Landed properties in Singapore are some of the most highly sought-after property types, but they are not always easy for foreigners to get their hands on. Most of the time, landed properties can only be purchased by Singapore citizens, and most of the time, only the upper classes can buy them. However, there are some situations where you may be able to buy a landed property even if you are not originally from Singapore. In most cases, you will need to have permanent residency in the country, so buying a landed property is not something to consider if you are planning your move or have only just moved to this country.
Buying Landed Property – The Rules for Foreigners
While it’s much easier to buy a landed property in Singapore if you are a citizen, there are some instances where foreigners may be eligible. If you’re not originally from Singapore, then you will need to meet certain criteria before you can become the owner of a landed property. This includes being a permanent resident of Singapore, making significant contributions to the economic benefit of Singapore, and possessing qualifications, skills, or experience that provides some kind of value or benefit to the economy of the country. If you meet these criteria, then the next step is to find a property that is suitable for you, and a home loan to purchase it with.
Like properties, there are also various criteria that you may need to meet in order to get certain types of home loans in Singapore. You can find out more about the UOB home loan and other home loan types available at PropertyGuru. PropertyGuru is the top property site for Singapore, with plenty of helpful information to assist you on your journey to finding the perfect house, and the option to find properties listed for sale.
If you meet the necessary criteria for buying landed property as a foreigner, you will need to apply for approval to purchase a landed property before you go further with the process. To do this, you will need to head to the Singapore Land Authority and fill out Form A, along with paying a non-refundable application fee of $900. You will also need to submit From A to the Singapore Land Authority Dealings, along with any supporting documents that are requested.
In general, you can expect the application process to take around three months. You will usually only be given approval to purchase a property that is going to be used as a personal place of residence. Foreigners are not typically approved to purchase landed property to use for income generating purposes such as a rental. Once you have gained approval, this will be valid for six months.
Things to Check Before You Buy
Once you have approval to buy a landed property as a foreigner in Singapore, you will then have six months from the approval date to find a suitable property, make an offer and complete the purchase. There are a few things to check and consider to make sure that you find a property that’s suitable for you. Some of the main things to look at when viewing properties include:
This is perhaps one of the most important things to check when buying a landed property, and it may be worth having a survey carried out by a professional to ensure that the foundation is sound and in good condition. Since foundation issues can be expensive and time consuming to deal with, any properties that are found that have damaged or weakened foundations are best avoided.
The property’s plumbing system should be checked thoroughly to ensure that it is in good condition. Make sure that all faucets, pipes, water heaters, toilets and other plumbing parts are working as they should and that there is no significant damage. Check the sewage system which is located underground. Any sewage issues should be rectified before you complete the sale, otherwise it’s best to avoid buying the property.
The roof of the house is one of the most important aspects. In Singapore, roofs will usually last around twenty years. It’s a good idea to find out more about how old the roof is, and have the roof checked by a professional before you make the decision as to whether or not you will buy the property. It’s best to buy a house that has a fairly new roof as repairs and replacements can be expensive and time-consuming.
Damp and Moisture
The property should be checked for any signs of moisture and damp before you buy. This is especially true if the property you are interested in buying includes a basement. Check for leaks and look for any signs of mold that might need to be attended to.
While it’s not always easy for foreigners to buy landed properties in Singapore, there are some instances where it is possible, if you are a permanent resident and want to use the property as your personal home.