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Buying a property in Singapore

Why Singapore?

Uploaded July 2011


Singapore is a fascinating, multi-cultural city. Everything here seems to boast cleanliness and efficiency and, as a result, it is an exceedingly popular tourist destination. Shopping tops the list of must-do activities, while the bars and restaurants are some of the most cosmopolitan in the world. Great weather completes the package, and so it’s easy to see why many Brits are making the break.

However Singapore is, ultimately, a financial centre, and so many people who are making the move are doing so because of work opportunities. These tend to arrive in the form of a job offer before relocation takes place, as finding work once out there can be difficult. Firms that recruit British employees do also tend to offer attractive relocation packages, including accommodation and a car.

However, if you are making the move of your own accord, then it is possible to get work – but you will need to apply for an Employment Pass, and a Dependent’s Pass for your family. Alternatively, if you have enough funds, you may prefer to go straight for Permanent Residency.

Popular buying locations

Singapore is broken down into districts, which should make your home hunting mission easier. The Central Business District (CBD) can be found in districts one to eight, and is the place to look if you are working downtown and don’t fancy much of a commute. However it goes without saying that apartments in such a central location can be hard to find and, if you do manage to track one down, it is highly likely to set you back a fair bit.

As a result, many buyers look further afield in districts nine and ten. Orchard Road can be found in district nine, and this is where some of the city’s best shopping can be found. There are a fair few apartment blocks near Orchard Road, but again homes here aren’t cheap. Moving into district ten is where suburbia really begins, and this large residential area offers plenty of necessary daily amenities such as schools and supermarkets.

Travelling yet further out, and districts 15 and 16 are proving popular with expats. The East Coast beach and park offer great leisure facilities which provide a wonderful quality of life. Many apartment buildings in these areas offer great views to boot – making these locations extremely desirable.

The buying process

It is important to establish that any alterations to a property had the correct legal consent. As a result, it is quite common to ask to vendor to clarify this at the beginning of the buying process, and agree that they will put anything right that didn’t have the right approvals.

The first official step is then to get an Option to Purchase. This will require you parting with one per cent of the purchase price, and will buy you two weeks to ensure that you definitely want to go ahead with the purchase and, if so, to finalise finance. Once this cooling off period has expired, you will need to pay the remaining nine per cent deposit and sign the purchasing documents.

You will also need to instruct an independent solicitor who will carry out a title search on the property, as well as a bankruptcy search on the seller. They will also liaise with your mortgage provider to ensure that funds are released on time, and arrange for the Sale and Purchase agreement to be signed by both yourself and the vendor.

All in all the process shouldn’t take any longer than ten weeks and, upon completion, you will be presented with a Certificate of Title – along with the keys of course!

Legal issues

There were tough restrictions on foreigners buying property in Singapore, which were relaxed in 2005. As a result, Brits are now able to buy apartments in a condominium development that is over six storeys tall without having to gain consent. However, if you wish to purchase a house, usually called a ‘landed property’, then you will still need to get the necessary approval from the Singapore Land Authority. Getting such approval will really depend on whether or not you are a permanent Singapore resident, and what your economic contribution to the country is.

For non-residents, you will need to gain a visa just to visit Singapore if your expected stay is between 14 and 90 days. For any visit less than a fortnight, you won’t need one. In both instances it is important that you still have six months or more remaining on your passport after your departure date. You may also need to prove that you have sufficient funds to last you during your stay.

More pages

Page 1: Why Singapore?
Page 2: Finance
Page 3: Health and education

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