Singapore is a small country and land area is scarce. Titled properties or land properties are expensive and are considered a luxury as well. Because of this, the real estate market is mostly composed of high rise condominiums and apartment buildings. Generally, there are about 80 percent of Singaporeans who live in these high rise buildings which are managed by a government arm while others occupy private apartments, landed properties and exclusive condominiums.
The growth of the population in Singapore is also contributed by the rapid influx of foreigners to the country. Because of the liberal economic market that Singapore has, foreigners are drawn to make this country their second home. In doing so, it is advisable that foreigners look into the different kinds of properties most especially because they each have their own foreign ownership restrictions. When you buy property in Singapore, make sure that you already know the general classifications of the properties that have been set by the government. Get the facts about Meyer Mansion Condo
When you buy property in Singapore, the different kinds of properties include: private apartments that are divided into apartments or condominium units; landed properties that are further classified into semi detached houses, terraced houses, detached houses, shop houses,and exclusive bungalows; HBD flats or those that are maintained by the Housing and Development Board, a government subsidiary and the most affordable housing unit in the country; and the executive condominiums specifically for the young professionals. Foreign ownership restrictions are strictly implemented in this country. Originally, when foreigners buy property in Singapore, the could only live in small apartment units or buy landed property as long as they produce documents such as a valid working permit or a students pass. Recently, however, the government has already relaxed this rule for the purpose of attracting more foreign investments. Now, foreigners that have the status of a permanent resident or has become a Singaporean citizen can buy HDB flats directly from the government or through re-sale. When you buy property in Singapore, there are different criteria when it comes to being qualified to acquire an HDB flat, which, in brief, are the following: having a Permanent Residency Status, at least 21 years of age, must either be married or have the intention to get married, have parents or siblings or children, combined income of not more than S$8,000 per month if you opt to apply for a Housing grant.
When you buy property in Singapore, it is always best to get the help of a solicitor. This will help you expedite the process especially when it comes to the different legalities intertwined with buying a property. Before signing the contract, you should also be sure that you already have the necessary funds especially for the reservation deposit. Financing can be an option for foreigners. When you buy property in Singapore, there are also other important processes that are essential as well because they involve the documentation process. These include the Option to Purchase document that officially gives you 14 days within which to decide whether you will purchase the property or not, an Offer to Purchase document where there is no time involved but you want the offer to be binding already, a Sales and Purchase Agreement where a caveat is already lodged on the property, and the Fees and Commissions.