The Republic of Singapore is one of the most prosperous, modernistic nations in the world. The country is actually an island city-state comprised of a diamond-shaped island and more than 50 small islets located just south of the Malay Peninsula and north of the Indonesian Archipelago in Southeast Asia. The island, which is 42 km long and 23 km wide, sits roughly 1 km from the Malay Peninsula, separated by the Johore Straight.
Densely populated (second most among independent countries in the world) with more than 4.5 million people concentrated primarily in Singapore City in the southern part of the island, this tightly controlled city-state is one of the cleanest, most well-managed nations in its region.
Although its origins date to as early as the third century, the island nation was officially established as a British trading port in the 19th century, renowned as much for its drug trade as its prime location within established east-west trade routes. Today, Singapore is a favorite tourism destination due to its beauty, cosmopolitan flair and cleanliness. The lawless atmosphere of the past has been replaced by a modern society little tolerant of crime, pollution or upheaval.
Responsible for the transformation is a secular government viewed as authoritarian by many in the West. Despite this reputation, the population, a diverse cross-section of Chinese, Malay, Indians and many others, supports a strict governmental approach, which has contributed to the country's reputation as one of the least corrupt in the region, with one of the lowest crime rates in the world.
True to its roots as a natural trading port linking East to West; it is now one of the largest trading, finance and transportation hubs in the world. Remarkably, despite an almost total lack of natural resources and the fact it only gained its true independence in 1965, Singapore has one of the highest gross domestic product (GDP) rates in the world and is considered by many economists to have implemented the most successful free-market economy ever.
When it comes to purchasing private property on the island, foreigners and permanent residents are restricted to buying apartments in buildings that are at least six stories high, or approved condominium units. For all other types of property, you must get approval from the Controller of Residential Property (CRP). Just as with real estate in most markets, pricing is dependent upon many variables, such as location, proximity to the MRT station, amenities, size and condition of the estate, the facilities provided, prevailing market conditions and whether it is a leasehold or freehold property. Prices in non-prime areas average S$400,000 and up for 800 - 1,200 sq ft, while prime areas average S$600,000 and up for similarly-sized units.