Singapore is a beautiful “city-state” with lots of bustling activity and business: every year, more and more businesses are moving to this profitable area. It boasts the highest concentration of millionaires in the world, with 15.5% of its residents owning more than one million American dollars. This concentration of the well-off is apparent in Singapore’s condominium industry. A condominium is partially owned by individuals, but all owners share common areas. Common areas include a pool, tennis court and a gym. Of course, in Singapore, they are all exquisite. Condominium owners become a part of a condo association, which has an elected board of residents that serves as management.
The advantages of living in a condo include a good location, round-the-clock security, maintenance, and top-notch facilities. Condos in Singapore’s suburbs tend to be high-rises like those in the city, so forget for a moment the ideal of the condo in the suburbs of America. Singapore’s condos are breathtakingly beautiful. Obviously, these dwellings for the affluent are not inexpensive. iProperty has a condo directory service, by which potential buyers can get a panoramic view of condominiums they are interested in. I could not resist a “peek” into the dwelling places of some of the world’s wealthiest citizens.
Popular condo for sale in Singapore include the “Esta” and “Parc Oasis.” To be sure, all the amenities look like—well, like they are enjoyed by rich people. iProperties has six pictures of the “Esta,” which looks ultra, ultra-modern. Prices for the “Esta” are from $188,440 to $2,034,450. The web site has ten pictures of “Parc Oasis.” It indeed looks like an oasis of leisure and luxury not accessible to the ordinary citizen of the world. “Parc Oasis” prices start at $1,100,000 and go up to $1,380,000. In addition to offering clients panoramic views of condo for sale, iProperties has property fairs, expos, exhibitions, conferences and seminars relating to condos.
Singapore has a curious public-private hybrid of a condo called an Executive Condo (E.C). Recently, the debt ceiling for financing E.Cs has increased, making more home seekers eligible to purchase E.C.s. Yay! In addition to the E.C, Singapore’s housing market has another curiosity, and that is the way in which the city-state distinguishes between “freehold” and “leasehold” properties. A “freehold” property is owned by the buyer, for as long as he/she wants it. However, this procedure is more expensive and takes a longer period than the “leasehold” method. With a “leasehold” property, the owner has the land for tenures of 99, 999 or 103 years. When the lease expires, the ownership of the property goes back to the government. This method of purchasing real estate is usually much cheaper than “freehold,” but the owner has to pay a monthly rent.
Concerning condo for sale, there are also special rules for Singapore’s foreign-born citizens, who make up half of the island’s population, when it comes to buying real estate. Usually, the financial support is done through the Singapore embassy in the native country. However, banks will give loans to foreign-born citizens, but these citizens can only get 70% funding. Property Guru has a charming account of a foreign-born citizen asking about financing a condo: the person said, “A foreigner can buy a condo in Singapore? Bank loans can get?” There are many real estate professionals who specialize in getting loans for Singapore’s foreign-born population. This differential treatment based on where a person is born may be at home in Singapore, but it is hard to imagine a similar set up in America. The Singapore idea of a condo in suburban areas is also vastly different than the sprawling American suburban condos. Vive la difference!
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