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Buying Residential Condos In Singapore: What Does It Entail?

Topic: Real EstatePublished September 30, 2015
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The city-state of Singapore is considered to be the ideal place for settling down as it offers the best of both worlds. On one hand, it has the busy streets that offer the buzz and thrill of entertainment that can quite easily rival those of some of the biggest cities around the world. On the other hand, the city is home to a significant number of monasteries and nature parks that offer the peace and quiet of nature, and are beautiful reflections of the culture of the city. Hence, the city is considered as an ideal living abode as it offers a perfect balance to life.

Moreover, the city also has a sound education system that offers quality education to children and students of all age groups. This perfect balance has attracted people from all parts of the globe, and the city is now home to a diversified race of population. There is, however, an acute need of a home in order to lead a comfortable in such a great city, and the private luxury condominiums in the city serve as the best homes for the people living here. There are plenty of condominium units on offer in the city, and a buyer would be able to find a wide variety of properties when it comes to choosing the ideal condo units to make it their homes.

There are, however, a few important highlights that must be kept in mind when attempting tp purchase a property in Singapore.

  • Foreigners are not allowed to purchase landed properties like semi-detached homes, bungalows, villas, or vacant plots without obtaining prior approval from the Singapore Land Authority. They can, however, purchase residential units in private condominiums like the City Gate Singapore even without obtaining any prior approval from the government.
  • There are rules and regulations that forbid foreigners from buying or occupying properties owned or developed by the Housing and Development Board. These properties include the HDB flats, apartments, executive condominiums (or ECs), and single-family homes. These properties can only be purchased by foreigners after a local citizen has occupied by the property for a minimum period of ten years. The HDB homes are basically tools of the public housing authority of Singapore to offer quality homes to the local people of the city.
  • Local citizens can purchase any kind of residential property in the city as long as they fulfill a few financial criteria and can afford these properties. Moreover, after a property is purchased in the city, the buyer has to register for tax in order to ensure that they get the tax benefits that accompany property purchases. These tax benefits are available for all kinds of property purchases that include HDB housing structures, private houses and private condominiums like the Panorama condo.

    • It is not very difficult to buy a residential property in Singapore. There are a number of financial loans and schemes offered by the government as well as by private funding groups, and these financial schemes can help a person to fund the purchase even if they do not have the money upfront. However, buyers must have a stable economic condition and must fulfill a few requirements in order to be eligible for these loan schemes.

    Article author

    About the Author

    Having worked with condominium properties like the Panorama condo for over a decade, Alex K Robert now assists home-buyers to obtain the best residential properties for their families in popular condominium complexes like the City Gate Singapore.

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