Different kinds of properties in Singapore
by
Melissa Marietan
Many individual are seeking to invest in a property in Singapore. This is because the property here is quite affordable as compared to the other developed nations in Asia. Singapore in fact offers you a huge variety when it comes to investing in a property. Mostly, you will avail properties in the form of high rise apartments or condominiums.
The three main property types here are
HDB flats
, private apartments and landed properties. When investing in a property here Non-Residents must understand the differences among these properties. This is especially because of the ownership restrictions for HDB flats and landed properties. Here is the general classification of properties as set by the government
Private apartments
This property falls under the classification of apartments or condominiums along with the distinction the two being the development size and also built up sizes. Condominiums offer luxurious facilities like as swimming pool, tennis court, gymnasium, squash courts, children s playground, BBQ areas, enclosed car park and security services. Mostly these are freehold, but there are many properties that have a 99-year leasehold or 999-year leasehold.
Landed properties –
Landed properties in Singapore are classified as terraced houses, semi-detached houses, detached houses, exclusive bungalows and shop houses. This kind of a property tends to be expensive as compared to the high rise apartments. The cost of these properties depends on plot size as well as location and is usually tied to the land title. Commonly they are freehold, but some do have a 99-year leasehold and 999-year leasehold.
HDB flats
These are amongst the most sought after
properties
in Singapore. This is mainly because these are most affordable. These flats are built and maintained by the Housing and Development Board, i.e. government financed and subsidised. The property consists of 99-year leasehold. The best part of HDB properties is that they are well connected with all the amenities one would want like coffee shops, supermarkets, food centres, schools, clinics, shopping malls, playground and parks. Also, transportation facilities are a plenty as public transportation systems like the MRT, buses and taxis are easily available.
Executive condominiums
These were built for the young professional who needed to have a home that is better than HDB Flats but not as expensive as the private condos. This kind of a property is slightly bigger than HDB flats but smaller than private condominiums. As per law, this property cannot be sold at all for the first 5 years. But it is automatically converted to no restrictions after 10 years. It cannot be sold to foreigners between 5 to 10 years.
Melissa Marietan is an experienced writer with keen interest in the real estate industry. He has several articles to his credit advising on
property
purchase and renting in Singapore.
Article Source:
ArticleRich.com