S’pore rich kids end up with penthouses as parents skirt taxes

SINGAPORE: Not many 24-year-old university students live in a S$1.2mil (US$875, 000) penthouse, kitted out with a Herman Miller Aeron office chair and Lelit espresso machine. Especially not in Singapore, one of the world’s most expensive property markets.

Shawn, whose loft-style apartment in Singapore’s leafy central Bukit Timah region was paid for entirely by his mother, is one of a lucky few. But his ranks are growing as families seek to work around cooling measures, including raised stamp duties on second and third homes, by buying properties for their children.