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All You Need To Know About a Residential Property Purchase

Topic: Real EstatePublished September 7, 2015
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The conditions of Singapore are ideal for living a healthy lifestyle. The city has a large number of educational institutions of commendable reputation for quality education of children. On the other hand, there are a large number of corporate offices and business outlets as well for the employment of the people living in the city. Hence, the city has something to offer to everybody. As far as the living conditions are considered, the city streets are pretty clean and the air is also less polluted than most other cities. Hence, it is no wonder that a large number of people from across the globe have made the city their home.

There are, however, a few things that a person must keep in mind before making an attempt to purchase a home in the city. Some of these important aspects have been discussed below.

  • The laws and regulations that apply on residential property acquisitions are pretty hard on foreigners. In fact, foreigners in the city are not eligible to purchase the many flats, apartments and condominiums developed by the Housing & Development Board of Singapore. This leaves them with only private single family homes and private luxury condominiums to choose from. There are also several high profile homes such as bungalows and villas, but they are primarily restricted to the rich due to their very high price tags. Foreigners, however, still need the permission of the government of Singapore to be eligible for a residential property purchase in the city.
  • Foreigners receive little financial aid from the government of the city when purchasing a residential property in the city. The financial aid that local citizens are offered when purchasing a home is not available for a foreign national. There are, however, a number of private funding companies and banks that offer great loan schemes that can help a person to finance their home purchase in the city.
  • There are a number of private banks and funding corporations in the city that can help a person to finance their new home purchase in case they are ineligible for HDB loans. Buyers, however, are required to pay at least 20 percent of the price of the property upfront in order to acquire the property.
  • Private property owners in condominium developments like the North Park Residence are eligible for similar tax exemptions as those of private house owners. These tax benefits, however, are not the same as the tax benefits offered to owners of HDB flats, apartments and EC condos. Nevertheless, the tax benefits offered to private residential property owners are significant, and can help property owners save considerable amounts of money.

    • The residential segment of the real estate industry of Singapore is very ripe at the moment with a large number of developments seeing the light of the day.Condominium developments like the Panorama AMK and many others are being raised across all parts of the city. Investment opportunities are plenty for people looking for the finest living conditions in the city. The city is one of the best places to make a property investment at the moment.

    Article author

    About the Author

    Alex K Robert has been working with condominium developments like the Panorama AMK for over a decade, and helps home-buyers with updated information on property purchases in complexes like the North Park Residence.

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