Are you looking forward to invest in Singapore? If so, you might find it difficult to figure out the differences between the different types of property in Singapore. Follow this guide.
Public housing that is run by the Housing and Development Board (HDB) is known as HDB flats in Singapore. The majority of Singaporeans live in these types of flats. To cater to a variety of living requirements and budget plans the various HDB flat types are thoughtfully designed. You will find studio apartments as well as five-bedroom flats. There will be amenities like food courts, supermarkets, schools, clinics, and other leisure facilities. In short, HDB Flats will be self-sufficient and located in self-contained towns. Travel is convenient regardless of where you stay. Thanks to the well-established transport network in Singapore. Near every HDB estate you will find bus stops and train stations.
Housing buildings developed by private companies such as City Developments (CDL), Hong Leong Holdings and TID PTE LTD are known as Condo or Condominium. You will find several such new freehold projects on the new launch property Singapore website. These private housing will include some special amenities and services like gyms, 24-hour security, spas, tennis courts, swimming pools, etc. For enjoying these perks you will have to pay a monthly maintenance fee. On the contrary, HDB flats do not offer such facilities. Condo units also tend to be more on the pricey side due to these luxurious features, and would certainly cost more than a HDB unit of the same size. In New property launch ads for condos, or while searching new freehold projects, you might also have seen the term Temporary Occupation Permit (TOP). This actually refers to the year when building work for the condo was completed. The developer will hand over the keys to the owner once the TOP is issued.
There are restrictions of foreign ownership of landed properties, and houses usually come under landed property in Singapore. Singapore has certain limitations when it comes to land, and most of the houses are not single storeyed, but double or triple storeyed. They are not managed by the HDB. They will have features likes gardens or garages, and pools. When compared to the other types of housing they may be located in areas that are relatively less accessible. As a result, the environment will be quite peaceful and serene.
Housing that has been built primarily for the purpose of renting out is known as apartments. There are service apartments as well as student dormitories/hostels with facilities such as common lounges and dining/laundry areas. Families or executives taking longer vacations might prefer a residence with luxurious facilities. Service apartments are for them. There will be separate living and dining areas and kitchens. You will find small studio apartments as well as large four bedroom service apartments in Singapore. They are ideal for various get-togethers, and offers services like room cleaning and laundry as well.