Buying Property In Singapore5928284
Singapore is an perfect location for those looking to get the best of both worlds the East and West. This is perhaps the reason why Singapore is a preferred location for expat Chinese and other Asians, who'd like their children get the best education, however stay rooted and close to their culture. Sentosa Cove is a virtual hub for expats who've made this gated community in the deep sea marina, their home. In fact, there are a number of reports that recommend that Singapore has turn out to be the third most well-liked location for the wealthy Chinese. Here are a few highlights to be kept in mind when buying property in Singapore.
• Foreigners in Singapore can buy non landed properties (read apartments and condominiums) without prior approval of the government. This rule is a result of an enactment in 2005 that barred foreigners from purchasing property in apartment blocks that are lower than six storeys or come under the category of condominiums. However they nonetheless require to seek permission from the Singapore Land Authority to buy landed properties like bungalows, semi-detached houses, and vacant plots.
• They are also restricted from purchasing an HDB shophouse, an HDB house directly from the HDB, a resale HDB flat that is approved by the HDB, and a condominium that is bought below the Executive Condominium Housing Scheme of 1996. This scheme 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 is an acronym for Housing and Development Board- Singapore, the public housing authority of Singapore. This was set up by the government of Singapore, with an aim to help Singaporeans buy quality home at affordable prices.
• Permanent Residents or PR's are permitted to buy HDB flats directly from the HDB, supplied they type a family nucleus with a Singapore citizen. Pr's can also buy an HDB flat from the resale market provide they enlist at least one occupier as a Singaporean citizen or PR. And to shield people from flipping their property, owners looking to sell apartments that are much less than 3 years old, would have to spend a duty of 3 per cent of the resale worth. Thus property owners who buy property through simple credit and then sell them quickly for a profit are discouraged from performing so.
• As for properties under the Executive Condominium Scheme, PR's are allowed to buy property in projects that are in their sixth to tenth year of the Temporary Occupation Permit or TOP. As for foreigners and corporate bodies they can buy EC property only after the eleventh year of the TOP.
