Looking for private property in Singapore can be an easy or hard feat depending on the way that you look at it. One thing that you must concede in dance is that land in Singapore is very scarce. Therefore, more people are on the search for land. However, this does not mean that you will not get property, that you have come here for help is the first positive step in the right direction. You will get all the information that you may need to know about how to get rental or purchase property in Singapore. Do not attempt to go it alone because most likely you will not get far.
If you intend to purchase private property in Singapore, you should know a few things about it. One is that the most common type of housing is the high-rise buildings in the form of condominiums or apartments. These could be housing development board property or they could be owned by private developers. Housing development Board (HDB) owns most of the housing units in Singapore and these make up about 70% of the total property market. This is a great endeavor by the government of Singapore to provide her citizens with proper housing.
Private property in Singapore vs. the HDB flats
HDB flats in Singapore are perhaps the most sought after the whole market because they are very affordable. They are financed by the government, making the search for home mortgages hassle-free for many people. However, you have to be a citizen oof Singapore to buy the HDB flats. You must be at least 21 years of age and must be employed to buy a HDB flat. Note that the HDB flats are a 99-year leasehold.
But apart from the HDB flats, what else is available for you in the private property market in Singapore. Luckily, there are several choices for you to consider. Although most of them require you to be a citizen or a permanent resident of this island nation, that is the general requirement for you to own property anywhere in the world. In addition to the HDB flats, there are the private condominiums, which have got more facilities and are freehold. However, sometimes, they may be sold at a 99 or 999-year leasehold. In such properties, you will find squash courts, children’s playground, tennis courts, swimming pools and even a BBQ area. The private apartments are likely to be more expensive than the HDB property, but of course, the added features make up for this.
Other classifications of private property in Singapore
The other classification of private property in Singapore is the executive condominiums. Such are for young and upcoming professionals who feel that they are a class higher than what is offered by the HDB. Such condominiums are bigger than the HDB flats but they are smaller than the private apartments. There are restrictions regarding who can and who cannot buy the executive condominiums and therefore you had better do a thorough research to know whether you qualify. For example, between 5 and 10 years, the condos cannot be sold to foreigners. Again, in the first 5 years, the condominiums cannot be sold at all or to anyone. After 10 years, there are no restrictions placed on the property again.
Landed property is also available in Singapore, this, according to the government, includes detached, and semi detached houses, shop houses, terraced houses, bungalows and so forth. Usually, such are very expensive depending on the location of the property. While they are freehold in most cases, some are also offered on a 99 or 999-year leasehold.
While looking for private property in Singapore, perhaps what is of paramount importance is to look for a solicitor to help you out. Of course, the Singaporean property market can be akin to a quagmire because there are so many restrictions placed on property ownership. You had better make sure that you understand all of them. The good news is that if you want rental property, commercial property or landed property in Singapore, you have come to the right place.
As one of the strongest economic hubs of Asia, Singapore is attracting an influx of investors everyday and so the demand for private property in Singapore is always high. The cost of private property depends on other factors like the location, whether you want a furnished house, semi furnished or unfurnished. However, as competitive as the property market here may be, the good news is that there is something for everyone.