Singapore has the most stable economies amongst many other countries, allowing foreigner stakeholders to invest money in. The country has impressive taxation policies for everyone, who wishing to invest in the property, either commercial or residential.
Certainly, the country has well-established and appreciable governance. Besides, political stability with efficient transparency adds another dimension to prove the case of Singapore more loudly. These huge factors have come a long way to make Singapore an attractive property market to foreign investors. The booming economy and high rate of dollars indeed attract prominent business people worldwide.
Let us discuss regulation related to residential property dealings:
According to Singapore’s residential property Act, foreigners and permanent residents (PRs) can seamlessly buy private or public properties without land authority approval. Yet here comes the categories of properties which one you can purchase in Singapore.
Singapore has the most powerful housing market due to land scarcity. Hence the property basically has good chance of high rental yield and capital gain as it never difficult to find a buyer or tenant, talking about residential property, there are two categories: Public housing and private housing.
Housing Development Board (HDB) is providing the public housing scheme in Singapore. Government has allocated certain subsidies and grants in public housing to ensure most Singaporean has their own house, so there are certain restrictions for who can purchase such public houses.
The following are the different types of properties that foreigners are eligible to buy with certain conditions.
You can buy a resale executive condominium (EC) that is more than 10 years old.
It is lesser restriction in purchasing private property in Singapore as compared to public property. Basically private property comes with elegant design and excellent fittings. The facilities for buying private property are paramount, the purchasing price normally including of free access to many luxury facilities, such as gym, swimming pool, BBQ pit, tennis court and many others, most important, free car parking for one private car is guaranteed for most project, if you have more than one car, most likely you can apply an extra car parking lot for free as long as it is available.
Whenever any local or foreigner wishes to buy the land, he/she may face some restrictions in Singapore because the country does not compromise at any stance on public safety. Therefore, there are a few sorts of property, which require some approvals from the Land Unit. These properties are:
Still have some doubts and questions? That is common, purchase a property in another country can never be easy, in Base Consultancy, we totally understand your concern, with a professional and licensed property team, Base Consultancy is one of the most preferable choice for local and foreign buyers, we gain the reputation with tremendous experience in guiding our clients in purchasing-decision and close deal from starting till the end.
Subsequently to purchasing transactions, our property team will continue to offer property management services for renting, maintenance etc. Do contact our dedicate and friendly property consultant by email, what’s app or live chat on website.
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