Singapore PR is a prized ‘catch’ for many foreigners working in Singapore not only because it helps them to find a well-paying job, they are able to use it to purchase a resale HDB flat which they can monetize eventually for a hefty profit after they leave Singapore.
26 year old Weng Kang from Liaoning province came to Singapore to pursue a Master degree in Civil Engineering at the Nanyang Technological University on a MOE scholarship.
Due to the abrupt change in government policies, he was not invited to apply for Singapore PR upon graduation as was the norm in the past.
Mr Weng is desperate to obtain a Singapore PR so that he can marry his long-time girlfriend and buy a resale HDB flat in Singapore.
In an interview with a Chinese online portal, he said:
“It’s preferable to have a home of our own after marriage so that we will have a feeling of returning home after work each day.”
He readily admits he is unable to afford buying a private property:
“The government introduced a slew of cooling measures last year which required foreigners to pay an additional stamp duty of 10 percent which makes private housing even more unaffordable for me now.”
Mr Weng will be applying for Singapore PR again in December together with other fellow ‘comrades’ from China. Despite the introduction of more measures early this year to cool the property market, the prices of resale HDB flats continue to increase.