Singapore is a great location for those wanting to get the best of both worlds; the East and West. Perhaps the reason why Singapore is a preferred destination for expat Chinese and other Asians, who’d comparable to their children get the best education, yet remain rooted and near their culture. Sentosa Cove can be a virtual hub for expats who’ve made this gated community within the offshore marina, their home. Actually, there are several reports that claim that Singapore is among the most third most popular place to go for the wealthy Chinese. Here are a few highlights to be considered when buying property in Singapore.

buy house in singapore

• Foreigners in Singapore can buy non landed properties (read apartments and condominiums) without prior approval from the government. This rule is because of an enactment in 2005 that barred foreigners from buying property in apartment blocks which are below six storeys or come under the category of condominiums. Nonetheless they still have to seek permission from your Singapore Land Authority to buy landed properties like bungalows, semi-detached houses, and vacant plots.

• They are also restricted from buying an HDB shophouse, an HDB house from the HDB, a resale HDB flat that’s approved by the HDB, along with a condominium which is purchased beneath the Executive Condominium Housing Scheme of 1996. Certainly was introduced for people who wished to buy something better than an HDB flat, but couldn’t afford to buy private property. For the uninitiated, HDB means for Housing and Development Board- Singapore, the public housing authority of Singapore. This was setup by the government of Singapore, with an try to help Singaporeans buy quality home at affordable prices.

• Permanent Residents or PR’s are allowed to purchase HDB flats from the HDB, provided they form a family group nucleus using a Singapore citizen. Pr’s may also buy an HDB flat from the resale market; provide they enlist a minumum of one occupier as a Singaporean citizen or PR. And to protect people from flipping their home, owners seeking to sell apartments that are less than 3 years old, would have to pay an obligation of three % from the resale value. Thus homeowners who buy property through easy credit and then sell on them quickly to get a profit are discouraged from doing so.

buy house in singapore

• As for properties under the Executive Condominium Scheme, PR’s are allowed to buy property in projects which are within their sixth to tenth year with the Temporary Occupation Permit or TOP. For foreigners and corporate bodies; they could buy EC property only following your eleventh year with the TOP.