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Useful Information About Landed Property In Singapore
In general, as the supply of land for landed properties is limited, demand is notably on the uptrend. Therefore, the price appreciation between landed and non-landed properties is noticeable. Over the past ten years, landed properties in Singapore have seen a notably higher value appreciation compared to non-landed homes.
Landed home transactions fell across the majority of Singapore’s districts since 2007. Many high-end buyers are now looking for opportunities to reap most benefits out of it.
Investing in a landed property at prime locations is the best option for all those who want to invest in real estate.
However, numerous investors are willing to procure landed properties in areas that are not very popular now. These areas are slowly growing, and you can expect a lot of infrastructural growths in these areas in the years to come. Buying landed property for cheap now in these areas could mean a perfect long-term investment for serious landed property buyers.
- The transaction volume of the landed property fell in 2013 to its lowest since 1995. This sector typically does not see high transaction volumes. Some analysts say the recent property cooling measures and limited supply in the market are the main reasons that cause the decline.
- Landed property is more expensive – in terms of quantum, prices. Due to recent property cooling measures, some landed property buyers may face difficulty getting financing for it quickly.
- Majority of landed property owners have bought such properties to live in, and not for investment purposes. Landed property owners all know that landed property doesn’t offer excellent rental returns. They buy it to hold.
As the supply is not expected to increase, is now an excellent time to secure an ideal unit from the New Launch Landed Property?
Questions You Might Have In Mind On Buying Landed Property In Singapore
- Which Landed Property that best suit your needs?
- Freehold Landed Property or 99-Year Leasehold Landed Property?
- What are the considerations to take note for Buying Landed Property in Singapore?
- What is the Total Debt Servicing Ratio (TDSR)? How the TDSR measure affects the demands for New Launch Landed Property?
- Is now a good time to secure a Landed Property?
- Will developers reduce the selling price to boost the sales for New Launch Landed Property?
We aim to help you make a wise decision when it comes to Buying Landed Property in Singapore. We will provide timely information on the following sections:
Proper Planning for Buying Landed Property
- Is Buying Landed Property in Singapore a Good Investment?
- Pros and Cons of Buying Landed Property in Singapore.
- Financial Planning for Buying Landed Property in Singapore.
- Payment Scheme Available for Buying New Launch Landed Property in Singapore.
Rules / Restrictions on Buying Landed Property
A “Foreigner” is restricted from owning landed property unless he/she has gotten the approval from the Controller of Residential Property and the Singapore Land Authority.
Foreign Ownership of Properties
Since 1973, the Singapore Government has imposed restrictions on foreign ownership of private residential property in Singapore. The Residential Property Act governs such purchase.
The Act seeks to strike a balance between giving Singaporeans a stake in the country by being able to buy and own residential properties at affordable prices. However, at the same time, attracting foreign talent by allowing permanent residents, companies and limited liability partnerships that make an economic contribution to Singapore to purchase such properties for their occupation.
Unrestricted Residential Property
The property that can be purchased by a “Foreigner” without any approval required are:
- Residential properties which contain six or more storeys including the ground floor, or
- Any flat or dwelling-house which is a unit in an approved plan bearing the title condominium.
There is no limit as to the number of units that a foreigner may purchase within the development.
Restricted Residential Property
A foreigner cannot acquire the following restricted residential property unless he obtains the prior approval of the Minister for Law:
- Vacant residential land;
- Landed property [i.e. detached house, semi-detached house, terrace house (including linked house or townhouse)]; and
- Landed property in strata developments which are not approved condominium developments under the Planning Act.
Foreigners who may apply
- Permanent residents of Singapore;
- Foreigners who are of economic benefit to Singapore or who can economically contribute to Singapore; and
- Foreigners who possess professional or other qualifications or experience which are of value or interest to Singapore.
Application For Restricted Residential Property
If you are a foreign person and are interested in purchasing a restricted residential property, you may apply to the Controller of Residential Property for written approval.
You are required to submit an application form together with the relevant supporting documents. The Residential Property Advisory Committee will consider the application and after that, make its recommendations to the Minister for Law.
If the foreigner has gotten the approval, the foreigner needs to give an undertaking to the government:
- The property is only for residence.
- The property is neither for investment nor for any other income-generating purposes.
The application takes roughly three months to process.