Factors To Be Considered For Real Estate Investment In Singapore
Singapore is one of the most enchanting destinations in the world, situated at the Malaysian Peninsula's southern tip, between Indonesia and Malaysia, in South East Asia. Sprawling over an area of about 650 square kilometers, Singapore boasts of superb infrastructure, disciplined society, and excellent transportation facilities.
Its airport, Singapore Changi International Airport, has been continuously voted among the excellent airports in the world. In addition to being a leader in fields including oil refining and distribution and shipbuilding and repairing, Singapore is also a major center of finance, communication, and electronics.
In spite of being a highly modern destination, the city retains its charm and presents a multicultural heritage, which is an elegant mix of Indian, Chinese, Eurasian, and Malaysian cultures. Above all, Singapore is one of the world's cleanest as well as securest cities in the world. In a snap shot, Singapore is a destination packed with scores of tourist spots as well as business opportunities. Perhaps for these reasons, real estate properties in Singapore, both residential and commercial, are much sought after.
According to records, the price of a residential property in Singapore is about 550,000 US dollars. Majority of the Singaporeans live in public housing as well as flats developed by the Housing Development Board (HDB.) Mostly, these housing choices are located within highly developed neighborhoods complete with food centres, clinics, schools, supermarkets, and recreational facilities. Ang Mo Kio Town, Bishan, Bukit Batok, Clementi, Hougang, Punggol, Simei, Tampines, Toa Payoh, Woodlands, and Yishun, are few among the popular HDB neighborhoods.
Depending upon the requirements of investors, HDB offers different types of accommodation options, such as, three-room, four-room, five-room, and executive flats. A three-room flat is mostly about 1,000 square feet, and consists of two bedrooms. With an area of about 1200 square feet, four-room flats usually include three bedrooms. When comes to executive flats, they are relatively larger than other HDB housing options, and mostly contain three bedrooms. A good number of Singaporeans also live in private housing including apartments, condo units, and landed properties.
No matter you prefer to invest in HDB options or private housing options, it is important to take into consideration certain important matters in order to not to get into legal as well as financial tangles. Some among them are:
Ownership : When you decide to invest in a particular property, it must be made sure that the seller is the real owner of the property. In order to ensure, you may request for proof making the purchase.
Bankruptcy : In some instances, the actual seller of the real estate may be a bankrupt. Hence, when you decide to invest in such a property, it must be verified whether seller is eligible to carry out with the sale processes and have received a written consent of the Official Assignee for the purpose.
Eligibility : Prior to investing in a Singapore real estate market, it must be ensured that you comply with legal requirements. The Residential Property Act and HDB's laws with regard to the purchase of a property in Singapore are quite daunting. Further, the Singapore government has imposed certain restrictions for a foreigner to invest in a property here.
Choosing a Realtor or Real Estate Firm that goes with your needs
Above all, to find and invest in a property in Singapore, it is important that you choose a competent realtor who is able to cater to your unique requirements. It would be an added advantage if the realtor or real estate agency you have chosen is a Listed Housing Agency as well as carry a membership from the Institute of Estate Agents (IEA.) Clearly specify your budget and requirements, so that they can help you find your dream property. Browsing through the internet and leaning on such sources as magazines, reviews, and newspapers, can help you find a realtor that goes with your needs.
Other factors include:
- Location: For instance, expat community mostly prefers to stay in such areas in the city as the Nissam Road, Orchard Road, and Nathan Road. Properties located in areas including East Coast, Clementi, and Pasir Panjang, are also much popular among the expats.
- Type and Size: Before searching for a property, it must be determined in which type of property would you like to stay. It is also vital to determine the size of your preferred accommodation, ie, whether it should be one-bedroom, two-bedroom, or more.
- Facilities and Amenities: It is also important that you should have a clear idea on what kind of facilities and amenities that must be included in your preferred accommodation option.
By Wantanee Khamkongkaew
Wantanee Khamkongkaew is an independent author evaluating and commenting on leading International Property Consultants in Asia and Greater China, especially CB Richard Ellis.
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