To purchase property in Singapore, there are specific regulations and requirements that non-Singaporean citizens as well as companies, and organizations should meet. To be eligible, a foreigner who needs to own property in Singapore should be able to meet the requirements of the Residential Property Act.
For instance, you are required to be a permanent resident in Singapore for at least 5 years. You’re also required to be making a significant contribution towards the countries economy Whether you’re a local or a foreigner, it is also important to think about location in terms of accessibility, infrastructure, and the nearby social amenities. You will also want to plan and do your homework to find a land that meets your budget.
In a bit more detail, here are 4 things to consider when buying land in Singapore.
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Location
In addition to meeting the regulations and getting approval from the Singapore Land Authority, location is one of the most important things to consider when buying land. This not only applies to Singapore but to any other part of the globe for that matter. A location’s geography is quite important in this case. For instance, you’ll want to purchase land in a location that is not prone to topographical concerns such as soil erosion, floods, earthquakes, and other issues that threaten the security of residents or commercial property occupants. This brings us to the next important point – how do you intend to use the land?
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Intended Use
Another important question to ask yourself A piece of land for farming may not be suitable for the development of commercial or residential real estate property. As a matter of fact, there are regulations that apply to the purchase of a developed property. For instance, you can purchase flats, condos, and commercial property without seeking approval from the Residential Property Act. On the other hand, you’ll need to seek the Land Body’s approval to buy landed property, which includes terraced, detached, and semi-detached houses, as well as vacant residential land.
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Cost
Cost is always an important consideration when buying property in Singapore. It is important to have a realistic budget and do your homework beforehand when considering buying land in Singapore. This goes beyond the initial cost of purchasing the property. It is important to also think about maintenance as well as taxes and stamp duties. Start with doing research to determine which vacant lands and developed property is for sale. From there, you’ll also want to familiarize yourself with BSD and ABSD depending on whether you’re a Singaporean or a foreigner, respectively, purchasing residential property. Needless to mention, there are also many financial institutions that you can approach for real estate financing in Singapore, especially when it comes to buying already developed real estate Singapore Property.
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The Environment and Social Amenities
Being an industrialized country, literally, Singapore is known to have many industrial factories in certain areas. Buying land near such environments can subject you to noise pollution. It is also important to think about social amenities such as healthcare facilities, schools, places to eat, and recreational centres. As a matter of fact, all these are other reasons why choosing a good location matters in real estate. Also, think about the proximity in terms of important necessities such as food and essential household supplies. How far is the marketplace? Are there shopping malls nearby? If you intend to build your house and live on the land you’re buying, it is also important to consider how easy it is to get around and about as well as the nearness to your place of work or business.
Better yet, it is important to choose a property that is near to an MTR station, whether for residential or commercial development. Such amenities increase the value of land with time, meaning that the land can get you a higher ROI in future should you decide to sell it.
The above are just 4 of the various factors to consider when purchasing land in Singapore. If you intend to resell your land in the future, it pays to also invest in an area where the land appreciates much faster if you can afford it.
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