Purchasing Property In Singapore1075668
Singapore is an perfect place for those looking to get the very best of both worlds the East and West. This is maybe the purpose why Singapore is a preferred location for expat Chinese and other Asians, who'd like their kids get the best education, yet 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 suggest that Singapore has become 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 outcome of an enactment in 2005 that barred foreigners from buying property in apartment blocks that are lower than six storeys or come below the category of condominiums. However they still need 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 straight from the HDB, a resale HDB flat that is authorized by the HDB, and a condominium that is purchased under the Executive Condominium Housing Scheme of 1996. This scheme was introduced for people who wished to buy something better than an HDB flat, but could not 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 assist Singaporeans buy high quality home at affordable prices.
• Permanent Residents or PR's are allowed 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 offer they enlist at least one occupier as a Singaporean citizen or PR. And to protect people from flipping their property, owners looking to sell apartments that are 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 doing 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 following the eleventh year of the TOP.
