Singapore is a small country and land area is scarce. Titled properties or land properties are costly and are considered luxuries as well. Because of this, the real estate market is mostly containing high rise condominiums and apartment buildings. Generally, there are about 80 percent of Singaporeans who live of these high rise buildings that managed by a government arm while others occupy private apartments, landed properties and exclusive condominiums.
The growth of individuals in Singapore is also contributed by the rapid influx of foreigners towards 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 sensible that foreigners look into the different kinds of properties most especially because they each have their own foreign ownership restrictions. When you acquire property in Singapore, hold that you already recognize the general classifications of the properties that have been set by the united states.
When you buy property in Singapore, the many types of properties include: private apartments that are separated 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 probably the most affordable housing unit in the country; and the executive condominiums specifically for the students professionals. Foreign ownership restrictions are strictly implemented in this particular country. Originally, when foreigners buy property in Singapore, the could only live in small apartment units or buy landed property lengthy as 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 with the government or through re-sale. When you buy property in Singapore, there vary criteria when it comes to being qualified to acquire an HDB flat, which, in brief, are the following: having a Permanent Residency Status, affinity at serangoon condo 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 to a Housing grant.
When you buy property in Singapore, it could be best to get the help of a solicitor. Should get help you expedite practice especially when it to be able 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 could be an option for as well as the. When you buy property in Singapore, there are also other important processes that are essential as well because they involve the documentation route. These include the Option to purchase document that officially anyone 14 days within which to decide whether definitely will purchase the property or not, an Offer obtain document where there is not a time involved but well-developed the offer to be binding already, a Sales and Purchase Agreement when a caveat is already lodged on the property, as well as the Fees and Commissions.