Your newbie guide to buying condos in Singapore – Part 1 – Price, Location, Tax
Parc Central Residences will share with you some newbie guide to buying condos in Singapore.
In Singapore, condominiums can range from 6 figures in SGD all the way to 8 figures. Indeed, the central business district of Singapore, which is one of the most prized and attractive districts in this city-state, a 2-bedroom unit will set you back to almost 2 million Singapore dollars.
Please understand that buying a condo is not just about pricing. While it does play a big role, if you want to get the very best unit that fits your budget in Singapore, you need to focus on location.
As you probably already know, just like with New York, San Francisco, Paris, London, Tokyo, and other high-end condo markets, location is crucial especially when you’re buying this type of property. Usually, people don’t buy cars in the middle of the city center. They’d rather rely on public transport.
Accordingly, you have to pick a condominium that is strategically located so it’s close enough to all major types of mass transport. This is not something that you can assume. You can’t automatically think that just because the condo unit or project that you’re interested in is in the middle of town that it automatically follows that you would have quick access to the subway.
There’s probably a lot of other things going on. You should look at the big picture and compare all these variables among the different condo units located in other districts. This way, you can weigh their advantages and disadvantages as far as your personal convenience and preferences go.
Make sure you have a relatively clear idea of the legalities before you decide to buy
In Singapore, foreigners can legally buy condo units that come with a freehold title. In other words, this title is like buying a house and lot. It’s the highest property title that you can get. There are no limitations to it.
Generally speaking, many property markets throughout the world put serious limitations on foreign ownership. For example, some countries require that in one condominium tower, only a maximum of 40% of the units can be sold to foreigners.
Along with these restrictions come limitations regarding home ownership officer eligibility, voting rights, and a whole list of constraints. Thankfully, Singapore doesn’t have those foreign ownership restrictions.
Being one of the easiest cities in the world to do business in, it follows that its property rules are quite liberal and relaxed. With that said, there is a cost to the freehold title that foreigners get with their condominium property. This type of title has a higher property tax rate.
Stay tuned for Parc Central Residences Price. Interested buyers can now look at the CPF Housing Grants for EC /EC Eligibilities and book appointment to view the Parc Central Residences showflat which will be ready in H2 2020. Meanwhile, you can check out more information at CPF website if you plan to use CPF for down payment or installment.