There are a couple property types in Singapore. The need for property grows every year because Singapore is a huge hub for the world’s economy and international business. Over five million people live in Singapore with almost three million of those being born in the area. The rest are from surrounding countries. What are the Non-Government Singapore Properties Available for Purchase? The most popular type of property owned in Singapore is flats. However, flats are managed and build by the Housing and Development Board, a Singapore government agency. The other types of properties popular in Singapore are condominiums, private apartments and landed properties. Private apartments can be either apartments or condominiums. The apartments tend to be smaller and not as expensive. Condominiums are more expensive and larger, but they also have several amenities. These amenities can include: tennis courts, swimming pools, gyms, playgrounds, enclosed parking, security services, squash courts and even barbeque areas for residents. Anything classified as a detached house, semi-detached house, terraced house, shop house or an exclusive bungalow is considered a landed property. These Singapore properties can be more expensive and are usually accompanied by a land title. There are some government restrictions on landed property as well. What are the Government Funded Singapore Properties Available for Purchase? HDB flats are popular and sought after. Approximately, 80 percent of those residents of Singapore live in a HDB flat. This is because the flats are affordable with some great amenities. The HDB developments are also convenient. Some of the conveniences of HDB flats include: supermarkets, schools, shopping malls, coffee shops, parks, playgrounds and public transportation. For those who still want the government built and run housing, but are looking for something a little larger, there are executive condominiums. These are not as expensive as private condominiums, but are designed for young professionals. What is the Criteria for Purchasing Government Funded Singapore Properties? For those looking to buy either an executive condominium or HDB flat there are certain requirements. For either of the properties one will have to fulfill the following requirements before qualifying: Potential property owner must be a citizen or permanent resident. If the person is a permanent resident they must have one sibling who is also a permanent resident. Person applying for housing must be at least 21 years of age. The combined income of the person or the family that is applying for housing cannot exceed $8,000 per month. The person applying for housing must have a strong family nucleus made up of a husband, wife, parents, siblings or children.
