Tan Tiong Cheng
Chairman
Knight Frank Pte Ltd

Mr Tan Tiong Cheng, Chairman of Knight Frank Pte Ltd

BROADLY speaking, there are still opportunities for long-term capital growth in property. Over the last ten years, Singapore's total population and income - the main drivers of demand - have been increasing. Our total population (residents and non-residents) grew by 26 per cent, of which Singapore residents (citizens and permanent residents) increased by 15.6 per cent, and non-residents (foreigners), a hefty 72 per cent.

The trend looks set to continue. A recent Gallup poll showed that for the second year running, Singapore is the top immigration hot spot. Prime Minister Lee Hsien Loong said in his National Day Message this year that "we will only bring in people who can contribute to Singapore, and work harder to integrate them into our society". In other words, as long as we remain economically relevant to the world, Singapore will continue to attract talent to live, work and play here.

An expanding population will have housing needs and an increasing income level can only enhance purchasing capacity. Property prices may move up or down, but, with our limited land mass, the long-term trend will be up.

This article was first published in The Business Times.