Amelia McNeill's Events

Singapore is a perfect spot for those looking to get the best of both worlds; the East and West. Perhaps exactly why Singapore can be a preferred place to go for expat Chinese and other Asians, who'd similar to their children get the best education, yet remain rooted and near their culture. Sentosa Cove is really a virtual hub for expats who've chose to make this gated community in the offshore marina, their house. In reality, there are several reports that claim that Singapore is among the most third-most popular destination for the wealthy Chinese. Below are a few highlights to be kept in mind when choosing property in Singapore.

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• Foreigners in Singapore can find non landed properties (read apartments and condominiums) without prior approval from the government. This rule is because of an enactment in 2005 that barred foreigners from buying property in apartment blocks that are less than six storeys or are categorized as the course of condominiums. Nevertheless they still must seek permission in the Singapore Land Authority to get landed properties like bungalows, semi-detached houses, and vacant plots.

• They are also restricted from buying an HDB shophouse, an HDB house directly from the HDB, a resale HDB flat that is approved by the HDB, along with a condominium which is purchased under the Executive Condominium Housing Scheme of 1996. This scheme was introduced for people who desired to buy something much better than an HDB flat, but couldn't afford to buy private property. For the uninitiated, HDB means for Housing and Development Board- Singapore, the public housing authority of Singapore. This was setup by the government of Singapore, having an aim to help Singaporeans buy quality home at affordable prices.

• Permanent Residents or PR's are allowed to purchase HDB flats from the HDB, after they form a family group nucleus having a Singapore citizen. Pr's may also buy an HDB flat in the resale market; provide they enlist one or more occupier as a Singaporean citizen or PR. And to protect people from flipping their house, owners seeking to sell apartments which can be under 3 years old, will have to pay a requirement of 3 % with the resale value. Thus property owners who buy property through easy credit and then sell them quickly to get a profit are discouraged from doing so.

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• For properties under the Executive Condominium Scheme, PR's are allowed to buy property in projects which are in their sixth to tenth year from the Temporary Occupation Permit or TOP. As for foreigners and corporate bodies; they are able to buy EC property only following your eleventh year from the TOP.

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