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Residential Real Estate Is Booming and of Great Demand in Singapore

Mar 16, 2008
Singapore is a tropical island destination located at the southern end of the Malaysian Peninsula, in South-east Asia. It lies between Indonesia and Malaysia and occupies an area of about 650 square kilometers. It is a well-maintained city. It has a superior infrastructure of roads and rail, disciplined population, and an enviable transport network. It has one of the world's best airports. It is the world's safest and cleanest city. It is a leader in oil refining and distribution industry and is famous for its shipbuilding and electronic industries.

The city is also a major center for electronics and communication industries. Although a highly developed modern city, Singapore still maintains it charm. It boasts a multicultural heritage, which is a graceful mixture of Indian, Eurasian, Chinese and Malaysian cultures. It is a highly favored tourist destination brimming with tourist spots and centers of business activities. It is no wonder that real estate properties, both residential and commercial are booming and of great demand there.

Realizing the business potentials and development opportunities in Singapore, many foreigners and businessmen have now began investing in property market in Singapore. An ordinary apartment of about 1000 square feet costs about $1 million in Singapore, it is estimated. Many buyers invest in properties with a view to rent them while some others invest in them to sell them after a period of a couple of years when the prices rise. It is also estimated that renting of residential properties in the city can bring you $36,000 to $80,000 per annum. However, the location of the real property plays a great role in determining its value and rent.

Residential properties situated on such prime locations as the Nissam Road, Nathan Road and Orchard Road are the all-time favorites of expatriates. Also, residential properties located in East Coast, Pasir Panjang and Clementi are also of great demand among foreigners since they are close to many shopping centers, recreation amenities and international schools. Most sought after neighborhood estates include Ang Mo Kio Town, Clementi,Toa Payoh, Bishan, Yishun, Tampines, Simei, Hougang, Punggol, Woodlands, and Bukit Batok.

Inner city areas are also rising in demand nowadays. Apart from considerations of location, many expats choose to live in the company of their fellow countrymen. For example, Europeans by and large opt to live in properties situated in areas like Orchard Boulevard, Gallop Road and Taman Nakhoda. There are also some locations within the city thickly populated by Japanese and Koreans.

Housing options in the city include everything from apartments, single houses, condominiums, shop-houses, townhouses, and flats. Residential real estate in Singapore may be broadly classified into landed and non-landed. Landed properties include semi-detached houses, bungalows and terraces. Non-landed real estate properties include condominiums, executive condos, and private apartments.

A vast number of Singaporeans (more than 80%) live in public houses or apartments developed by the Housing Development Board (HDB.) Most of these homes lie within housing estates which are developed neighborhoods with supermarkets, dining options, hospitals, schools, and recreational facilities. A vast number of private property developers are also present in the scenario to offer high-end accommodation facilities.

The residential property law in Singapore imposes certain restraints on foreigners to own or acquire a residential real estate or property. However, foreign investors can buy an apartment or flat within a building of six levels or more or they may possess a unit in a condominium. Foreigners can acquire other properties, with permission from the Singapore Land Authority. Similarly, it is required to apply to the Residential Property Advisory Committee for a foreign company to invest in residential property in Singapore, to get approval for owning residential property.

No matter whether you are buying a townhouse, flat, or a single detached or terraced home, a vast number of realtors and property builders are there to help you own your dream real estate property in Singapore.

There are many real estate firms that provide services of professional lawyers to verify legal documents associated with the real estate purchase. They offer excellent legal advice and superb services for the purchase of property in the city. Some real estate agents even arrange loans for the purchase of residential real estate in the city. However, it is advisable that you make a thorough study with regard to their integrity and professionalism before approaching them.
About the Author
Wantanee Khamkongkaew is an independent author evaluating and commenting on leading International Property Consultants in Asia and Greater China , especially CB Richard Ellis.
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