Singapore had $448 billion in new money inflows last year. This is a 59% increase compared to 2020, according to the latest data released by the Monetary Authority of Singapore.
In this case, Ravi Menon, Executive Director of the Commission, mentioned that Singapore is in a position to accept new money inflows like never before.
“When such a large sum of money comes into a country it has to be worried. Prices may increase as it moves into the property market. Instead of holding back cash flows, restrictions have been imposed on the real estate sector to prevent too rapid growth. We have the situation under control,” Ravi Menon said in an interview with Bloomberg Television.
Singapore’s efforts to become a global property hub in the post-Covid-19 environment are paying off. Investors are attracted by Singapore’s stability.
Meanwhile, the value of assets under management by local firms is projected to rise 16% to US$4 trillion (S$5.7 trillion) in 2021.
Mr Menon pointed out that as wealthy Asians are looking for a place to invest, they are looking to Singapore.