In Singapore, you will find diverse kinds of property. All these are not only for residential purposes but also for commercial and even for rental purposes. Basically, the property being a part of our country is divided into many categories like flats, resale property, industrial unit, commercial unit, residential property and any other landable property. All these are classified based on the location and area of its usage. So, if you are planning to invest in any property here in Singapore, then first you need to know about its category and location. And as all these properties are not same in nature and area, so you need to select one from these that suit your requirements and budget.
Now, let’s come across the different landed property in Singapore. You will see that there are many options in this regard. Let’s take an example of flat. As the name itself indicates that it is a type of building or a row of buildings or sometimes even a group of buildings on one site and often times has two to three floors.
Now, there are some types of flats that are available in the market like the Resale Flat and the Special Housing Estate (SHE) flat. As the name indicates, there’s are some types of flats which are available for resale purpose and special purpose only. The Special housing estate (SHE) flat is basically meant for the low income group and is fully furnished apartment for the lower income group of people. In other words, it is a flat which has been given to the tenants in the middle of the building for rent and is fully furnished and safe as well. On the other hand the Resale flat has the exact same characteristics as the flat or bungalow which has been given to the middle income group for rent and is fully furnished.
Now, coming to the types of property and what they actually are, we have condominiums, flat units and apartments. Now the condominium is basically a property which is owned by many property owners who come together for the common interest and share their profits by dividing the property into different types of ownership or levels. So, when talking about a Condominium unit you will find that there are basically two types of them. One is the Resale Condominium and the other is the First Home Ownership (FHA) Condominium. The difference between the two is that in the first one you are actually buying a unit which is not designed for resale purpose and as such is a cheaper option than the second.
Now when talking about flat properties, you will find that there are various types of them like the flat units and the row houses. A flat or an apartment is like a structure that has one level and all the levels are connected with each other by hallways and also the elevators. Now these flat properties are very expensive and hence it is very difficult to buy a property in Singapore. However, if you look around the Marina Bay Sands and other Singapore properties, you will notice that there are some expensive flats available here. Now the best part about these Singapore properties is that you can rent them out to individuals as holiday homes or even to businesses or other corporate groups as business accommodation.
Apart from these there are also some other very important land based properties in Singapore like condominiums and villas. Again, these properties are quite expensive but they are available in different varieties like single family units or even in multiple units. There are also some luxury villas available in Singapore and they are a little more costly than the other types of properties. So, it really depends upon your budget as to which type of property you want to invest in.
Now, once you have decided what kind of property you want to invest in, the next important step will be to look for a good developer in the area. Now, you need to be aware of the different laws that apply in the area. For instance, there are some areas in Singapore which are zoned only for high rise buildings and there are others which are zoned for low rise buildings. So, before you choose your developer, it is important that you make sure that the developer has the proper planning permit as well as the necessary documents for the project.
Finally, you must also consider the location of the property. Now, many people choose to invest in sky scrapers or high rise residential properties in the central business district (CBD) area because of the many benefits they offer to people. But there are other areas in Singapore too, where you can get these properties at a cheaper rate. The thing is that you just need to do some research and then decide which area suits your pocket the best. That is what you need to remember while you are looking at the different landed properties in Singapore.