Archive for the ‘Singapore’ Category:
Written on December 20th, 2009 by adminno shouts
While a property agent would have the information of the average prices of similar flats in a particular area, a buyer / seller should do their own homework and be aware of market prices.
One of the most popular e-services at HDB’s website is the Resale Flat Prices search facility which enables the public to check recently transacted resale prices without charge. This is part of the HDB’s on-going efforts to provide better services to the public to enable buyers and sellers of HDB resale flats make more informed decisions. (more…)
Written on December 19th, 2009 by adminno shouts
Buying a home is not only the biggest financial commitment one will ever make. In Singapore, if you are going to purchase a HDB resale flat, you should also ensure that you have met the eligibility conditions before committing to the resale transaction.
At the moment, you have to qualify under one of the following schemes so that you can buy a resale flat from the open market:
- Public Scheme
- Fiancé/Fiancée Scheme
- Single Singapore Citizen Scheme
- Joint Singles Scheme
- Non-Citizen Spouse Scheme
- Non-Citizen Family Scheme
- Orphans Scheme
- Citizen/Singapore Permanent Resident (SPR) Siblings Scheme
Basically the eligibility conditions are with regards to citizenship, age and family nucleus.
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Written on December 5th, 2009 by adminno shouts
Singapore is divided into 28 separate postal districts. The following is a list of the areas and localities covered in each of the 28 districts:
D1 City – Business District
Boat Quay, Chinatown, Havelock Road, Marina Square, Raffles Place, Suntec City
D2 City – Business District
Anson Road, Chinatown, Neil Road, Raffles Place, Shenton Way, Tanjong Pagar
D3 Central South
Alexandra Road, Tiong Bahru, Queenstown
D4 South
Keppel, Mount Faber, Sentosa, Telok Blangah
D5 South West
Buona Vista, Dover, Pasir Panjang, West Coast
D6 City – Business District
City Hall, High Street, North Bridge Road
D7 City
Beach Road, Bencoolen Road, Bugis, Rochor
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Written on December 5th, 2009 by adminno shouts
Residential property in Singapore can be broadly classified into land properties, private and public housing. The vast majority (80%) of Singapore residents live in public housing estates while the rest reside in private estates. The HDB (Housing & Development Board) is the organization that plans and develops affordable and comfortable residential estates
The HDB is the statutory board of the Ministry of National Development responsible for public housing in Singapore. It’s headquarters were previously located at Bukit Merah. The new HDB Hub is now located at 480 Lorong 6 Toa Payoh since 10 June 2002. The HDB’s comprehensive housing programmes have involved the provision of not only the residential units but also the supporting facilities in the housing estates such as shops, childcare centers, carparks and industrial workshops.
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The HDB is generally credited with clearing up the squatters and slums of the 1960s and resettling residents into low-cost government-built housing. About 80-90% of Singapore’s population are currently living in HDB flats. Costing between S$110,000 to S$800,000, these units are the most common form of accommodation for locals in Singapore. Thus, in Singapore’s context, HDB flatas or the public housing is not considered a sign of poverty or a lower standard of living; as compared to public housing in other developed countries. For example, an HDB 4-room flat depending on age, environment and surrounding amenities can have a sale value of between S$300,000 to above S$400,000. Adding to the variety of public housing is the design, build and sell scheme (DBSS) introduced in 2005. Under DBSS, designated sites are sold to private developers, who are then responsible for designing, building and selling the flats.
An intermediate category of housing to bridge the gap between HDB flats and private condominiums was introduced in 1995. Called executive condominiums, these units offer the standard of private condominium living but at lower prices even though they are built and sold by private developers. The reselling of such units is subject to certain restrictions, which are lifted only after a minimum occupation period of ten years. (more…)
Written on December 4th, 2009 by adminno shouts
Singapore is one of Asia’s most advanced and cosmopolitan cities. It is an island state with a limited amount of undeveloped land. Because land is scarce, it is a precious resource and property is constantly in demand.
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Majority of the population live in high-rise HDB (Housing & Development Board flats (public housing) and condominiums. The rest of the people here own and live in private apartments/condominiums or live in a landed property.
Investing in real estate is very common among wealthier Singaporeans. More than 90% of households own their homes and are equipped with modern amenities.
Residential properties in Singapore can be divided into three main categories: Private apartments, landed properties and HDB apartments.
Private apartments are classified either as apartments or condominiums by the government. The distinction is somewhat artificial, but typically apartments are smaller developments and condominiums generally have more facilities and are larger. Most condominiums come with swimming pool, tennis court, gym, squash court, children playground and a BBQ area. They also typically have their own enclosed car park and security guards looking after the security at the entrances and the whole area around the condominiums. Tenure of private apartments is commonly freehold, 99-year leasehold or 999-year leasehold. A freehold title enables the owner to hold the property in perpetuity, whilst a leasehold title confers possession upon the purchaser for the duration of the lease (for example, 99 or 999 years). On expiry of the lease, the title and interest in the property revert to the State.
Interest rates in Singapore are currently relatively low which is helping to attract more buyers to the property market. Home financing can be quite affordable and if an investor decides they want a mortgage to buy their investment property in Singapore they should have this agreed in principal before making any offer to buy otherwise the sale could fall through and the potential buyer could lose up to a 10% deposit.
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