Condo Singapore
Welcome to our comprehensive guide to condo living in Singapore! In this bustling city-state known for its modern architecture and high-standard living, condos are not just buildings, but a lifestyle. Whether youâre a first-time home buyer, a seasoned investor, or someone considering a move to the tropical city-state, this guide will provide all the details you need about condos in Singapore.
The best property condo agents in Singapore are SLP International, Huttons Asia, MINDLINK GROUPS, NAVIS LIVING GROUP, and Jack Sheo.
From the benefits of condo living, to the buying process, and the vibrant neighborhoods to consider, weâve got you covered. Get ready to embark on an exciting journey as we navigate the dynamic condo landscape in Singapore.
Quick Summary
- Best property condo agents in Singapore are SLP International, Huttons Asia, MINDLINK GROUPS, NAVIS LIVING GROUP, and Jack Sheo.
- When planning to buy a condo in Singapore is understanding the rules on foreign ownership and the financial implications, including the high cost of living, property prices, and applicable taxes.
- Condos in Singapore offer a blend of luxury and convenience, making it a sought-after residence for both locals and expatriates due to its world-class amenities, strategic locations, and robust security.
Key Considerations
- Location: Proximity to work, schools, and amenities such as grocery stores, restaurants, and entertainment venues can greatly influence your quality of life.
- Property Age: A newer property may have a fresher aesthetic and newer amenities, but older condos may possess a unique charm and can sometimes be more spacious.
- Facilities: Consider the facilities a condo offers, such as swimming pools, gymnasiums, playgrounds, and security features.
- Price: Establish your budget before starting your search. Remember to factor in other expenses such as maintenance fees and property taxes.
- Resale Value: Think about the potential resale value of the condo. Properties in high-demand areas are more likely to appreciate over time.
- Leasehold vs Freehold Condo: In Singapore, condos can be either leasehold (usually 99 years) or freehold. Leasehold properties tend to be more affordable, but their value can depreciate over time.
- Developer Reputation: Research the condoâs developer. Established developers are more likely to deliver on their promises when it comes to quality and completion dates.
Process of Buying Condo in Singapore
1. Eligibility Check
The first step towards buying a condo in Singapore is to ensure you meet the eligibility requirements. This includes factors such as your citizenship status, financial stability, and whether you own other properties.
2. Budget Planning
Budget planning is a critical step in buying a condo in Singapore as it determines what type of property you can afford. It involves taking into account your income, savings, and the amount you are comfortable borrowing, considering other expenses like mortgage payments, property tax, maintenance fees, and potential renovation costs.
3. Loan Assessment
The loan assessment step involves getting an In-Principle Approval (IPA) from your bank, which provides an estimate of the loan amount you can borrow based on your financial standing. This key step should not be overlooked as it ensures that you have the necessary funds to make the purchase and can help in refining your property search.
4. Property Search
The property search is the thrilling part of your condo buying journey in Singapore, where you explore various properties within your budget, location preferences, and specific needs. This step involves visiting condos, attending show flats, browsing online listings, and potentially engaging a property agent to guide you towards your dream condo.
5. Offer to Purchase
Once youâve found your ideal condo in Singapore, the next step is to make an offer to purchase. This involves submitting a Letter of Intent (LOI) that outlines the terms of your offer, including the price, deposit amount, and any conditions or contingencies, to the seller for approval.
6. Pay Deposit
After the seller accepts your Letter of Intent, the next step is to pay a deposit. This is usually 1% of the purchase price, and it serves as confirmation of your intent to purchase and secures the property until the legal agreements can be finalized.
7. Finalize Home Loan
Finalizing your home loan is a pivotal phase in the purchasing process for a condo in Singapore. It involves confirming your loan amount with your bank or financial institution, signing the Loan Agreement, and ensuring you understand the terms and conditions, such as interest rates, repayment schedule, and any penalties for early repayment.
8. Conduct Checks
Once youâve secured your home loan, itâs crucial to conduct thorough checks on your chosen condo in Singapore. This includes inspecting the physical property for any defects, verifying the property title, checking any outstanding property taxes, and ensuring the condoâs management council has approved any renovations made by the previous owner.
9. Completion
The final step in the condo purchasing process in Singapore is the completion, where you sign the Sale and Purchase Agreement, make the remaining payments, and the property title is transferred to your name. At this point, you become the official owner of your condo in Singapore, ready to move in and enjoy the amenities and lifestyle advantages of your new home.
Best Property Condo Agents in Singapore
1. SLP International
| Key Services | Residential, Commercial, and Industrial Leasings |
| Address | 2 Bukit Merah Central, #03-01, Singapore 159835 |
| Website | https://www.oneslp.com/ |
| Phone | +65 6866 7366 |
| feedback@oneslp.com | |
| Operating Hours | Monday to Friday, 9:00 am â 6:00 pm |
SLP International is a renowned real estate company in Singapore, distinguished for its team of skilled agents specializing in project marketing and property sales. Despite being relatively new to the industry, they have achieved remarkable success in promoting a wide range of residential, international, commercial, and industrial properties.
Committed to enhancing clientsâ lives, SLP International strives to provide exceptional and affordable properties. With their unwavering dedication, they ensure that your dream property is found within your budget, without compromising on quality.
Key Differentiators
- Expertise
- Wide Range of Properties
- Affordability
- Client-focused
- Project Marketing
2. Huttons Asia
| Key Services | Residential, Commercial, Industrial, and Executive Condominium |
| Address | 3 Bishan Place, #05-01 CPF Bishan Building, Singapore 579838 |
| Website | https://www.huttonsgroup.com/ |
| Phone | +65 6253 0030 |
| info@huttonsgroup.com | |
| Operating Hours | Monday to Friday, 9:00 am â 6:00 pm |
Since 2002, Huttons Asia has been a renowned property agent in Singapore, dedicated to helping Singaporeans find their dream homes. With an extensive range of rentals, from apartments to luxurious properties, they offer a diverse selection to suit every individualâs needs. Their team of professional consultants guarantees the best deal at a competitive price, ensuring customer satisfaction. With expertise in residential, industrial, and commercial spaces, Huttons Asia caters to all your property requirements.
Key Differentiators
- Diverse Property Portfolio
- Experienced Professionals
- Customer Satisfaction
- Comprehensive Service
- Established Reputation
3. MINDLINK GROUPS
| Key Services | Property Estate Agency, Property Management, Property Concierge, Property Investments, Property Consultation |
| Address | 116 Lor 2 Toa Payoh, #01-162, Singapore, 310166 |
| Wesite | https://www.mindlink.com |
| Phone | +65 9769 9991 |
| Operating Hours | Monday to Friday: 9:00 am â 6:00 pm |
Mindlink Groups has established itself as a reputable leader in the real estate industry, consistently providing exceptional service since 2001. With a focus on delivering stress-free property transactions, expert property management solutions, and a reliable property concierge service, Mindlink sets the standard for professionalism and excellence. Experience the difference with Mindlink, where youâll find a seamless blend of expertise and exceptional service in the world of real estate.
Key Differentiators
- Exceptional Service
- Property Concierge Service
- Professionalism
- Experienced
- Customer-oriented
4. NAVIS LIVING GROUP
| Key Services | Comprehensive Training, Advanced Technology, Open-Sharing Culture |
| Address | 430 Lor 6 Toa Payoh, #08-01, Singapore |
| Website | https://www.navislivinggroup.com/ |
| Phone | +95 9856 6653 |
| Operating Hours | Monday â Friday: 9:30 am â 6:00 pm |
Navis Living Group is renowned for fostering a close-knit environment while providing exceptional training and cutting-edge technology to real estate agents in Singapore. Their friendly and vibrant atmosphere enables agents to thrive, encouraged by a culture of open sharing. The comprehensive training program encompasses a wide range of modules, immersive learning experiences, and real-time training, all at no cost to the agents.
Furthermore, Navis Living Group leverages state-of-the-art technology, including their proprietary mobile app, Link Up, to streamline agentsâ daily tasks. Ultimately, Navis Living Group is a place where agents can truly call home and excel in their chosen field.
Key Differentiators
- Close-knit, supportive culture
- Comprehensive, real-time training
- Advanced, proprietary technology
- Inclusive learning environment
- Free agent training programs
- Streamlined workflows through the Link Up mobile app
5. Jack Sheo
| Key Services | Sale and purchase, rental and tenancy, wealth planning |
| Address | 480 Lor 6 Toa Payoh, #10-01, Singapore 310480 |
| Website | https://www.jacksheo.com/ |
| Phone | +65-9337-8483 |
| jack.sheo@gmail.com |
Since 2010, Jack Sheo has been a prominent figure in the Singapore property agency industry, helping both local and overseas nationals achieve their real estate goals. With extensive expertise in sale and purchase transactions, rental and tenancy transactions, as well as real estate and wealth planning, Jack provides clients with expert advice to effectively manage their real estate endeavors.
Key Differentiators
- Extensive Expertise
- Wealth Planning
- International Clientele
- Years of Experience
- Personalized Service
Condo Cost in Singapore
1. Purchase Price
This is the biggest expense and varies based on location, condo type, and size. The median price for a condo in Singapore is $1.28 million SGD as of 2021.
2. Additional Buyerâs Stamp Duty (ABSD)
Depending on your citizenship and the number of properties you own, you may need to pay ABSD. For Singapore citizens buying their first property, thereâs no ABSD, but itâs 12% for the second property, and 15% for the third and subsequent properties.
3. Buyerâs Stamp Duty (BSD)
This is a tax paid on documents signed when you buy or acquire property. Itâs calculated based on the purchase price or market value of the property, whichever is higher.
4. Legal Fees
These fees cover the cost of engaging a lawyer to handle the legal work involved in buying a property. This typically ranges from $2,500 to $3,000 SGD.
5. Maintenance Fees
These fees cover the cost of maintaining the condoâs common areas and facilities. The average monthly maintenance fee for a condo in Singapore is between $200 to $300 SGD.
6. Renovation Costs
Depending on the condition of the condo, you may need to factor in the cost for renovations. This can range from a few thousand to tens of thousands of dollars.
7. Property Tax
This is a yearly tax on property owners and is based on the annual value of the property. For owner-occupied condos, the tax rate ranges from 0% to 16%, based on progressive rates.
Condo Singapore
The Singaporean condo market boasts an impressive variety of offerings. From luxurious condo units located in the upscale vicinity of Orchard Boulevard to conveniently placed executive condominiums near retail shops, the possibilities are plentiful. For those seeking a blend of luxury and affordability, executive condos provide an excellent option. If youâre looking for a lived-in space with unique charm, resale condos offer great value.
Meanwhile, for those wanting to secure a home in a newly built residence, launch condos are worth considering. Each type of Singapore condo caters to different needs and preferences, ensuring thereâs something for every home seeker in the vibrant city-state.
Since youâve made it to the end, why donât you check out more of our blog posts down below:
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- Ultimate Guide To Executive Condos in Singapore (2024)
- Best Property Agents in Singapore (2024)
Frequently Asked Questions
If you have any questions about Condo Singapore, you can refer to the frequently asked questions (FAQ) below:
What are the best property condo agents in Singapore?
The best property condo agents in Singapore are SLP International, Huttons Asia, MINDLINK GROUPS, NAVIS LIVING GROUP, and Jack Sheo.
Can a Filipino buy a condo in Singapore?
Foreigners can only purchase apartments in buildings of less than six stories â if you wish to live higher up, government approval is needed. As for vacant land, permission from the Singapore Land Authority is required². On the other hand, there are no restrictions for non-residents to buy a condo.
Is it worth buying a condo in Singapore?
Should I Invest in a Condo? Overall, investing in a condo in Singapore can be a good choice for those looking for a low-maintenance rental property with potential for capital appreciation. However, the high cost and limited control may not be suitable for everyone.
How much can I afford for a condo in Singapore?
Most Singapore banks advise that your monthly mortgage payment not exceed 30% of your monthly salary. This means that if you earn S$10,000 per month, you should look for a condo with monthly mortgage payments of no more than S$3,000.
Is HDB or condo a better investment?
In terms of price per square foot, HDBs surely seem a better deal as you get large-sized HDB flats compared to condos for the same price. Plus, first-time resale flat buyers can receive different housing grants. However, private condos are considered better as an appreciating asset.
What are some prime condos in the Yio Chu Kang and Chu Kang areas?
Yio Chu Kang and Chu Kang are both highly sought-after areas in Singapore due to their array of amenities and connectivity. One notable condo in the Yio Chu Kang area is the âFlorence Residencesâ, renowned for its luxurious offerings and proximity to key amenities.
Can you recommend prominent condo locations in the prime districts and central region of Singapore like Paya Lebar, Tanjong Pagar, West Coast, and near the Bugis MRT Station?
Certainly! In Paya Lebar, you might consider âPaya Lebar Quarterâ, a mixed-use development that offers both residential and commercial units. In Tanjong Pagar, the âWallich Residenceâ is a prime choice for its breathtaking city views and proximity to the Central Business District (CBD). For the West Coast area, âParc Riveriaâ is a popular choice due to its strategic location and array of facilities. Lastly, âDuo Residencesâ near Bugis MRT Station is a top-notch condo with convenient access to the CBD, shopping centers, and cultural precincts.
What makes the condo market in Singapore attractive to international investors?
The Singapore condominium market is attractive to international investors due to its robust infrastructure, stable economic and political environment, and high potential for capital appreciation. Singaporeâs strict property ownership laws also ensure a fair and transparent process for all buyers.
What are the benefits of investing in a private condo in Singapore?
Investing in a private condo in Singapore offers numerous benefits. These include access to exclusive amenities such as private gyms, swimming pools, and security services. Moreover, private condos often provide a higher standard of living and are generally situated in prime areas with good connectivity and proximity to essential services. Moreover, they tend to appreciate in value over time, thus offering a good return on investment.
Where can I find a comprehensive condo directory for new private condos or a launch condo in Singapore?
A comprehensive condo directory can be a valuable resource for those interested in new private condos in Singapore. Several online platforms provide up-to-date listings and detailed information about each property, including location, amenities, unit sizes, and pricing. Websites like PropertyGuru, 99.co, and SRX Property offer extensive directories where you can do a detailed search based on your preferences and budget. These platforms also provide useful resources such as property news, market trends, and buying guides.
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