Singapore is renowned the world over for having an excellent public housing board. It is often cited as the standard in public housing. Most foreigners, however, might not understand the difference between public and private housing. In this article, we will differentiate the two vastly different housing options in the country.
Private property in Singapore refers to condominiums, executive condominiums, and landed properties.
In Singapore, condos for sale are the same as any other condominium in another country. Often, these are the types of housing that are available to permanent residents and non-citizens. Foreigners can own a Condominium in Singapore so long as they can pay off their loans. Because it is full of amenities, condominiums like Skyline Residences price tag will be well worth it. Unlike HDBs and ECs, condominiums have more relaxed rules when it comes to reselling of property.
b. Executive Condominiums
Executive Condominiums or ECs share certain elements with condominiums and HDBs. Prices of ECs are slightly more expensive than HDBs and much cheaper than a condo. They have all the benefits of a condo for sale in Singapore (amenities and security) and the affordability of an HDB. ECs are essentially a mixture of public-private housing in the first ten years. They have a certain restriction when it comes to reselling and making home loans but after the eleventh year, they are considered to be fully private.
c. Landed Properties
These are properties that cannot be sold to non-citizens unless they are married to a Singaporean. Landed properties are a very few in Singapore hence it’s very expensive price tag. If you find condominiums in the country to be expensive, landed properties definitely surpass that.
Public housing in the country (more commonly called HDBs) is definitely cheaper options than most of the condos for sale in Singapore now. They also have better payment terms. One of the problems in public housing is that it has a lot of restrictions when it comes to loans, reselling, and renovations. Another issue is that public housing is strictly limited to Singaporean Citizens only.
Both types of housing make for an excellent investment. If you are planning on purchasing a property soon, make sure understand your options well. For foreigners and permanent residents, there aren’t a lot of options but condominiums. But, there are still so many condominiums available in the country that it isn’t that much of a limitation. Singaporeans have a lot more options when it comes to housing that makes their options that much more important.
What type of housing do you prefer? Are you going for convenience in payment or convenience in living? Sound off in the comments below. We’d love to hear your arguments.
Rivercove Residences EC is the only EC to launch in 2018. It has been designed bearing in mind each and every need of a modern family. It comes with a concierge service, which upgrades it to a premium property instantly. There is a lot of space for secured parking on the premises too. Though it is perched in a safe neighborhood, the EC complex also has its very own 24-hour security service. The gated premises will always be under CCTV surveillance, which will keep the residents completely safe.