The process of property purchase in Singapore is so challenging and you need to have a better idea on how it goes. Your residential status whether Singapore citizen, Singapore PR or Permanent Resident, and foreigner is the basis of what property that can be offered. So, it is important that you’ll know the process and be ready about it if you are eager to get a property in Singapore. Being a Singapore citizen could not be a problem since they are residing within the country. But for Singapore PR, there were fewer property purchases available for them
Please take a look at the following property purchase available and not for the Singapore PR:
Flats which are called Built-to-order (BTO) and Sale of Balance Flats (SBF) are directly being sold by Housing Development Board (HBD) Singapore to the public. However, these are not available to the Singapore PRs unless they are already married to a Singapore citizen or planning to get married. Then you need to be at least a PR for three years prior applying.
The HBD resale flat is available to Singapore PR couples, since they are not eligible to purchase new HBD flats. However, they are not available for single PRs and siblings that have both status of PR. The couple PR must have at least three years of PR status each. They also have to dispose their overseas properties in the next half of the year after their purchase of HBD resale flat.
Executive condominiums are not available yet to PRs on the first built. They need to wait for the five-year MOP or minimum occupation period. When that time passed, executive condominiums are available for rent or sale to the single PR and couples whether one or both of the spouses have status of PR.
Private property like The Tapestry Condo in Tampines is categorized into non-restricted and restricted private property. For the non-restricted it means that you don’t have to worry about any restrictions in purchasing a private property. But for restricted properties, there is needed approval that you need to obtain from the Ministry of Law prior purchasing the property.
These are just the overview of each of the properties that a Singapore PR can buy in the country. There are still a lot of properties that each citizen or PR can purchase. However, there could be some property that have restrictions or may not be available to PR or to foreigners. It is still better to get advice by an adviser to make sure that you are getting the right property for you. Condo rental is one of the options that you can choose just in case that you need to temporarily settle in while waiting for the approval or the completion of the purchase of the property.
This means that you need to make an extra research to ensure that you are following the right decision in buying private property, condominium, or flats based on the restrictions of the law in Singapore. This is important, so you can have a better shelter to live in within the country.