News & Info
- BUYING PROPERTY IN SINGAPORE
- A cosmopolitan city, Singapore is the country where most people call home. With its multi-racial, multi-cultural and multi-lingual heritage, Singapore is where a confluence of values, cultures and lifestyles coexist harmoniously. It is an exciting city-state easy to settle in.
Key reasons foreigners are attracted to invest in or buy properties in Singapore are as follows:
- Favorable property purchase and ownership conditions
- Clear foreign ownership laws.
- No currency control.
- No capital gains tax.
- No withholding tax for disposal of properties.
- Foreigners are eligible for Singapore dollar mortgage loan.
- Relatively low mortgage interest rate.
- Active secondary market for easy exit of property investments.
- Higher rental yield
- Interest on mortgage payment is tax deductible when the property is rented out.
- Security of property rights.
- The attractiveness of Singapore as a great place to live, work and play in
- Socio-political stability.
- Safe and secure place.
- Comfortable and green environment.
- Ease of access and short distance from the major cities of Asia.
- Good connectivity and efficient transportation infrastructure.
- Immigration policy that welcomes talent and the wealthy.
- A centre of educational excellence.
- Premier healthcare services.
- Efficient legal infrastructure and judiciary system.
- Asia's banking hub with tight banking secrecy laws.
- No tax on interest income.
- No tax on foreign-earned income.
- No estate duties.
- Comparatively low personal income tax structure.
- Comparatively low corporate tax rate of 18% per annum.
- Progressive Payment Scheme
- For uncompleted projects, the developer collects payments from the buyer in accordance with the payment schedule specified in the Sale & Purchase Agreement as follows:
- Option to Purchase granted 5 % (booking fee)
- Upon signing of Sales & Purchase Agreement 20% less booking fee or 8 weeks from Option date
Upon completion of:
- Foundation work..........10%
- Reinforced concrete framework..........10%
- Brick walls of unit..........5%
- Ceiling of unit..........5%
- Electrical wiring, internal plastering, plumbing and installation of door and window frames..........5%
- Car parks, roads and drains serving the housing project..........5%
- TOP (when developer is ready to hand over the vacant possession of the unit)..........25%
- On Certificate of Statutory Completion..........15%