LUXURY CONDOMINIUMS IN SINGAPORE
Condominiums have become a set of edifies that characterised a city and a developed country. The rate of growth of an economy of a particular region can be measured partly by how much condominium is found in that region. Most of the time, private individuals who undertake an occupant ownership of housing edifies promotes several measures of an economic activities in a single building which add up to boost the economic function of such a country. Singapore is a country that has been developing condominium and providing functioning environment for private participation. The rate of increasing prohibitive commuting distance and urbanization which makes the cost of housing to become high in a country like Singapore gives room for individual investors to create a perfect housing market structure. The corporate expenses including real estate taxes by individual property owners of the condominium contributes immensely to the income in the Singaporean government revenue.
PRIVATE PROPERTY IN SINGAPORE
Singapore is one of the countries that has anexpensive housing markets with possibilities of several individual having possession of apartments or floor of a big condominium. In the housing market, the dream of owning a house can be achieved through a housing loan and a mortgage process. The structure and value of ownership of a private property defines its concept and invariably its type.
TYPES OF PRIVATE PROPERTY IN SINGAPORE
The structure and nature of a property has divided a private property into some basic part. The major types are as follows;
Condominium: The housing facilities which include a private swimming pool, gym, tennis courts and the attention of security guard on duty characterized a housing property to be a condominium. The land requirement of a condominium is about 4000 square kilometers.
Executive Condominium: An executive condominium can be treated as a full private property only from the 11th year onward. A public housing rule is applicable to it before the 11th year.
Apartments: An apartment is similar to a condominium but could posses a lesser facility than a condominium. This facility includes land capacity.
Landed property:. The two ways to purchase a landed property are Freehold and the leasehold. The leasehold can take duration of between 99 and 999 years of ownership. Examples of the landed property are as written below;
- Shophouse: This may contain about 2, 3 and 4 storey building attached with another similar building with a connection to the street. The connection is achieved through a covered walkway.
- Semi detached house: This is a single building divided into two by a common wall. One of the newly formed flat is known as a semi detached house.
- Terrace House: This is also a landed house having a role of multiple houses joined with a common wall at every particular side to each other.
- Bungalow: This is a landed house that stands alone without sharing wall with any other.
PRIVATE PROPERTIES THAT PEOPLE BUY IN SINGAPORE
Many people or set of people prefers the purchase of a certain type of a private property more than the other because of some reasons. It has been formed that foreigners are more eligible to buy apartments and condominium and by so doing they attract more buyers from the foreigners because they have no restrictions on all the above landed properties and a vacant residential land.
BENEFITS OF BUYING PRIVATE PROPERTY IN SINGAPORE
The importance that is derived from buying private properties in Singapore can be expressed explicitly by comparing some basic characteristics of a private property with a public property. To illustrate the benefits meaningfully, the following concept has to be considered.
Freehold and Leasehold
In most cases, public property is usually sold under lease agreement. The lease agreement covers 99 years. However you can only have an ancestral plan over any private property in Singapore. This is because private property is usually on freehold agreement. Many people dream of having so many legacies passed to the generation behind them. This dream can only be achieved by going for a private property.
In Singapore, there is a provision to access bank loans to purchase any form of private housing. It is only important to be familiar with the requirements. This house loan accessibility greatly promotes the ease of buying a private property in Singapore.
The resale restriction makes it extremely difficult for a foreigner to purchase a public property. For example, for a public housing, there is a Minimum Occupancy Period (MOP). At this period, the property owner must live in the property for five years after initial purchase before it can be rented out. However, this restriction is not available for any private property. Both citizens and foreigners are less bounded to purchase and manage a private property better than a public property. Only the seller stamp duty becomes the implication for selling a private property within the first four years of purchase.
Growth of Private Property
Private property is presently growing in Singapore at a very high rate. There are some indications that the existence of a secured property right coupled with an economic freedom gives Singapore a better environment for human development and growth. However, the private ownership right without any sense of expropriation increases people’s confidence to invest in properties. Private property is beneficial because without a private ownership, there is usually an imposition of cost on every use of resources. Moreover, communal or public properties get to deteriorate quickly because of overuse. The ability of a private property owner to exchange their properties it with others increases the growth of private properties over the public property.
Another major cause of increasing growth of a private property is the ability to be able to coordinate their activities and direct resources to those who value them without much of bureaucracy due to the availability of a secure property right and a freedom of exchange. For more information on the Growth of the West of Singapore, visit URA planning at this link.
Lastly, there are no restrictions on foreigners to buy any condominium except that an extra buyer stamp duty of 15% might be added. On a general note, it has been discovered that private properties are more accessible to foreigners and most citizens in Singapore than a public properties. It is interesting and much beneficial to live and invest in a country of much possibilities and growth. Loan accessibility makes a great deal in the acquisition of property and housing in Singapore which can be sustained for longer generations because of the available freehold style of agreement. Joining this growing click of investors that has the opportunity of exchanging properties increases you and boost the economic growth.