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Perfect Guide to Buy Freehold Property in Singapore

Singapore Real Estate Exchange (SRX) is a consortium of leading real estate agencies administered by StreetSine in Singapore. The Exchange provides the prices of recently sold properties to participating real estate agents more rapidly than conventional, official channels run by the Urban Development Authority and Housing Development Board.

freehold property in Singapore

The estate agencies created the exchange to provide validated listings. Listings are validated through internal systems of the estate agencies in accordance with the Estate Agent Agreement for exclusive listings as prescribed by the Council of Estate Agencies (CEA). Unlike other property portals in Singapore, the validation listing process through the SRX network of the eleven leading Estate Agencies ensures that no listing is a dummy or duplicate.

A freehold condo near MRT is one of the most common types of freehold property in Singapore. Compared to public housing, it is recognized by its provision of common facilities such as private swimming pools, tennis courts, gym and the presence of security guards on duty.

Here are a few tips to guide you towards the right freehold property of your dreams.

Registration

The first step to buying a new condo near MRT is to approach a professional real estate sales person who deals with new freehold launch in Singapore. After verifying that their credentials are genuine, register your interest with them.

Appointment

Fix an appointment with the sales person at a suitable time. Usually, right after your registration, the sales person will schedule an appointment to meet up with you.

Briefing

The sales person will assess your eligibility to purchase a condo in the new freehold launch in Singapore category. You must be above 21 years old to purchase a property in Singapore. You also need to fulfil the minimum occupancy period. Singapore citizens must be approved by the Singapore land Authority. Following this assessment, the sales rep will be briefing you with the details regarding the buying procedures.

Acknowledgement slip

Upon successful E-application, you will receive an acknowledgement slip.

E-application

Along with the information that you’ve provided, the sales person will file the E-application for the executive condominium.

Downpayment

You will be given the details regarding the downpayment for the new freehold launch in Singapore. The first mortgage loan will be 5% cash plus 15% cash/CPF. The second mortgage loan will be 25% of cash downpayment of property value. You have to take care of the buyer stamp duty, which will be 1% of the first $180, 000 and 2% of the next $180, 000, and 3% on the remainder. The additional buyer stamp duty varies for Singaporeans, Singapore PR and foreigners. If it is the 1st property, Singapore PR and foreigners must pay an additional stamp duty of 3% and 15% respectively.

Loan assessment

Get your in-principal approval from the bank before booking your choice unit. The financing options come at two mortgage loans. The first mortgage loan will come at a maximum of 80% of the actual property value. The second mortgage loan will come at a maximum of 50% of the actual property value.

Show flat viewing

The sales person will send you an invitation to view the show flat located in the new freehold launch in Singapore.

Booking

On the booking day, select your unit from the new freehold project in Singapore and endorse the transaction document and present the cheque.

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