Singapore is a country that is known for not having a huge amount of land space, but the good news for those who are interested in investing in property here is that there is an abundant property market with lots of different options available to consider. From a huge number of condos to the highly sought-after landed properties that are not always easy to get, if you are considering investing in property in Singapore, there is certainly no shortage of choices.
Private condos and executive apartments are a popular choice for first-time property investors in Singapore, and there are restrictions to be aware of if you are buying property as a foreigner for the first time in this country, as some properties are only available to citizens and permanent residents. Read on to find out more about the different types of properties that you can invest in.
Public Housing
Housing and Development Board apartments provide public housing for the working-class citizens of Singapore. If you are interested in investing in the public housing of this country, then you will usually need to either be a citizen of Singapore or be buying together with somebody else who is. Most of the time, public housing apartments are not available for foreign buyers to purchase, and there are strict income restrictions.
Private Properties
In Singapore, private properties tend to have a freehold rather than a leasehold status, although there are some exceptions. It is worth bearing in mind that not all private housing is sold with a land title, either. Private properties for sale in Singapore are usually in one of two main categories: landed or non-landed. It is much easier for foreigners to invest in non-landed property, as landed property is generally only available to citizens and permanent residents, and only for use as a personal residence rather than as an investment property.
If you are buying private property in Singapore, there are several home loan options to consider. You can use PropertyGuru to find out more about DBS home loan rates, and other types of home loans available, and to search for suitable private properties for sale. PropertyGuru also has lots of useful information available for first-time investors.
Non-Landed Properties
Non-landed properties are apartments and condos, and these tend to have less restrictions, making them easier for foreigners to buy.
Apartments
Apartments are typically private housing, built on small plots of land. In general, they are medium or high-rise and are some of the cheapest options to buy in the country. They may have some recreational facilities, but these are usually quite basic.
Condos
Private condos are a luxurious choice in Singapore, and with less restrictions, are often one of the easiest options for foreigners to buy. There are various condo unit types to choose from, but most often, they are one- and two-bedroom apartments. Penthouses are also available for those looking for an even larger and more luxurious condo. Condo units tend to come with excellent recreational facilities on-site including gyms, function rooms, swimming pools, gardens, concierges, and high levels of security.
Landed Properties
There are various types of landed houses in Singapore. Due to the limited land, they are not as popular as apartments and condos. There are also more restrictions on their purchase, making them harder for foreigners to buy.
Terraced Houses
Linked or row houses are medium properties joined together with a shared wall on either side. They are usually identical to the other houses in the row, and the row will usually have a shared roof.
Town Houses
Townhouses are somewhere between a terraced house and a condo. They’re usually built on large establishments and may include the type of recreational areas that you might expect from a condo unit such as swimming pools, gyms, and shared gardens.
Cluster Houses
Condo-style houses that are landed rather than non-landed, cluster houses are another popular type of hybrid property. They are named as such as they can be a ‘cluster’ or combination of different house types, including terraced houses, townhouses and semi-detached houses.
Semi-Detached Houses
A semi-detached house is joined to just one other house, sharing one wall with a neighbor. Each house is a mirror of the next property with the same measurements and layout. In Singapore, they may also be known as Duplex properties.
Bungalows
Good-class bungalows are the rarest and most sought-after type of landed property. They are standalone houses on their own land, with parking areas, recreational areas, and a top location.
While Singapore might have limited land, this has not stopped the property market from booming. If you are interested in investing in property in Singapore, these are the main options to consider. In general, condos and apartments are the best investment choice, particularly for foreigners.