As a foreigner, you are allowed to buy private condo units in Singapore. Depending on the location, such properties cost anywhere upwards of $1 million, so it is a very big financial decision. You must first check whether you have sufficient finances to buy a condo in the city-state. As a foreigner, you are also required to pay Additional Buyer's Stamp
Duty (ABSD) when buying a residential property.
If you have the financial means, you can proceed to hire an agent who will be able to help you shortlist a few properties depending on your lifestyle needs. As a general guide, you should consider properties that are within proximity to MRT stations, shopping malls, and schools.
Here's what you need to know if you're buying a property in Singapore as a foreigner: https://www.propertyguru.com.sg/property-guides/step-by-step-guide-for-buying-property-in-singapore-as-a-foreigner-12304
Hope this answers your question.
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Foreigners can buy condos in Singapore.
There are many condos in Singapore for sale. It depends on your preferred location. Most expat like to buy in the core central and eastern part of Singapore.
The procedures are as such for new condo:
1. Get a bank to do a initial In Principal Approval. This will determine your loan amount and budget. This step is not required if you do not need a bank loan.
2. Get an agent to help you source for your property. For new launches, developer will pay the agent commission.
3. Once you found the property, you will need to pay 5% initial downpayment by cheque or cashier order to the developer or for resale condo, 1% to exchange for Options To Purchase.
4. You would then need to go to a lawyer to sign the S&P agreement or exercise the OTP.
5. You will need to pay the stamp duty of 3%-5400 (mathematical formula) within 14 days of S&P. There will be additional buyer stamp duty of 10% for foreigners.
6. For new condo, progressive payment to the developer will start depending on the stage of the projects. This will be certified by a professional engineer and letter will be send to your lawyer and lawyer will coordinate with the bank for disbursement.
If this is your 1st property in Singapore, you are entitled to max 80% bank loan and cash payment is 20%. For 2nd property and above, you are entitled to max 60% loan and cash payment is 40%.
For foreigner, the bank will do an income assessment and the bank loan could be lower.
Please also note that there will be a seller stamp duty of 16%, 12%, 8%, 4% if you sold your property within 1, 2, 3, 4years respectively.
Do call me at 97455178 or this email for your property requirements.
Do call me at (65)-9745-5178 or email email@example.com if I can assist you in providing solutions to your real estate needs.
Thks & regards,
Mike Tay (郑树荣)
B.Sc. (NUS), EMBA (SUNY)
M: +65 97455178
HSR International Realtors Pte Ltd
Estate Agent Reg No: L3002226G Read More