Singapore is home to many citizens including foreigners and expats who have gained permanent residence. Finding and buying a home in Singapore can be at most very challenging. Singapore has a lot of laws and policies to be familiar with for those looking to buying properties in the country. Buying properties in Singapore depend on the type of residency a person has. The country is strict when it comes to buying properties, and residential status is an important factor to take note of. Only certain types of properties are allowed for purchase to foreigners, Singapore Permanent Residents (PR) and Singapore citizens. Many options are of course an available for Singapore citizens compared to foreigners and Singapore PRs. Although limited, Singapore PRs have more property options available than foreigners. Here are a few properties that can be an option for purchase in the country. Some of these properties may not be available to Singapore PRs but still is important to be aware of:
Build-to-Order (BTO) or Sale of Balance Flats (SBF)
The Housing Development Board of Singapore (HDB) sells these flats to the public as options for housing. These flats are only available for Singapore citizens, but Singapore PRs can be eligible if married to a Singapore citizen or still planning to marry. Singapore PRs can apply purchasing these flats through public or fiance/fiancee schemes. There is also an additional requirement for a Singapore PR to purchase this type of property and that is for at least three years of having the Singapore PR residential status. Before a Singapore PR can apply for this property, these requirements should be met.
HDB Resale Flats
HDB flats are available in two types, and these are brand new and resale. HDB resale flats are available in the open market for Singapore citizens and PRs however only Singapore citizens are allowed to purchase brand new HDB flats. HDB resale flats are only allowed for Singapore PR couples only, single PRs or siblings with PR status are not allowed to purchase resale flats.
Executive Condominiums (EC)
Can be classified as a hybrid housing which can be viewed as public and private. Singapore PRs are only allowed to purchase EC after a 5-year minimum occupation period. After this period EC can be available for sale or rent for Singapore PRs, singles or couples.
This type of property is only allowed to Singapore citizen only. For Singapore PRs, this property type is restricted, and approval from the Ministry of Law needs to be obtained before purchase.
Finding a home can be very challenging. It is a big step towards personal growth, and it is especially a challenge when finding a home in unknown territories. When deciding to buy a house, one needs to be financially prepared and have the requirements needed to make the purchase. If caught unprepared and falling short in finances is not a problem as Singapore have many housing options available. If one cannot purchase one, they can always resort to renting.