Republic of Singapore
Location: Singapore is a southeast Asian city-state off the southern tip of the Malay Peninsula, 137 kilometres north of the equator.
Population: 5,183,700 (2011) World Bank
GBP: $239.7 billion USD (2011) World Bank
Currency: SGD Singapore Dollars
Official Language: English (though Mandarin, Malay, Tamil is also used)
Ownership of Properties: Foreigners can freely acquire apartments from approved condominium development. Foreigners who wishes to acquire a landed residential property may apply to the Controller of Residential Property for a written approval.
Buyer Stamp Duty: Approx 3% *Additional buyer stamp duty in details here
Seller Stamp duty: 0 – 16% *depending on holding period of purchase: details here
Mortgage:
Singapore is a financial stronghold with many banks and institutions offering both local and international services. Mortgages can be found over various repayment terms up to 80%. These can also be arranged for payment over agreed periods, for instance 20-30 years. More details here
Singapore is the wealthiest country in the world in terms of GDP per capita, and is rated a high 26th place on the Human Development Index 2011*. Based on the amount of tonnage shipped, it is the busiest port in the world. It is also the fourth largest foreign exchange trading center, and is rated as the most business-friendly economy in the world. The economy had an estimated growth rate of 0.7% for the second quarter of 2012 over previous quater. Almost ten million tourists visited Singapore in 2011.
The government has always adopted a pro-business policy, regardless of world economic situations or crisis. It has taken tough measures including reducing corporate tax rates, lowering employers’ Central Provident Fund (CPF) contribution rates and capping office rental rates. For the quality of its government policies, Singapore has been rated The world’s easiest place to do business (Doing Business 2012 Report, World Bank)
The multi-cultural Singaporean workforce is highly educated, highly motivated and highly productive. It is also proficient in English – the language of international business. Singapore population is a rich mix of different cultures, lifestyles and religions – co-existing harmoniously. An open immigration policy has served to enhance Singapore’s talent pool. This gives companies the opportunity to source for the best personnel from anywhere in the world.
The city-state is safe and orderly. Recognized as one of the cleanest and greenest cities in the world, its public transport system and healthcare services are world-class. This provides a dynamic business environment, providing plenty of work opportunities. All these fuse to produce a living environment that is considered the best in Asia (Quality of Living worldwide city rankings, Mercer survey, November 2011).
*The HDI represents a broader definition of well-being and provides a composite measure of three basic dimensions of human development: health, education and income.
Source: 20 Sept 2012, from http://www.thewealthreport.net, http://www.edb.gov.sg, https://app.stb.gov.sg
Buying Real Estate in Singapore
When you have found the right property for you, prepare a 1% cheque or cash of the purchase price in exchange for the Option to Purchase from the seller. Option to Purchase will be prepared by the seller’s (vendor) solicitor or property agent. You are given 14 working days (excluding sat, sun & public holiday) days to decide whether to proceed with the purchase. If you decide to proceed, exercise the option by signing in your solicitor’s office and forward it to the seller’s solicitor together with another 4% or 9% (agreement between the vendor and purchaser) of the purchase price. You would then be expected to pay duty within 14 days of signing.
Completion of the sale will take around 8 to 10 weeks time (agreement between the vendor and purchaser) after signing of the option. Your solicitor will lodge a caveat on the property, coordinate with the financial institution, CPF board (if applicable) & prepare the mortgagor/mortgagee documents.
For more information on buying property in Singapore and to arrange your viewing visit:
http://propertyinvestsg.com/contact