FOREIGNERS BUYING PROPERTY IN SINGAPORE



FOREIGNERS GUIDE TO BUYING PROPERTIES IN SINGAPORE

Why Singapore

1) Known for its good governance, political stability, transparency, efficiency and ease of doing business
2) Safe and Secure Country with low crime
3) Land Scarce Small Country
4) Developed Country with world-class Infrastructure
5) Leading financial hub in Asia
6) Business gateway to the world
7) Low Borrowing Interest Rates
8) No Capital Gain Tax
9) Strong Currency

Which Type of Property Can Foreigner
Purchase
?

1) Any private condominium/apartments
2) Landed Properties In Sentosa
3) Townhouses in selected Condominium Developments
4) Commercial Properties such as Industrial, Offices, Medical Suites, Retail Shops, Shop Houses and Hotels

Can Foreigners borrow from Singapore Banks

Yes you can but subject to Banks approval. Latest certified true copy  of your Income documentations, employment letter, bank statements, are need during application. You can borrow up to 75% of the purchase price or property market value, whichever is lower. Our bankers from local or foreign banks can assist you on this.

For more information, please contact Josh Wei 

How is the Timeline?

There is Primary market and Secondary market.
Primary market is brand new developments directly from developer. They could be under-construction or ready to move in.

To become Housing Developer in Singapore, they need to fulfill strict regulations, high security deposits and bonds before they are issued with developer license. All these are to provide assurance to buyers.

Primary market legal procedure takes about 8 weeks to complete. When the property has finished construction and is ready to move in, you will receive notification to collect the keys. There will be a 1 year defects warranty given by the developer and the developer will have to rectify the defects reported within the year.

Secondary market is the resale market. Completion takes about 10 weeks before the house legally belongs to you. The completion period is negotiable subject to both willing parties.

If you are not able to make the purchase physically in Singapore, the contract can be courier to your country and you will need to sign it in the presence of either a Singapore Consulate Officer officiating in the Country of your stay or a Notary Public (who is duly appointed in that Country).

For more information, please contact Josh Wei 

What are the Financial Commitments

For Primary market, the initial down payment is 5%, follow by another 20% within 8 weeks. The rest of the payment will be from your bank loan, should you are eligible for 75% loan. If you are paying full in cash, the rest of the payment will be staggered accordingly based on the  different stages of construction.

For Secondary market, the initial down payment is 5%, follow by another 20% within 8 weeks. The rest of the payment will be from your bank loan, should you are eligible for 75% loan. If you are paying full in cash, you need to make 95% payment instead of 20% within 8 weeks.

Legal fee is applicable depending on the value of the property. The fee will range from $3000 to $10,000.

There will be a stamp duty payable which consist of additional buyer stamp duty (ABSD) of 20% + basic stamp duty (BSD) of 4%.

Under the respective Free Trade Agreements, Nationals or Permanent Residents of the following countries will be exempted from ABSD. Nationals and Permanent Residents of Iceland, Liechtenstein, Norway or Switzerland and Nationals of the United States of America.

The additional buyer stamp duty (ABSD) is exempted for non-residential properties for all nationalities. For non-residential properties, Good and Service Tax (GST) of 7% may be applicable.

For more information, please contact Josh Wei.

Get a Licensed, Experienced and Professional
Property Consultant to assist you and

manage your Singapore portfolio

Property Consultants/Salesperson are licensed by Council for Estate Agencies (CEA), a statutory board under the Ministry of National Development, Singapore.

Josh Wei is licensed with CEA, CEA License Number R025031J. He is representing International Renowned Estate Agency, ERA Singapore, CEA Licence No. L3002382K. He has been in Real Estate Industry for more than 10 years. You can read his profile, awards, trainings and testimonial here.

He can advise you which asset class is suitable and which market is recommended based on your requirements and objective. He also  provide asset management services for your Singapore properties.

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