will definitely be able to advise you on 248 00:13:15,989 --> 00:13:19,049 Speaker 2: what's the market situation then and when you could take 249 00:13:19,059 --> 00:13:22,590 Speaker 2: a look out depending on the urgency of your situation. Yeah, 250 00:13:22,710 --> 00:13:23,039 Speaker 2: but definitely 251 00:13:23,260 --> 00:13:26,270 Speaker 2: better to plan ahead if possible. I guess in one situation, 252 00:13:26,280 --> 00:13:29,849 Speaker 2: for example, where child's education is completed that one, you 253 00:13:29,859 --> 00:13:33,429 Speaker 2: can plan others. Not so much. So, thanks very much 254 00:13:33,440 --> 00:13:35,419 Speaker 2: for all of this advice. You've walked us through a 255 00:13:35,429 --> 00:13:39,109 Speaker 2: really interesting picture of what it's like to own property overseas, 256 00:13:39,289 --> 00:13:43,728 Speaker 2: not as intimidating as I initially thought. But that said 257 00:13:43,739 --> 00:13:45,968 Speaker 2: I'm not about to go shopping just yet. 258 00:13:50,859 --> 00:13:54,598 Speaker 2: So we have come to the exciting part of the podcast. 259 00:13:54,609 --> 00:13:56,510 Speaker 2: So this is questions in a hat. This is my 260 00:13:56,520 --> 00:13:59,750 Speaker 2: favorite part of the Money Talks podcast. There are five 261 00:13:59,760 --> 00:14:01,719 Speaker 2: questions in this hat. So I'm going to shake it 262 00:14:01,729 --> 00:14:05,049 Speaker 2: up and pick one and hand it to me and 263 00:14:05,059 --> 00:14:05,989 Speaker 2: I'll read it out to you. 264 00:14:08,719 --> 00:14:13,119 Speaker 2: Your question is if you could have a meal with 265 00:14:13,130 --> 00:14:17,059 Speaker 2: any public figure dead or alive, who would it be? 266 00:14:17,190 --> 00:14:21,700 Speaker 2: And why? For me, it would be Michelle Obama? Oh, interesting. Ok. 267 00:14:21,710 --> 00:14:25,400 Speaker 2: Tell me more. I would like to hear from her 268 00:14:25,429 --> 00:14:27,700 Speaker 2: how her journey has been 269 00:14:27,969 --> 00:14:32,409 Speaker 2: and truly have an understanding of the things that she 270 00:14:32,419 --> 00:14:35,510 Speaker 2: has been through being not just by the side of 271 00:14:35,520 --> 00:14:39,239 Speaker 2: Barack Obama, but also her life story, which is actually 272 00:14:39,250 --> 00:14:41,690 Speaker 2: in the purple as well. What is one question you 273 00:14:41,700 --> 00:14:43,650 Speaker 2: would ask her? Oh, I need to think, 274 00:14:44,799 --> 00:14:46,710 Speaker 2: ah, nothing off the top of my head. There's just 275 00:14:46,719 --> 00:14:48,580 Speaker 2: so many you just want to be in her presence, 276 00:14:48,590 --> 00:14:51,849 Speaker 2: don't you? Yeah. And have a conversation with her. I 277 00:14:51,859 --> 00:14:54,200 Speaker 2: think that would be really well. If you do manage 278 00:14:54,210 --> 00:14:56,640 Speaker 2: to get that date with Michelle Obama, please don't forget 279 00:14:56,650 --> 00:14:57,900 Speaker 2: to invite me. I would 280 00:14:58,869 --> 00:15:00,880 Speaker 2: clarice. You've been great. Thank you so much for this 281 00:15:00,890 --> 00:15:03,690 Speaker 2: really informative conversation. It's been wonderful. Thank you. Thank you 282 00:15:03,719 --> 00:15:06,340 Speaker 2: so much for having me and listener. We hope you 283 00:15:06,349 --> 00:15:10,450 Speaker 2: enjoyed this conversation. You learn something maybe enticed, inspired to 284 00:15:10,460 --> 00:15:13,780 Speaker 2: do more homework when it comes to buying your second 285 00:15:13,789 --> 00:15:16,580 Speaker 2: property overseas and if you manage to do it, please 286 00:15:16,590 --> 00:15:18,909 Speaker 2: let me know how so that I can join you 287 00:15:18,919 --> 00:15:22,440 Speaker 2: in the ranks. This episode will need your feedback, 288 00:15:22,520 --> 00:15:25,380 Speaker 2: your comments. So if you have them, please send them 289 00:15:25,390 --> 00:15:27,340 Speaker 2: to us, we'll be on the lookout for them. This 290 00:15:27,349 --> 00:15:31,299 Speaker 2: podcast is available on Apple podcasts, Spotify and youtube music. 291 00:15:31,309 --> 00:15:34,659 Speaker 2: Don't forget to leave us a rating as well. We'll 292 00:15:34,669 --> 00:15:37,380 Speaker 2: be watching for that big. Thanks to the team Christina 293 00:15:37,390 --> 00:15:42,059 Speaker 2: Robert Tiffany, Ang, Juani Johari, Joanne Chan, Haida, Amin and Sin. 294 00:15:42,080 --> 00:15:45,099 Speaker 2: I'm Andrea Heng. Thank you for listening and watching the 295 00:15:45,109 --> 00:15:46,130 Speaker 2: Money Talks podcast.