If you are looking for guidelines about the properties you can purchase in Singapore, then you are on the written page. In here, we will take you to the deeper knowledge about the types of real-estates that are available in Singapore. However, your citizenship status will greatly affect the privilege and options in buying a real-estate in Singapore.
The House Development Board of Singapore has sole authority to sell public housing such as flats and condominium to the Singaporean citizen and Permanent Resident of Singapore.• Brand New Public Housing: The BTO or Build-To-Order flats which are brand new are only sold for the Singaporean citizen, and Permanent Resident in Singapore are not qualified to buy real-estate in public housing sold by the House Development Board of Singapore.
• Secondhand or The Resale: The flats that are being resold by HDB of Singapore from previous Singaporean owner can be bought by a Permanent Resident if he or she is already 3years PR. Added to this, if the Permanent Resident is not a Malaysian national, he/she needs to check the EIP and SRP if the neighborhood had already reached the quota of 5 percent for non-Malaysian settlers, and 8 percent per block for Permanent Resident.
In Singapore, there are restricted real-estate and non-restrictive real-estate, but for a Singaporean citizen, he/she is exempted with the restriction since they can buy any real estate for as long as they can afford it.
• Restricted Private Properties: The private properties that are considered restricted are those executive condominiums that are brand new are not available for Permanent Resident neither for a foreigner. However, if you are a Permanent Resident or a foreigner whose fiancé/fiancée is Singaporean citizen, then you can buy an executive condominium for as long as you have the plan to stay permanently in Singapore.
• Non-restricted Private Properties: For executive condominiums that are already used for five years before the resale, this type of real-estate is no longer restricted for Permanent Resident while those condos that had been used for ten years and above can be sold to foreigners.
Seller And Buyer’s Obligation:
Either you buy or sell real estate in Singapore, you will pay for the buyer’s stamp depending on the market value of the real-estate that you bought and the type of your residency.
• Regulation 1: Any Singaporean that will buy a brand new flat or condominium will not be charged with the buyer’s stamp, however, if it is second-hand real estate the Singaporean citizen needs to pay 7 percent of the market value of the real-estate as a set charge for the buyer’s stamp and 10 percent if the real estate is the third hand.
• Regulation 2: Any Permanent Resident who is qualified to be a buyer of real-estate that is new must pay 5 percent of the market value of the real-estate or 10 percent if not.
• Regulation 3: If the foreigner bought real-estate in Singapore, the foreigner must pay 15 percent of the market value of real-estate as the buyer’s stamp no matter if it is new or not.