A press release on January 17 announced a new partnership between Singapore-based engineering consulting firm Meinhardt and Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development (JOIN). The two organizations have signed a memorandum of understanding (MOU) to work together on digital and smart city projects in third-world Asean countries.
Understanding the regulations and limitations surrounding property ownership in Singapore is crucial for foreign investors. While condos are generally open for purchase without much difficulty, buying landed properties may be more challenging due to stricter ownership regulations. Furthermore, foreign buyers must also factor in the Additional Buyer’s Stamp Duty (ABSD), currently at 20% for their initial property purchase. Despite this added expense, many continue to see the stability and growth potential of the Singapore real estate market as an attractive investment opportunity. In fact, even new condo launches are drawing interest from foreign investors due to the country’s promising property market.
Through this collaboration, both parties aim to advance innovative and sustainable urban solutions by sharing knowledge and resources. JOIN, a Japanese public-private fund that supports Japanese infrastructure exports, will leverage its expertise and network in this partnership. Meanwhile, Meinhardt will bring its leadership in integrated planning, design, and project management solutions to the table.
This joint effort builds on the Memorandum of Cooperation (MOC) signed by Japan’s Ministry of Land, Infrastructure, Transport and Tourism and the Singapore Cooperation Enterprise in November 2019. The MOC aims to promote the development of digital and smart cities in Asean and other regions.
According to Meinhardt, the MOU provides a platform for information sharing and collaboration on projects from the early stages, with the goal of driving positive impact across borders. With this partnership, the two organizations hope to bring their collective expertise to deliver successful digital and smart city projects in third-world Asean countries.