Property Categories:
HDB flats (can only be purchased by citizens and permanent residents; must sell any private property in Singapore or abroad within six months of purchase)
Private properties, including condominiums, terrace houses, semi-detached houses, and detached houses.
Basic conditions for purchase:
1. Detached houses, semi-detached houses, and terrace houses with land can only be purchased by Singapore citizens. (However, villas and terrace houses on Sentosa Island can be purchased by foreigners)
2. Foreigners or permanent residents can purchase most condominium properties, including those that have been occupied for more than ten years.
Types of condominium leases: There are freehold, 999-year leasehold, and 99-year leasehold.
All condominium properties in Singapore are measured by usable area, with no shared area; each unit comes with a free parking space, which does not need to be purchased separately. Monthly management fees vary based on the size of the purchased unit and the facilities of the condominium, but typically, the management fee for a three-bedroom unit in a mid-range new condominium is around SGD $400-$600 per month.
Time required to purchase a property:
For completed properties, it takes 2-3 months from the deposit to complete the purchase process.
For off-plan properties, it takes approximately up to 3 years from the deposit until handover, depending on construction progress.
Costs of purchasing a property: Agent fee: 1%
Government stamp duty: 3% minus SGD $5400
Legal fees: starting from approximately SGD $3500 (based on property value)
Costs after becoming a homeowner: Monthly management fee
Annual property tax: 4% of annual value (for owner-occupied)
10% of annual value (for rental)
Payment methods: There are two types, one for completed properties and the other for off-plan properties.
Completed properties:
Small deposit: 1%
Large deposit: 4% (to be paid within two weeks to execute the option to purchase)
Government stamp duty: 3% minus SGD $5400 (to be paid within 14 days of executing the option to purchase)
Remaining payment: to be paid before completing the transaction (usually within eight weeks after executing the option to purchase)
Off-plan properties: installment payments
