Singapore real estate residential market is made up of 3 distinct types of properties, mainly Housing Development Board (HDB) flats, private residential condominiums/apartments and private landed properties. Here are summaries of their distinct features and characteristics.
Housing Development Board (HDB) flats
Built by Singapore’s government statutory board – Housing Development Board (HDB), HDB flats have exist in Singapore for more than 50 years. The majority of the residents of Singapore (approximately 80%) stay in such flats and it is the predominant type of public housing available in Singapore. These 99 year leasehold flats are made affordable for Singaporeans through various financial grants and subsidies.
The ownership of HDB flats are restricted to Singapore Citizens and Permanent Residents. Foreigners are not eligible to buy them.
Private residential condominiums/apartments
The next most popular type of residential development in Singapore are private residential condominiums or apartments. The lease period for these developments ranges from 99 years leasehold, 999 years leasehold to Freehold status. Foreigners are eligible to invest in these units and are subjected to additional buyer stamp duty (ABSD). Condominiums are well equipped with recreation facilities such as swimming pools, BBQ pits, gyms and function rooms. As such, private residential properties in Singapore have attracted many investors around the world.
Private landed properties
Private landed properties are the gems of Singapore real estate market where the owner of these properties basically owns the land. These lands are either 99 years leasehold, 999 years leasehold or Freehold status. The types of houses resting on the land are classified into several categories – inter terrace, corner terrace, semi detached house, bungalows, depending the zoning of the residential area and specifications set fore by Urban Redevelopment Authority (URA) of Singapore. The cream of the crop, Good Class Bungalows (GCB) are tailored to the rich and wealthy Singapore Citizens. With a minimium land size of 1400 square metres, GCB offer a wealth of space with lush gardens, recreation facilities – swimming pool and other luxurious features.