What An Expatriate Need To Know About Home Ownership in Singapore

What An Expatriate Need To Know About Home Ownership in Singapore from Property Buyer Singapore

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What an Expatriate Need to Know About Home Ownership in Singapore

by SUSAN TEO

Singapore is a multi-racial island city that welcomes foreigners. Furthermore, the country's political stability, low crime rate, high efficiency and absence of natural disasters together have made Singapore an ideal workplace and investment haven for foreigners. Thus, they may contemplate buying a residential property here for investment or owner-occupation. However, due to the limited land in Singapore, the Government has to impose some rules to restrict foreigner's acquisition of residential property. This article will outline some regulations surrounding foreign home ownership in the country.

Additional Buyer’s Stamp Duty (ABSD)

Since 8 December 2011, foreigners who want to acquire a residential property here has to pay an additiona1 buyer's stamp duty (ABSD) on the higher of the total purchase price or market valuation. The ABSD rate has been revised from 10% to 15% from 12 January 2013.

Previously, foreigners only have to pay a Buyer’s Stamp Duty, on the higher of the total purchase price or market valuation, of

1% on first $180,000 

2% on next $180,000 

3% for the remainder

However, citizens and PRs (Permanent Residents) of a few countries that have signed free trade agreements (FTAs) with Singapore are exempted from ABSD. These are

Nationals and Permanent Residents of:- Iceland Liechtenstein Norway Switzerland Nationals of:- United States of America

Source: IRAS

In addition, married couples that have a Singapore citizen can enjoy a full or partial reduction in ABSD for their first property purchase. Refund of ABSD is also possible for the second property purchase if the first property is disposed of within 6 months from the date of purchase. For more details about remission and the application process, please visit Inland Revenue Authority of Singapore (IRAS) website (IRAS, “Remission/ Refund”).

To offset the cost of ABSD, some developers may offer a rebates of the ABSD.

Housing types

HDB
While about 80% of Singapore's population dwells in public housing, or what is commonly known as HDB (Housing Development Board) flats. Foreigners are not eligible to purchase this category of housing as these are subsidied flats. An exception applies if you have a Singapore citizen spouse. Under HDB's Non-Citizen Spouse Scheme, a SC-Foreigner couple can buy a HDB flat from the resale market. Please refer to HDB website for the details (HDB, “Eligibility To Buy: Non-Citizen Spouse Scheme”).  

Non-landed

Single foreigners or foreigners with non-Singapore citizen spouse have their choices limited to strata-titled private residential properties only. For this class of property, they can purchase non-landed ones without any special application. However, if a foreigner wants to acquire all the apartments within a building or all the units in an approved condominium development, he must first obtain the approval of the Minister for Law.

Landed

Landed properties fall under the purview of the Restricted Residential Property Act. Foreigners acquiring “detached house, semi-detached house, terrace house (including linked house or townhouse)” (SLA,“Foreign Ownership of Properties”) have to obtain prior approval from the Minister for Law. And the land area of the property cannot be more than 1,393.5 sq metres (15,000 sq ft). The application process usually takes 6 weeks and is subjected to approval.

For the full details of the restrictions governing foreign ownership of properties, visit the Singapore Land Authority (SLA) website (SLA,“Foreign Ownership of Properties”).

Sales of the landed property is allowed only after a minimum occupation period of three years [SLA, “FAQ on Foreign Ownership of Land under the Residential Property Act (The Act)”].

Landed: Sentosa Cove

Since August 2004, Singapore relaxed its foreign ownership rules to allow foreigners to purchase landed properties on Sentosa Cove with an express process of 2 days. Applications have to be made with the Land Dealings Unit. Further there is no minimum occupation period.

Whether the landed residential property is on Sentosa Cove or elsewhere, it must be owner-occupied (ie. No renting out) and the foreign owner is only allowed to own one restricted residential property at any one time in Singapore.
  
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Invest in Sentosa Cove - Oceanfront pool area

The pool area of Oceanfront looks and feel so good. The place is so breezy, so beautiful. You don't feel like you are in Singapore at all. Time seems to slow down, people seemed happy, the life seems beautiful. How can a place feel so different between mainland Singapore and Sentosa cove?

On both sides of the condominium, you see the sea and is surrounded by it. Sometimes you feel so small, and are awed by the natural setting.

Prices start from 3 million onwards. So if you want to finance your sentosa property, feel free to get in touch with us Property Buyer Mortgage consultants.

Invest in sentosa Cove - luxury finishing - Oceanfront condo

High quality finishing - Oceanfront Condo - Sentosa cove

Have you ever wondered how the rich lived? What kind of basin they use? Well, the super rich have very exquisite tastes and enjoyed the finer things in life.

Sentosa cove - Seascape Condominium

by Property Buyer Mortgage Consultants



What is it like to live in Seascape Condominium. All I can say is, it is very exclusive, very snob, very beautiful. Previously when people have arrived, they want to stay in District 9, 10, 11. These days, when people have arrived, they want to stay in Sentosa cove. A lot of Wannabe developments have sprouted up in Singapore's district 9, 10 and 11. And there are also many so called Sea view condominiums in East coast.

They are not the same. You can see the sea, but you cannot touch it. When you take the lift downstairs and walk out of your condominium, you see heavy traffic, you see a mess, disorderly shops and so on. Where is the sea? It's one underpass away to get to the sea at east coast park. And the underpass is 200 to 300 meters away. Once you reach the underpass, it's another 100 to 200 meters to the sea.

How's that for Seaside living? Not a chance!

Seascape is right by the sea. The only thing against it is, there is no beach. For the beach, you have to take a drive to the Siloso beach.

Nonetheless, this is a beautiful place and it's not exorbitant on a per square feet basis. You can get something for around 4 to 5 million singapore dollars.

Not to worry if you do not have $4 to $5 million, as long as you have20 to 40% of downpayment, we can help you with your sentosa cove home loan financing, alternatively you can sms us at +65-9782-8606 for a chat on financing options for your investment in Sentosa Cove properties.

As we are NOT property agents, if you want to view any properties, we can introduce you to property agents who can take care of your needs, just let us know at +65-9782-8606.

Sentosa Cove - The OceanFront Condo

Sentosa Cove - The OceanFront Condo



Investing in Singapore takes many forms. If you want to invest in a Singapore property, there are many to choose from. Make sure you choose the right ones. Are you looking for luxury or style or simply a place to stay while you conduct your daily business?

Contact a Mortgage Broker before you start your search or

SMS: 9782 8606 for your mortgage needs to find out how to finance a property first.

Check before you Invest in Sentosa Cove Properties in Singapore?

By www.PropertyListings.asia

Sentosa Cove in Singapore was mooted as an idea and developed on an island resort and tourist destination in Singapore. Somewhere around 2003 to 2004, there was a realization in Singapore that we need to keep pace with the world's premium properties by offering super high net worth the luxury lifestyle that they have become so used to, such as in Monaco, Dubai and elsewhere. Many rich people from the western hemisphere prefer Sun and sea and a yachting lifestyle. So in 2004 onwards, the Singapore government re-zoned Sentosa to carve out a piece of land in the Eastern tip of Sentosa Island and created Sentosa Cove.



take a walk here to see luxury properties without setting foot into sentosa, which by the way is quite restricted, you cannot simply just walk in.

Leave us a message if you are keen at: info@propertylistings.asia

or leave the mortgage consultants a message, they can help you sort out the financing of the said properties.

loans@propertybuyer.com.sg

Mortgage Broker