What you need to consider when buying property in Singapore

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Buying Property

Finding the right location to live and to build or buy your dream home is very challenging. This holds true if you’re planning to live and buy a Singapore property. This can be a daunting task particularly if you don’t have any idea about the real estate market in Singapore. It only makes sense if you have some ideas that can guide you in avoiding problems as well as getting it right.

Mdm Tan, Punggol

"Thanks to Ming Property. You have helped us see the bigger picture, with clarity" 

Selecting the right property starts from what is your current residential status right at this moment. The type of property you want to buy really depends on if you are a Singapore citizen, a Singapore permanent resident or if you are a foreigner. The choices available to you are dependant on your residential status.

It is obvious that being a Singapore citizen, you will have the most option. Public housing, aka HDB flats, private condominiums, landed property, commercial and industrial property is open for citizen to buy. If you are a Singapore Permanent Resident, you will have one option less and that is, all landed property. All landed properties are reserved for citizens only. If you are a foreigner, both HDB flats and landed property are not available to you. However, there are exceptions and drop us a note if you need further clarifications.

Once you have determined your residential status, the next item on the list to check is the stamp duties you need to pay. This will largely depends on your residential status (again!) and the total number of properties you currently owned both in Singapore as well as outside of Singapore. There is the standard Buyer Stamp Duty and the Additional Buyer Stamp Duty involved in the purchase of residential property in Singapore.

Here are some pointers to consider in selecting the right property to buy in Singapore:

  • In buying a property, you should select the one that suit best to your lifestyle. This is an important financial consideration because buying a property is an investment and it should be planned well before making your purchase.
  • It makes sense buying a property in growth areas accessible to the city center and other amenities and attractions. It is also ideal to invest in a property located in areas with developed industry. The area should be accessible to leisure facilities, shops and especially to transport such as MRT, buses and taxis.
  • You should also decide whether you want to buy a newly launched condominium or a resale property. It’s because with a resale property, you can immediately move-in while a new launch condo takes an average of 3 years for the construction to complete.
  • Select a property that has good views and extra facilities such as security, covered parking, swimming pools and gymnasium.
  • Evaluate the market pricing conditions, make comparisons with other similar properties nearby and other locations plus determine the potential price upside/gains in near future.
  • Decide if the property is for own-stay or for investment.

In Singapore, there are many rules, housing policies, conditions of sale and purchase that both buyer and seller need to know. This is just one part of the equation. Selecting the right property and calculating the sums for mortgage repayment, upfront cash required, CPF funds for property purchase, getting the right legal advice and so on is another factor to consider.


"Unless you are buying HDB flat, buyers do not pay commission" 

Sometimes buyers prefer to find a property on their own, but getting the services of a property agent is highly recommended. With the exception when buying a HDB flat, buyers of other property types DO NOT need to pay commission to the agent. So stay loyal to one agent, allow them to serve you and only change them if their service is not up to expectation. To receive quality service and commitment from agents, you just need to assure them of your commitment to engage their services.

Besides not having to pay commission, an agent knows the information of the properties available, the market price, and at the same time can protect and help you in the purchasing process. Likewise, the agent will assist you in preparing the documents needed and getting the best deals of a property.

These are just some of the guidelines for those planning to buy property in Singapore. We offer professional and quality services to all our clients and we would like to extend our offer to you. Make appointments with us and we will listen to your situation, understand them and offer a solution to help you.

We always welcome feedback. If you have anything to share, please feel free to drop us a note and we can share them with all our readers.