Frequent Asked Questions:
1). Can foreigner own private apartment in Singapore ?
Yes, foreigner can own not only private property (apartment / condo) but also commercial property, such as: office, shop, restaurant, clinic, industrial, etc) in Singapore. The tenure of the property can be Freehold, 999 years, 99 years, etc.
2). How much roughly the price of a 2 bedroom private apartment in Singapore?
* It various and depends on its location, but to make things simple, the rough estimation is about SGD 1.5 Million onwards.
* There is a tax called BSD (Buyer Stamp Duty). Currently (as of October 2024), its rate is 5% for the purchase price or market value of the property between SGD 1.5 Million to SGD 3.0 Million (and 6.0% for price or value exceeding SGD 3.0 million). Both, local or foreigner, are paying the same amount.
* There is another tax called ABSD (Additional Buyer Stamp Duty). The ABSD rates are different for Singapore Citizens, Singapore Permanent Residents, and Foreigners. Currently (as of October 2024), the rate for foreigners is 60%.
* In short, if you are a foreigner and would like to buy a private apartment at price SGD 1.50 Million, the minimum cash that you need is 165% (= 100% + 5% + 60%) from the price of the apartment, or SGD 2.475 Million.
Therefore, if you are a foreigner and your “main purpose” of buying a property in Singapore is meant for investment, you shall consider buying a “Commercial Property” such as Office, Shop, Warehouse, etc, rather than Residential Property (apartment / condominium) because as of now (October 2024), the ABSD (Additional Buyer Stamp Duty) tax is not applied yet on the commercial property. In order words, For Commercial Property: the ABSD tax is 0% (zero percent) on Singapore Citizens, Singapore Permanent Residents, and Foreigners.
3). Can a foreigner borrow money for buying a private apartment from bank in Singapore ?
* Yes, both resident foreigner or non-resident foreigner can take home loan from bank in Singapore.
* The bank loan interest rate is quite low in Singapore. Currently (as of October 2024), it is in between 2.5% to 3.5% per year.
* The maximum percentage of bank loan for local is 75% on the property’s purchase price; and for foreigners is various, it depends on the bank decision and the buyer’s profile, usually it is in between 40% to 65%.
4). What makes foreigners buying a property in Singapore?
Various reasons, the majority are:
* A Safe Place for Your Family (Singapore has relative low not only on crime and narcotics rates, but also death rate of pandemic Covid-19 virus).
* Healthy Environment. A Garden City, Clean Air and Water.
* Land is Limited, but more and more foreigners like to come to Singapore for study, work, and stay
* Stable Government, fair rules to protect property buyers
* Safe Place for your Property Assets. Singapore dollar is always appreciated too.
* It is unique in Singapore that if you buy a property and lease it out, your “Monthly Rental Income” can be HIGHER THAN your “Monthly Installment Payout To The Bank”. In other words, it is possible to have a positive cash flow. (Do Contact Us and we will advise you how to structure it properly).
5). Why buying a Condo Near School in Singapore has more potential ?
Because there is a rule requiring those children, who gain priority admission to school based on distance, need to live at the address they used to apply for primary school for at least 30 months (2.5 years) from the start of the Primary 1 registration exercise. See the articles below.
6). Where are the places that foreigners staying normally ?
7). Are the Singapore government welcome foreigners ?
8). How to fit the increasing population in the Singapore island ?
9). What are the MRT & LRT stations in Singapore ?
To see the map with all the MRT & LRT stations in Singapore, click here
Please feel free to Contact Us for more details info about buy or rent, sell or lease a property in Singapore.