Thanks for your comments. I have spoken to a few friends and relatives, some of them are successful investors themselves. They shared with me the pros and cons of the various investment vehicles. In summary, 70% of them prefer Singapore property as their main investment asset. So, I have decided on Singapore property.

I did some research on propertyguru and found quite a number of 2 bedroom condos are selling for $800k. For my family and I, we just need a 2 bedroom unit for stay. I can then buy another 2 condos for rental. In total $2.4m. I will need to use my savings for the various transaction costs and stamp duties and small renovations. After deducting all these, I still have about $200k as emergency fund.

With the 2 bedroom condos, I think I can get about gross $3k per month each or net $2.5k per month, so I will get passive income of $5k a month in total. Our total spendings per month can be about $4k a month as we would have no mortgages and no other debt. If we can maintain the car, we will keep but if the maintenance and running cost is too high, we will just sell it away or use less often.