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Ultimate Guide To Buying Property in Singapore [2024]

Buying Property Singapore

Best Buying Property Singapore

If you’re considering stepping into the realm of private property ownership in this vibrant city, you’re in the right place. Whether you’re an expat or a local, the process of buying private residential properties in Singapore can be complex, given the many factors to consider.

The best real estate agent for buying properties in Singapore are NAVIS LIVING GROUP, PROPERTY LIM BROTHERS, SLP International, Savills Singapore, and STUART CHNG.

From understanding government regulations to financing options, each step presents its own set of challenges. This guide intends to simplify the process for you, providing comprehensive insights into purchasing private properties in Singapore. Stay with us as we navigate the exciting journey of acquiring a private residential property in the Lion City.

Quick Summary

  • Best real estate agent for buying properties in Singapore are NAVIS LIVING GROUP, PROPERTY LIM BROTHERS, SLP International, Savills Singapore, and STUART CHNG.
  • When buying properties in Singapore, key considerations include understanding government regulations, considering financing options, choosing a reputable real estate agent, and identifying suitable neighborhoods based on lifestyle and budget constraints.
  • One critical aspect of buying property in Singapore is being aware of the Additional Buyer’s Stamp Duty (ABSD) that applies to specific categories of buyers and properties.

Key Considerations

  • Property Type: Singapore offers a variety of property types, including HDBs, condos, executive condos, and landed properties. Your choice should align with your lifestyle and financial capability.
  • Eligibility: Ensure that you meet the eligibility criteria set by the Singapore government for property ownership.
  • Location: Proximity to the CBD, schools, and amenities significantly affects property value.
  • Finance Planning: Get a good understanding of your financial status and plan accordingly. You should also factor in additional costs such as stamp duty, legal fees, and renovation costs.
  • Property Market Trends: Stay updated with the latest market trends and understand the impact of government policies on property prices.
  • Legal Obligations: Familiarize yourself with the legal aspects of property buying in Singapore, such as the Seller’s Stamp Duty (SSD) and Buyer’s Stamp Duty (BSD).
  • Real Estate Agent: Employing a reliable real estate agent can simplify the buying process. They can provide expert advice and access to a larger pool of available properties.

Types of Properties to Buy in Singapore

1. HDB Flats

HDB Flats - Buying Property Singapore
HDB Flats

Housing Development Board (HDB) flats are public housing units provided by the government. They are an affordable option for Singaporeans and permanent residents, offering a variety of sizes from 2-room Flexi to Executive flats.

2. Condominiums

Condominiums - Buying Property Singapore

Condos are private residential properties that come with shared facilities like swimming pools, gyms, and security services. They are pricier than HDB flats but offer a more luxurious lifestyle.

3. Executive Condominiums (ECs)

Executive Condominiums - Buying Property Singapore
Executive Condominiums

ECs are a hybrid between HDB flats and private condos, offering shared amenities but at a more affordable price. They are subject to certain eligibility and minimum occupancy period conditions.

4. Landed Properties

Landed Properties - Buying Property Singapore
Landed Properties

Landed properties include terraces, semi-detached houses and bungalows. They offer more privacy and space but are the most expensive property type in Singapore.

5. Commercial Properties

Commercial Properties - Buying Property Singapore
Commercial Properties

These include office spaces and retail units. Considered a higher-risk investment, they offer potentially higher returns.

6. Industrial Properties

Industrial Properties - Buying Property Singapore
Industrial Properties

These are properties utilized for industrial purposes such as warehouses or factories. They’re governed by strict usage policies but can be a profitable investment with the right knowledge.

Best Real Estate Agent for Buying Properties in Singapore


NAVIS LIVING GROUP - Buying Property Singapore (Credit: NAVIS LIVING GROUP)
Key ServicesReal Estate Agent
Address430 Lor 6 Toa Payoh, #08-01, Singapore
Phone+95 9856 6653
Operating HoursMonday – Friday: 9:30 am – 6:00 pm

NAVIS LIVING GROUP is a renowned real estate agency in Singapore, known for its comprehensive property services and expertise in navigating the intricacies of the Singapore property market.

Key Differentiators

  • Experienced Team
  • Wide Property Portfolio
  • Personalized Service
  • Integrity and Transparency
  • Excellent Network


Key ServicesReal Estate Agent Singapore
AddressOxley Bizhub 2, 62 Ubi Rd 1 , Singapore 408734
Phone+ 659067 6710
Operating HoursOpen 24 hours

PROPERTY LIM BROTHERS is a distinguished real estate agency in Singapore, offering specialized services and proficient guidance to make property buying a seamless and rewarding experience.

Key Differentiators

  • Innovative Marketing Techniques
  • Comprehensive Property Listings
  • Expert Knowledge of Singapore Property Market
  • Professional and Personalized Service
  • High Client Satisfaction Rate

3. SLP International

SLP International - Buying Property Singapore (Credit: SLP International)
(Credit: SLP International)
Key ServicesResidential, Commercial, and Industrial Leasings
Address2 Bukit Merah Central, #03-01, Singapore 159835
Phone+65 6866 7366
Operating HoursMonday to Friday, 9:00 am – 6:00 pm

SLP International is a leading real estate agency in Singapore, providing exceptional property services with a deep understanding of the local real estate landscape.

Key Differentiators

  • In-depth Local Market Knowledge
  • Wide Range of Property Listings
  • Experienced and Professional Team
  • Personalized and Efficient Service
  • High Success Rate in Property Transactions

4. Savills Singapore

Savills Singapore - Buying Property Singapore (Credit: Savills Singapore)
(Credit: Savills Singapore)
Key ServicesResidential, Retail, Commercial and Industrial Leasings
Address30 Cecil Street #20-03 Prudential Tower Singapore, Singapore 049712
Phone+65 6836 6888
Operating HoursMonday to Friday, 8:30 am – 6:00 pm

Savills Singapore is a prominent real estate agency offering comprehensive property services, leveraging its global expertise and in-depth local market knowledge to guide clients through the complexities of buying properties in Singapore.

Key Differentiators

  • Extensive Global Network
  • Deep Local Market Understanding
  • Comprehensive Property Portfolio
  • Exceptional Client Service
  • Proven Expertise in Property Transactions


STUART CHNG - Buying Property Singapore (Credit: STUART CHNG)
Key ServicesReal Estate Agent
Address430 Lor 6 Toa Payoh #08-01 OrangeTee Building S319402
Phone+65 9691 9907
Operating HoursOpen 24 hours

STUART CHNG is a highly reputable real estate professional in Singapore, renowned for his unparalleled expertise, strategic approach, and commitment to providing personalized services to facilitate the seamless buying of property.

Key Differentiators

  • Expert Knowledge
  • Personalized Service
  • Strategic Approach
  • High Success Rate.
  • Integrity and Professionalism

Eligibility when Buying Properties in Singapore

  • Citizenship Status: The type of property you can buy largely depends on your citizenship status. Singaporean citizens have the broadest range of options, including HDB flats, ECs, and landed properties. Permanent Residents can buy HDB flats from the resale market, ECs, and private properties, while foreigners are generally restricted to private properties.
  • Minimum Occupation Period (MOP): If you are a current owner of an HDB flat or an EC, you need to have fulfilled the Minimum Occupation Period (usually 5 years) before you can buy a private property.
  • Income Ceiling: There is an income ceiling for buying new HDB flats and ECs. For instance, the total monthly household income must not exceed SGD $14,000 for new HDB flats and SGD $16,000 for ECs.
  • Property Ownership: The Singapore government has restrictions on property ownership to prevent property hoarding. For example, a single individual or nuclear family can only own one HDB flat.
  • Age: You must be at least 21 years old to buy properties in Singapore. If you are buying an HDB flat under the Singles Scheme, you must be at least 35 years old.
  • Ethnic Integration Policy (EIP) & Singapore Permanent Resident (SPR) Quota: For HDB flats and ECs, you must meet the EIP and SPR quota for the block/neighbourhood. This policy ensures a balanced ethnic mix in HDB estates.

Buying Property Scheme in Singapore

  • Public Scheme: The Public Scheme allows Singaporean citizens or Permanent Residents to buy an HDB flat with family members, whether it’s spouses, parents, children, or siblings.
  • FiancĂ©/FiancĂ©e Scheme: This scheme is tailored for engaged couples planning to tie the knot. It enables them to apply for a new or resale HDB flat before they are officially married.
  • Single Singapore Citizen Scheme: Single Singaporeans aged 35 and above can purchase an HDB flat under this scheme. They can buy a new 2-room Flexi flat in a non-mature estate or a resale flat in any estate.
  • Joint Singles Scheme: Under this scheme, single Singaporeans can jointly apply to buy an HDB flat with up to three other eligible singles. They must all be at least 35 years old.
  • Orphans Scheme: This scheme allows siblings who have lost their parents and are unmarried to jointly buy an HDB flat.
  • Non-Citizen Spouse Scheme: Singaporean citizens married to non-citizens can buy an HDB flat under this scheme, providing the non-citizen spouse holds an eligible visa.
  • Foreign Worker Scheme: The Foreign Worker Scheme allows foreigners to buy private properties in Singapore, excluding certain restricted properties. However, they must obtain approval from the Singapore Land Authority (SLA).
  • Right to Lease Scheme: This scheme allows elderly flat owners to monetize their flat to supplement their retirement income while continuing to live in it.

Types of CPF Grants when Buying Properties in Singapore

  • Enhanced CPF Housing Grant (EHG): This grant is for first-timer applicants and can be used for the purchase of either a new or resale flat. The grant amount ranges from SGD $5,000 to SGD $80,000 depending on household income.
  • Family Grant: This grant is for families that are buying a resale flat to live with or near their parents or married child. The grant amount is up to SGD $30,000.
  • Proximity Housing Grant (PHG): This grant encourages families to live nearer to each other for mutual care and support. It provides SGD $20,000 for families and SGD $10,000 for singles.
  • Singles Grant: This grant is for unmarried, divorced, or widowed individuals who are buying a resale flat. The grant amount is up to SGD $25,000.
  • Additional CPF Housing Grant (AHG): This is an additional grant for first-time buyers to help them purchase a new HDB flat or a resale flat. The grant amount ranges from SGD $5,000 to SGD $40,000 depending on household income.
  • Special CPF Housing Grant (SHG): This grant aims to help lower-income first-timer families to afford a flat. The grant amount ranges from SGD $5,000 to SGD $40,000.
  • Top-Up Grant: This grant helps families who previously received a Singles Grant when they buy a resale flat with a spouse, with children, or near their parents. The grant amount is the difference between the Family Grant and the Singles Grant received previously.

Costs when Buying Properties in Singapore

  • Purchase Price: This is the cost of the property itself, which varies greatly depending on the property type, location, size, and other factors.
  • Stamp Duty: This is a tax payable on documents related to the purchase or lease of a property. It includes the Buyer’s Stamp Duty (BSD), which is based on the purchase price or market value of the property, whichever is higher, and the Additional Buyer’s Stamp Duty (ABSD) for certain classes of buyers.
  • Legal Fees: These are professional fees paid to a lawyer to handle the legal aspects of the property transaction. The cost depends on the complexity of the transaction and the lawyer’s rate.
  • Mortgage Insurance: This is an insurance policy that covers your mortgage in the event of death or total permanent disability. While it’s not compulsory, it is highly recommended.
  • Home Insurance: This is required for the purchase of HDB flats and provides coverage for damage to the building structure.
  • Renovation and Furnishing Costs: Depending on the condition of the property when you purchase it, you may need to set aside funds for renovations and furnishing.
  • Maintenance Fees: For condominiums and private apartments, there will be monthly maintenance fees to cover the upkeep of common areas and facilities.
  • Property Tax: These are annual taxes paid based on the estimated rent of your property if it were to be rented out.

Buying Property Singapore

Buying properties in Singapore involves several key considerations. From eligibility criteria and different available schemes to the types of CPF grants and costs associated with property acquisition, each aspect plays a significant role in your property-buying journey. It’s critical to assess your financial capacity, understand the regulations, and leverage various grants available to you.

While the process might seem complex, a thorough understanding of these factors and careful planning can smoothen your home-buying journey in Singapore. Remember, buying a property is a significant investment, so make sure you make informed decisions.

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Frequently Asked Questions

If you have any questions about Buying Property Singapore, you can refer to the frequently asked questions (FAQ) about the Best Real Estate Agent for Buying Properties in Singapore below:

What are the best real estate agent for buying properties in Singapore?

The best real estate agents for buying properties in Singapore are NAVIS LIVING GROUP, PROPERTY LIM BROTHERS, SLP International, Savills Singapore, and STUART CHNG.

Can I buy property in Singapore as a foreigner?

Residential Property: Foreign individuals, including permanent residents (PR) and non-permanent residents (non-PR), can buy residential properties in Singapore. However, there are restrictions on the type of residential properties they can purchase.

Is it worth buying property in Singapore?

Property investment in Singapore has been a lucrative opportunity for decades, with the average price per square foot rising yearly since 2010. If you’re looking to buy a home, whether as an investment or as your residence, it’s essential to know why investing in real estate is such a smart financial move.

Is it a good time to buy property in Singapore now?

Home prices are going higher due to a shortage of available homes. Everything is subject to the laws of supply and demand. According to the theory of supply and demand, if demand is great, prices will rise to stabilize the market.

What is the tax on foreigners buying property in Singapore?

In new measures that took effect April 27, foreigners will pay 60% tax on any residential purchase, while the rate for using an entity or a trust was raised to 65%, preventing any circumvention of the rules. The timing of the announcement comes ahead of a general election due by 2025.

What’s the difference between a bank loan and an HDB housing loan when buying property in Singapore?

A bank loan typically offers a lower interest rate, but the rate is variable and can increase over time. On the other hand, an HDB housing loan has a higher but stable interest rate and is more lenient in terms of late payment penalties.

Can I use a housing loan to purchase private property in Singapore?

Yes, you can take out a housing loan from a bank or the HDB if you’re eligible to purchase private residential units in Singapore. The amount you can borrow will depend on factors like your income, credit history, and the property’s price.

I’m interested in buying a HDB resale flat. What loan options do I have?

You can either take a bank loan or an HDB housing loan. The HDB loan is typically more accessible but comes with stricter repayment rules, while bank loans offer more flexibility.

Can I buy landed property in Singapore as a non-Singaporean?

Non-Singaporeans can buy landed property in Singapore under the Foreign Worker Scheme, but they must obtain approval from the Singapore Land Authority (SLA).

What are some things to consider when buying private properties in Singapore?

When buying private property, consider your eligibility under the various schemes, the types of CPF grants you might be eligible for, and the costs beyond the property’s listed price, such as stamp duty, legal fees, and renovation costs.

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