Buying A House in Singapore

Looking to buy a house/property in Singapore? Here’s my journey as Singapore Permanent Resident to get one, hopefully you can get something here.
This article will be a work-in-progress, as I will continuously keep updating the article until I get my house. This article also served as my notes so that I don’t need to go here and there¬†when I need to review something related to buying a house.
Today is 31st August 2016, I am 30 years old already. Luckily I have found my lifetime partner – I’m married already, back in 2013. I get Permanent Resident (SPR) status back in Nov 2014, somewhere around 2014, Singapore government introduced few cooling measures to cool down Singapore property market, one of them is that for SPR, they need to wait for 3 years after getting SPR to eligible buying a resale HDB flat.

Disclaimer

The writing provided here is on ‘as-is’ basis and may not be 100% accurate or correct. Everything written down here is solely based on my own experience and knowledge. Please check to the official website or consult with the appropriate agency/consultant whenever applicable and needed.

I will not be held responsible for any loss or damages or anything else caused by reading and following my post here.

Terms

Here are terms usually found during house-looking:

ABSD – Additional Buyer Stamp Duty
BSD – Buyer Stamp Duty
DBSS flat – A public house governed by HDB but made by Private developer
Foreigner – person without Singapore Permanent Resident status, they can be those who hold employment pass/work pass or totally foreigner (not working in Singapore).
HDB – Housing Development Board, Singapore government entity that managed public subsidised housing

HDB flat – A public house governed and made by HDB

MOP – Minimum Occupancy Period. A period where house-owner cannot sell their property to the market, usually 5 years.
SC – Singapore Citizen
SPR – Singapore Permanent Resident
SIBOR – Singapore InterBank Offerred Rate
TOP – Temporary Occupancy Period, a date where house-owner is able to get their key and start living on the house they bought.

Type of house

There are quite many types of house in Singapore, I will list down only those common one.
Here are the common house types found in Singapore:
  • HDB flat: A public house governed and made by HDB, usually in form of apartment.
  • DBSS flat: recently heard about this, but turned out it was introduced back in 2005, a public house governed by HDB but made by private developer. DBSS is short for Design, Built and Sell Scheme.
  • Condo (or Condominium): A private house managed and made by private developer.
  • Executive Condo (or EC): just like condo, made by private developer, but the first 10 years is managed by HDB, after that (11th year and beyond) it will be just like condo. New EC is sold with subsidised price from HDB.

 


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Minimum Occupancy Period (MOP)

Certain types of house here in Singapore has minimum occupancy period before they can be sold to the open market as a resale house.

Here they are:

House Type MOP
HDB 5 years from purchase date
DBSS 5 years from purchase date
EC 5 years to sell to SC/SPR from TOP
10 yeas from TOP to become private housing, can sell to anybody
Condo no MOP
That means, if you are buying an HDB flat, you need to at least hold the property for 5 years, start from the purchase date.

Eligibility

House Type
New/Resale
Who can buy
SC SPR Foreigner
HDB New HDB Flat Yes
Resale HDB Flat > 5 years Yes Yes, after 3 years obtaining SPR
DBSS New DBSS Flat Yes
Resale DBSS Flat > 5 years Yes Yes, after 3 years obtaining SPR
EC New EC Yes
Resale EC > 5 years but <= 10 years Yes Yes
Resale EC >= 11 years and beyond Yes Yes Yes
Condo New Condo Yes Yes Yes
Resale Condo Yes Yes Yes
As a Singapore Permanent Resident, I can only choose resale HDB flat, resale DBSS flat, resale EC or new/resale Condo. For resale HDB flat and resale DBSS flat I need to wait for 3 years from the date of obtaining SPR status before I can buy them.

Eligibility Schemes

There are plenty of schemes especially for HDB and DBSS, but for SPR only public scheme is applicable.
House Type
New/Resale
Eligibility Schemes
SC SPR Foreigner
HDB New HDB Flat Plenty of schemes
Resale HDB Flat > 5 years Plenty of schemes Public scheme, form a family nucleus
DBSS New DBSS Flat Plenty of schemes
Resale DBSS Flat > 5 years Plenty of schemes Public scheme, form a family nucleus
EC New EC Plenty of schemes
Resale EC > 5 years but <= 10 years Plenty of schemes Single can
Resale EC >= 11 years and beyond Plenty of schemes Single can Single can
Condo New Condo Plenty of schemes Single can Single can
Resale Condo Plenty of schemes Single can Single can

SPR Quota and EIP

To be furnished again later.

Price and Premiums to Pay

To be furnished again later.

Steps to Purchase

Approach Banker
To be furnished again later.

What mostly first time buyer don’t know

To be furnished again later.

Useful Websites

To be furnished again later.


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3 thoughts on “Buying A House in Singapore

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