While the U.S. and Europe attack their financial elite, Singapore is quietly inviting them to check out its new hedge fund playground.
The citystate would be happy to have even more super rich fund managers throwing cash around within its borders.
Singapore is planning to create its own hedge-fund capital modelled after Greenwich, Connecticut, in a cluster of ex-British army homes called Nepal Hill, a 15- minute cab-ride from the city-state’s main banking district.
The Monetary Authority of Singapore and JTC Corp. — the government agency developing and marketing the project in Nepal Hill — quietly asked hedge fund managers in January to visit the district’s so-called black-and-white bungalows, named for their white-washed walls and dark timber frames, according to a copy of the invitation obtained by Bloomberg News.
“I’ve visited and think it’s a very interesting development and a great alternative to a traditional office,” he said. “You’re surrounded by greenery, have your own garden to enjoy and the area is rapidly developing.”
The weather’s great, everything’s convenient, islands are just around the corner… and rents just fell 46% year over year in the fourth quarter according to Colliers International. Taxes are great too. Sounds like a no-brainer.