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I am a foreigner (non-PR) staying in Singapore for few years. I am looking for a 2 bedroom condo unit within a $700K budget. I am looking at 800-850 sq ft unit (knowing anything more would be unrealistic in my budget). Are there any projects which have a TOP of 2012 which i can consider. Do do i have to look at older units ( i reckon they would be more expensive).

Also what kind of financing options can i expect from the bank. Are there a minimum salary requirements that bank look into if someone is a non-PR / non-Resident?

If i happen to withdraw my interest from a said unit after the initial few months (before possession), what kind of money do i stand to loose.
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1 Answer

William Choo
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Hi RR,

Older units, > 10 yrs, are usually less expensive and thus u are more likely to find a place that meets your 2-bedroom requirement.

Taking into cosideration, the additional stamp duties, I'd say that u need to set aside at least 33% of the purchase price before you proceed to buy.

Your financing options may vary from bank to bank as they have different crierias for foreigners. For instance, they may quite a far higher income ceiling compared to a local when borrowing the same loan quantum. Would suggest you try getting an in-principal approval from a bank first.

If you withdraw your interest after you exercise the option to purchase, there may be legal implications. If not, what you stand to lose is 1% of your option money for resale or 25% of 5% of purchase price for a new launch.

Feel free to drop me a mail.

Kind regards,
William Choo (朱文彬）
Senior Marketing Consultant, 
CEA Reg No: R044093D
Huttons Asia Pte Ltd (License no: L3008899K)
Mobile: 9721 8288 
Web site: www.facebook.com/PropertySGD Read More
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