How can a foreigner purchase a condo in Singapore on his own?

1. How can a foreigner purchase a How can a foreigner purchase a condo in Singapore on his own? condo in Singapore on his own? procedure. Also, foreigners can buy resale Executive Condominiums (EC) once that are more than 10 years old, here 10 years is minimum occupation period, set by the government. In Asia, the best quality of living is available in Singapore, as the city and its infrastructure is being planned properly, thus it promotes efficient public transportation, minimal traffic congestion and steady international flights, plus an abundance in the supply of electricity, drinking water, and quality phone services. All these virtues make Singapore an ideal destination for job or business and attract foreigners to settle here permanently. Now here various types of housing options are available, but for foreigners, the condo for purchase in Singapore is the best option. availability of Fix your budget: Once you have the idea regarding property type, then before selecting a particular property to own, you need to determine your budget for purchasing home. You need to fix your budget as per your requirement, which depends on the preferable location to stay, size of family, no of rooms required, the nearby availability of useful amenities etc. Also, another factor to consider is for how long you are going to stay, if this is less than five years then you might find purchasing condo is pretty expensive due to Seller’s Stamp Duty (SSD). Also, the government imposed an Additional Buyers Stamp Duty (ABSD) of 15% on foreign buyers to curb foreign property speculation on top of the regular Buyer's Stamp Duty (BSD) that every purchaser is subject to pay as per the government regulation. So if you’ve decided to relocate in Singapore to work, settle down and stay for the foreseeable future, then as per government’s regulation, you can’t purchase any kind public housing options. Thus the condominium or condos in Singapore will be the most suitable option for you. Now you can always rent a condo but if you are planning to stay long or for the rest of your life, then it might be expensive, so instead of that, you should opt for condos for purchase in Singapore. Here we will direct the various steps important for the purchasing process so that you can complete that without the guidance of any property agents. Types of property: Foreigners cannot buy and own landed properties in Singapore, but they could own an apartment within a building. However, if they wish to own other forms of private property, such as; terrace houses, semi- detached or detached houses and bungalows, then it is required to write into Singapore Land authority in order to receive written approval from the minister of law and then they can go ahead with the purchasing Choose your home: As we have mentioned earlier, the location, number of rooms, availability of nearby amenities and communication are the most vital things to consider. There are several ways to find a condo for sale in Singapore, you can engage a professional property agent to

2. aid in your search or you can do it by yourself. If you don’t want to appoint any middleman in your transaction then you can do the property search by yourself by following different web portal available, where you can see the detail of the property and these sites are utmost helpful for property search by self. Secure the selected home: Once you have selected property as per your budget and requirement after that you need to secure the same by signing a contract which is called Option-To-Purchase (OTP). Here OTP implies the payment of 1 to 5 % cash to the Seller, which reserves the property exclusively for you as the buyer, and then exercising the option, that should be typically within two weeks by way of parties for entering into the Sale and Purchase Agreement. Here the payments are required for deposit and stamp duty. Completion of purchasing condo: This is the last step regarding condos for purchase in Singapore, where the lawyer will draw up the option, confirm the property ownership and that it can be legally sold. The lawyer will prepare transferring title of the property, which is signed by the buyer and seller and ensure the sale, is registered properly. This is the final step for you to purchase a new property, once the documents are finalized; you will receive the keys and start using or enjoying your new home. the documents