Types of Eligible Singapore Property for Foreigners
Why Should Foreigners Buy Property in Singapore?
There are many reasons why you should consider buying singapore property for foreigners. One is the access to good healthcare. It also has one of the lowest levels of corruption, and is ranked as one of the easiest places to start a business. Singapore has a robust banking system, low business taxes and a favourable geographical location to offer foreigners. In addition, the country has a stable political climate and is one of the most secure nations in Asia.
The country offers foreigners plenty of opportunities to enjoy a high quality lifestyle, with world-class schools, modern infrastructure, access to clean water and air, and an efficient public transport system. The country’s economy has been steadily growing each year for decades now, which means that people buying property there are getting an investment that will continue producing income for them into their retirement years.
Types of Property Foreigners are Eligible to Buy in Singapore
The types of property that foreigners are eligible to buy in Singapore are condominiums, private apartments, condominiums, and Strata landed properties. Strata landed properties include terrace houses, bungalows, and semi-detached houses in the vicinity of an approved condominium development. They are also commonly known as cluster houses or townhouses.
Condominiums
Condominiums are apartments that are privately owned. They are jointly owned by many people within the building who share the land and other amenities. These properties offer many amenities such as gyms, pools, and other recreational facilities. Condominiums typically come with a monthly fee which includes the cost of maintenance, renovations, security guards, and building fees for the upkeep of common areas such as gardens or pools. Condominiums can be found in many parts of Singapore, and some of the favourite spots for foreigners include Sentosa Cove, Riverside Condominium and Hillside Condominium.
Cluster Houses
Cluster houses are basically bungalows or terrace houses that are grouped together and share one common area such as a garden, swimming pool or even a parking lot. This is becoming more popular among the foreigners who do not like high rise condominiums or apartments. Singapore has seen an increase in the number of cluster houses built in recent years. These are mainly due to the high cost of land in Singapore, which is also a main reason why they are not that popular. The biggest advantages of living in cluster houses include:
– The house price is cheaper than private property.
– You don’t need to do any maintenance or cleaning on your own.
– You get to live closer to friends and family.
Townhouses
In Singapore, a town house is a residential property within a condominium complex that is typically owned by the occupants and detached from other buildings. These detached properties can be single-story or multi-story. The plot of land on which the town house stands is usually leased from a developer for a period of 99 years. The main difference between a condominium and a townhouse is that apartments are usually built as one building with many floors. Townhouses are generally more expensive than condominiums because they have more space per floor and they have their own plot of land to stand on, so there’s no need to pay ground rent to another owner.
Conclusion
Foreigners have been purchasing property in Singapore for a number of reasons. They have been attracted by Singapore’s stable economy, security and good international reputation. Before purchasing a property, you must be aware of the types of property foreigners are eligible to get in Singapore.