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Private Property for Sale and Rental prices

Buying private property in Singapore is becoming a rising trend among Singaporeans as the standard of living is increasing over the years and more Singaporeans have abundance of capital to invest on properties. Investing in the private properties in Singapore is increasingly popular and highly common due to the multiple advantages that are associated to it.

Buying a private property in Singapore would require the means of coming up with more sum to enable one to own the desired private accommodation as prices are high for properties in Singapore. This is due to the scarce factor of limitation amount of land in Singapore and the rising economy that contributes to Singapore being nominated the sixth most expensive cities to live in for 2013 by the Economist’s.

These points out to the fact that buying private property in Singapore would definitely be expensive and only the ones who could really afford a private property could own one.

Generally, the price of a property is expensive in Singapore hence comes the high price of properties for rent. Properties for rent are overall more costly and the risk of landlords having a change of heart and deciding to demand vacancy without proper notice are some of the distinct reasons that result to people preferring to own their own home.

The flexibility of owning a private property such as making changes to the house is a major reason as to why people buy private property in Singapore. Besides the flexibility, the prestige and status that derive from owning a private property is the ultimate for most.

However, there are basic requirements that will enable your eligibility to buy a private property. If you own a HDB flats or Executive Condominiums, you would have to fulfil the minimum occupation period before you can buy properties in Singapore. Seeking of approval from the Controller of Residential property is an essential procedure to heed to for non Singapore citizens. Finances should be considered for such matter in buying a private property in Singapore. There is a limit on the use of CPF money for property purchase and the amount of loan one could obtain. Besides the prices of the properties, stamp duties and property taxes have to come into mind when buying private properties.

The costs of housing in Singapore depend on various factors such as location, age facilities as well as the quality of furnishings. Buying private properties could certainly be a boost to the status of the owner. Investment opportunities also beckon as these private properties could be easily put on the market for rent or even for sale. The properties for rent are much more highly adopted.
There comes the regulation as to private property for rental purpose such as the duration for lease. Knowing the potential renters to the property for rent whether expatriates who are stationed for a period of time, couples who are saving for their own home or singles who desire for privacy.

The rental prices for private condos can vary greatly. A condo in prime areas fetch highest rental prices and these rental market prices usually depend on its standard of luxury, facilities provided and the accessibility of the condo.

The difference between private apartments and condos is mainly the availability of facilities. Private apartments offer less facilities compared to the condos.
The rental price for a private apartment (3-Bedroom) in the Central District areas usually would come up to at least S$5,000 monthly. Whereas the rental price for a bungalow would fetch a good deal of at least S$18,000 monthly.

Decisions on buying and staying in the private property or renting the property out should be made after careful considerations of personal preference, price as well as the average rental costs.
The Sail @ Marina Bay
Marina Boulevard
Posted on: 14/7/2016