Guide for Investing in Residential Real Estate in Singapore
In January, this year, CBRE released the most recent survey results for Asia Pacific Investor Intentions. The survey declared Singapore as the 3rd most popular country in terms of real estate investment across the border. The top two cities are Tokyo and Shanghai.
The approach of the Government of Singapore handled the pandemic in a systematic and calibrated manner. It is one of those top reasons Lion City continues to be a preferred country to invest, live, work, and play. The stamp duty and calibrated lending measures in the country are praiseworthy. These measures have not led the real estate sector to collapse or plunge.
The fact is prices of the real estate in the country are constantly on the increasing side. This phenomenon makes real estate investment in Singapore a sure and secure investment with long- and midterm advantages.
Choosing real estate in Singapore
An apartment or a plot of land
Citizens of Singapore can purchase residential land. If a foreign company, entity, or a non-citizen of Singapore wants to buy residential land, they need to get statutory approval in advance.
A company incorporated in Singapore should first apply for the qualifying certificate. It differs from the statutory approval foreigners should buy. Such an organization is regarded as a foreign entity, according to the statute. It happens when any director or shareholder is not a citizen. Consult a lawyer to help you with the application.
If you are a foreigner, you can own land on Sentosa, which is a beautiful island near the country’s southern tip. Anyone can purchase an apartment in Singapore. However, if a person intends to purchase all the flats in development, statutory approval is necessary.
You should remember that the title deed for land is not the same as that for an apartment. For a plot of land, the Certificate of Title means you are the owner of that property. You also own the building on it and the subsoil beneath it.
A Conservation home
This is also a special category of property in Singapore. However, the supply of this type of real estate is limited. These are period properties in the country. If a foreigner wants to buy and own a conservation property, they need statutory approval in advance. It is common to mingle a few conservation properties in a commercial zone to be mixed with residential use. As there is a residential element, the foreigner needs statutory approval in advance.
Built or being built
It is common in Singapore to purchase a property that is being built. Investors can have peace of mind as proper regulations and comprehensive legislation are in place for safeguarding the buyers’ interests.
Different tenure types–leasehold or freehold
In Singapore, you can choose from two kinds of tenure. Leaseholds of ninety-nine years are extremely common. However, leaseholds for 999 years are less common. There is quick depreciation in the leasehold for 99 years.
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