"This is a turning point in Iran, and (the lifting of the sanctions) is a good news for us," said Jimmy Leong of Leung Kai Fook Medical Company, The Strait Times reported on Tuesday.

"I was very surprised to see that the country was doing so well despite the sanctions," Leong said, adding, "There are nice condominiums and beautiful concept restaurants in Tehran."

Nearly all Singapore firms are excited at the prospect of doing business in Iran, now that sanctions on the Middle Eastern nation have been lifted, Leong went on to say.

On January 16, implementation of a nuclear deal between Tehran and world powers was officially started.

Based on the agreement, which had been finalized back in July 2015, all nuclear-related anti-Iran sanctions were removed.