Singapore has a wide variety of property types and many people and interested in them for two main reasons, as a residential home, or as an Property investment. Whatever your reasons for being interested in property, you will first have to start by knowing the types of properties available and how each one suits your lifestyle and needs.
From there onwards, you can plan your purchasing strategies, including your budget and so on. .
HDB Public Housing
The Singaporean Housing and Development Board (HDB) introduced affordable housing projects in the 1950s to assist needy citizens with obtaining a roof over their heads. Nowadays, there are HDB apartments all over the island, and about 80% of all Singaporeans live in a HDB unit of some kind. HDB units are characterized by the number of rooms they have, from studios with no rooms to 3-room, 4-room and 5-room flats. There are also several newer designs like 2 level apartments, 3Gen flats and Executive Apartments, which have more space and are considered more luxurious. These newer designs are meant to offer more choices to Singaporeans who can afford more upscale HDB apartments but not those offered by private developers. HDB flats are often located within mini townships complete with schools, eateries, clinics, supermarkets and convenient accessibility. This makes it very attractive for those who plan to settle down with their families.
Private Apartments and Condominiums
These are condominiums and apartment units built by private property development companies and tend to be much more costly than a HDB unit of the same size and same number of rooms. However, owners do get plenty of amenities such as better security (gated and guarded), swimming pools, gyms, saunas and more. However, owning a private condominium or apartment also means that you’ll be paying a monthly maintenance fee to help with the building’s upkeep, and to pay for the entire common shared amenities.
Unlike HDB, which are typically 99 years leasehold. Private housing has 3 kind of tenure.
Landed homes are some of the most costly properties in Singapore, mainly because of the scarcity of land. Landed property is usually built by private developer and is tightly regulated and controlled. This makes landed property very rare in Singapore. In fact, foreigners are disallowed from owning landed property, except for one or two projects, for example Sentosa Cove. Landed properties tend to be very spacious, and some have added benefits like gardens, pools and garages. They’re also a lot quieter and more peaceful than stratified properties, which house many families in the same building.
Commercial properties include things like shop lots, office spaces, factories and the like. Usually, they are purchased as a form of long-term investments and owners rent them out. Commercial properties tend to appreciate in value, which is why they’re quite popular among investors. To make a decision on whether you should buy a certain commercial lot, you would have to do the necessary research to ensure that the place is sought after and there is a demand in the area for your type of commercial property.
Now that you know the different types of property available to you, it would be easier to make a choice and plan ahead for your future.