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Everything you need can be found in Singapore
The view from his new 2,700 sq ft Marina Bay Suites apartment is priceless.
Pull aside the curtains and you'll get a splendid and unobstructed view of Marina Bay.
Yet Malaysian Desmond Teo isn't ready to live in the $8 million apartment he bought two years ago.
Well, perhaps not just yet.
Says Mr Teo, 52, a businessman: "I get worried about the place because it's too close to the casino. I feel nervous for my family, especially my eldest son, who may be tempted to try his luck (at the casino)."
So Mr Teo prefers to rent out his Marina Bay condo for the time being.
The family of five - he has two sons and a daughter - has another apartment in Singapore, a $2.5 million, 2,500 sq ft penthouse at The Gardens at Bishan.
Mr Teo is typical of the "mobile millionaires" that a recent study by RBC Wealth Management and The Economist Group has identified, say property agents, financial consultants and bankers The New Paper on Sunday spoke to.
According to the study released earlier this week, mobile millionaires across the region have made Singapore their top choice of country to live in.
Hong Kong is second on the list.
"I think the term is very apt because these people fly into Singapore at a drop of a hat," says a manager with a local developer here.
She requests not to be named as she has no permission to speak to the media.
"The wife can just fly in for a day or two, stay in their apartment and fly back. This is how mobile they are."
The developer offers high-end multi-million-dollar homes specifically targeting rich Asians, who typically come from China, Indonesia and India - in that order.
They usually have properties throughout Asia, the manager reveals.
Besides property agents, there is an entire mini industry working to keep these customers happy and coming back to Singapore.
The reasons the rich choose Singapore?
Security, both physical and financial.
And a favourable tax regime which does not tax capital gains, adds the manager.
In Mr Teo's case, Singapore is a safe bet to park his money and investments. He cites low crime rates, which pave the way for a safe and secure living.
Mr Teo, who has other landed properties all over Malaysia, chose Singapore because he is confident of its stability.
"It's one of the safest places to invest," says Mr Teo, who previously owned a golf resort in Malaysia.
"Singapore is a hub with strong financial institutions and shows promising returns in the property sector for those looking to invest."
Granted, the Singapore Government has introduced cooling-down measures against the fear of a property bubble and this technically makes it harder for foreigners to own property.
But it was all "within his budget", says Mr Teo, despite property prices soaring.
Another consideration for Mr Teo is the education system here.
His youngest son, who is in Primary 5, studies at Maris Stella High School, while his only daughter, age 16, is in Methodist Girls' School.
His eldest son, 21, is serving national service.
Adds Mr Teo: "I'm happy with the education system here. Both my children in school are doing well.
"As for my eldest son, I wanted him to learn something which he couldn't have received from anywhere else - learning to live life as a man through national service. He didn't have to serve NS, yet I encouraged him to do so."
The self-made millionaire says that from his previous experience with business in Singapore, he expects the economy to grow.
When he was 14, Mr Teo had already gone into business.
He was among the few in Malaysia who had supplied door and window frames in the late 70s and early 80s to the Housing Board.
It was hard work, but it started him on the right footing in business.
"Making your first million is always the toughest," says Mr Teo.
"After that, it gets easy... It then becomes a matter of choosing the right investments to multiply your wealth."
Despite the rising cost of living, he still believes that more foreigners with deep pockets will choose to come here.
The crumbling European economy and the fact that many multinational corporation have chosen Singapore as a base are some of the reasons.
"Everything you need is here," maintains Mr Teo.
"As businessmen, we decide on what kinds of risks to take when deciding to invest or live in Singapore.
"Over here, most of us can live comfortably."
The view from his new 2,700 sq ft Marina Bay Suites apartment is priceless.
Pull aside the curtains and you'll get a splendid and unobstructed view of Marina Bay.
Yet Malaysian Desmond Teo isn't ready to live in the $8 million apartment he bought two years ago.
Well, perhaps not just yet.
Says Mr Teo, 52, a businessman: "I get worried about the place because it's too close to the casino. I feel nervous for my family, especially my eldest son, who may be tempted to try his luck (at the casino)."
So Mr Teo prefers to rent out his Marina Bay condo for the time being.
The family of five - he has two sons and a daughter - has another apartment in Singapore, a $2.5 million, 2,500 sq ft penthouse at The Gardens at Bishan.
Mr Teo is typical of the "mobile millionaires" that a recent study by RBC Wealth Management and The Economist Group has identified, say property agents, financial consultants and bankers The New Paper on Sunday spoke to.
According to the study released earlier this week, mobile millionaires across the region have made Singapore their top choice of country to live in.
Hong Kong is second on the list.
"I think the term is very apt because these people fly into Singapore at a drop of a hat," says a manager with a local developer here.
She requests not to be named as she has no permission to speak to the media.
"The wife can just fly in for a day or two, stay in their apartment and fly back. This is how mobile they are."
The developer offers high-end multi-million-dollar homes specifically targeting rich Asians, who typically come from China, Indonesia and India - in that order.
They usually have properties throughout Asia, the manager reveals.
Besides property agents, there is an entire mini industry working to keep these customers happy and coming back to Singapore.
The reasons the rich choose Singapore?
Security, both physical and financial.
And a favourable tax regime which does not tax capital gains, adds the manager.
In Mr Teo's case, Singapore is a safe bet to park his money and investments. He cites low crime rates, which pave the way for a safe and secure living.
Mr Teo, who has other landed properties all over Malaysia, chose Singapore because he is confident of its stability.
"It's one of the safest places to invest," says Mr Teo, who previously owned a golf resort in Malaysia.
"Singapore is a hub with strong financial institutions and shows promising returns in the property sector for those looking to invest."
Granted, the Singapore Government has introduced cooling-down measures against the fear of a property bubble and this technically makes it harder for foreigners to own property.
But it was all "within his budget", says Mr Teo, despite property prices soaring.
Another consideration for Mr Teo is the education system here.
His youngest son, who is in Primary 5, studies at Maris Stella High School, while his only daughter, age 16, is in Methodist Girls' School.
His eldest son, 21, is serving national service.
Adds Mr Teo: "I'm happy with the education system here. Both my children in school are doing well.
"As for my eldest son, I wanted him to learn something which he couldn't have received from anywhere else - learning to live life as a man through national service. He didn't have to serve NS, yet I encouraged him to do so."
The self-made millionaire says that from his previous experience with business in Singapore, he expects the economy to grow.
When he was 14, Mr Teo had already gone into business.
He was among the few in Malaysia who had supplied door and window frames in the late 70s and early 80s to the Housing Board.
It was hard work, but it started him on the right footing in business.
"Making your first million is always the toughest," says Mr Teo.
"After that, it gets easy... It then becomes a matter of choosing the right investments to multiply your wealth."
Despite the rising cost of living, he still believes that more foreigners with deep pockets will choose to come here.
The crumbling European economy and the fact that many multinational corporation have chosen Singapore as a base are some of the reasons.
"Everything you need is here," maintains Mr Teo.
"As businessmen, we decide on what kinds of risks to take when deciding to invest or live in Singapore.
"Over here, most of us can live comfortably."
