Foreigners are eligible to buy most private apartments in Singapore; those who hold a valid work pass are permitted to rent. After a 14-day option period, the ownership transfer typically takes eight to 10 weeks. Banks will loan up to 70 per cent of the purchase price to foreigners. Home values in Katong are 60 to 80 per cent of city centre prices but they’re rising fast.
1 bedroom, 65 to 75 sq m, S$900,000 (€586,000)
2 bedroom, 92 sq m, S$1.2m (€780,000)
3 bedroom, 111 sq m, S$1.6m (€1m)
To cool a rapidly overheating property market the Singapore government last year imposed an additional stamp duty of 10 per cent for foreign buyers, on top of the usual 3 per cent. Agent’s fees are typically paid by the seller. Don’t forget to file for property tax – for owner-occupied property it is 4 per cent of the property’s annual rent.
Joe Foo, Chesterton Suntec International, + 65 6433 1828, chesterton.sg