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Singapore Property Tips
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Investing in property in Singapore
Buying property in Singapore for investment purpose and then planning to rent out is indeed a wise option. All that is required is to calculate the amount of yearly income from the rents and compare the price with the price of purchase. There are districts 11, 10 and 09 which are renowned for yielding larger rental returns. Properties that are freehold are not renowned to get you larger rentals and that is primarily the cause of the premium price in comparison to the leasehold ones.
Foreign persons who do not reside in Singapore but invests in property for rental purposes will pay personal income tax at a high rate of 20% but for persons working in Singapore and need not be native with employment status which is valid will pay lower interest rate.
It is important to check property’s indicative value prior to your investment as this factor has direct implications to your loan amount of the property. And definitely consider the period of loan with the instalments on a monthly basis. For a person not native to Singapore, financial institutions only provide a loan amount of 70 to 80% of the valuated price. If your investment will be in HDB properties, then it is important to know your eligibility status in order to get a concession loan available with HDB. In case of denial there, you can get it financed from Commercial banks.
It is advised to have 1% of the investment price on property after having decided as either the agent assigned or the vendor will need to prepare purchase option. 14 days are usually given for you to decide whether to go ahead with the investment or not. Once decided, you will be asked to sign in front of office of Solicitor and send them across to the seller’s solicitor office in addition to an extra 9 or 4% from the price of purchase.
If you are interested in buying property in Singapore, you must be very careful while doing it. The sale and purchase of property in Singapore is commonly done, but not all deals are authentic. Look for the right deals. Look for the right kind of investment opportunity to invest your money in the business of land in Singapore. Without doing so, you will not be able to get good return on your investment in this business.
Billy Chen
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com
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