Singapore City Overview and Residential Buyer Guide 2018 Edition Singapore Market Overview Singapore Market Overview Singapore Market Overview
Total Page:16
File Type:pdf, Size:1020Kb
Powered by Powered by Singapore City Overview and Residential Buyer Guide 2018 Edition Singapore Market Overview Singapore Market Overview Singapore Market Overview Despite its lack of natural for innovation to thrive. The urban Most condominiums in Singapore resources and limited land landscape is also diversifying, are well-equipped with facilities area, Singapore has not only with new shops, restaurants and such as gyms, swimming pools, survived the early years of entertainment to enjoy. barbecue pits, playgrounds postcolonial independence, and 24-hour security. Landed but has thrived, moving from Against this backdrop, Singapore residential properties are also being a low-income country ranks among the top destinations available for lease, but may not to a high-income one. It’s for investors in local residential have such facilities. accomplished this through property, as highlighted by Knight pragmatism and an unrelenting Frank’s City Wealth Index 2018. For foreign investors and focus on being both politically Singapore’s residential property expatriates relocating to neutral and economically relevant. sector has grown in size and Singapore, prime residential variety. There are approximately districts 9, 10 and 11 are among Singapore’s appeal comes from 1.1 million public housing (HDB) the top choices. These districts political stability, a well-defined units and 370,000 private dwelling are attractive because of their rule of law, world-class air and units, collectively housing a total close proximity to the Orchard sea infrastructure, sound labour population of 5.6 million residents. Road shopping belt, the famous relations and global connectivity. international and local schools, Its location enables access to the There are also hybrid units, known and Holland Village and vast 650-million population of as Executive Condominiums (ECs), Dempsey Hill – retail and South-East Asia, and you can fly to built by private developers who restaurant areas loved by many parts of Australasia in under bid for the sites by open tender. expatriates and locals alike. eight hours. The ECs are sold according to public housing eligibility criteria The Marina Bay, Shenton Way and The country’s diverse economy such as income ceiling, family unit Tanjong Pagar areas of the Central focuses on manufacturing and and minimum period of residence. Business District (CBD) have services, a strong currency also grown in popularity, as the and well-regarded political The private housing market in government has enhanced and leadership. In recent years, Singapore offers a variety of promoted the CBD as a place in there’s been a real emphasis lifestyle options, ranging from which to live, work and play. In on entrepreneurship to drive the city to suburban living, Sentosa, an island around 20 next phase of growth, with an high-rise housing to landed minutes’ drive from the CBD, a increasing number of tech homes, and it caters well for number of luxury condominiums start-ups and capital providers young working professionals and landed homes have been creating a growing ecosystem as well as families. completed over the past few years. 4 Key Facts Key Facts Below we highlight some of the key economic trends in Singapore over the past five years, including GDP growth and number of households. GDP Growth Unemployment Rate Nominal GDP growth for Singapore and South-East Asian countries, annual percentage change The unemployment rate for Singapore, May 2018 8% Singapore’s economy Unemployment Singapore South East-Asian countries has seen steady growth. in Singapore 6% Its average annual 2.0% has been very growth of 4.3% over the steady – not 4% past five years is above going more the average of 2.6% than 0.3% 2% across all South-East either side of Asian economies over 2% since 2009. 0% the same period. The current unemployment -2% rate is 2%, the lowest level -4% in a year (it was 1.9% in 2017 March 2017). 2015 2013 2014 2016 Source: Singapore Source: Knight Frank Research, Macrobond, Singstat, IMF Ministry of Manpower Demand Rising Inflation Rate Number of households in Singapore The inflation rate for Singapore, May 2018 The number of households in the Singapore area Inflation, which has grown by 12% over the past five years. stood at 0.4% 0.4% in May 2018, has 1,289,900 remained positive and largely below 1% since November 2016. While 0.4% represents an increase on the previous two months, it is below the 0.6% 2017 2015 2013 2014 2016 seen in 2017. Source: Knight Frank Research, Singstat Source: Singstat Singapore in Context Singapore in Context This map of the country shows where the major airports and selected established universities are situated as well as a breakdown of the residential regions. Malaysia Seletar Expressway Singapore Seletar Airport Bukit Timah Tampines Expressway Expressway Kranji Expressway Central Expressway Central Singapore Changi Airport Pan-Island Expressway Kalang-Paya Lebar Expressway Ayer Rajah Expressway East Coast Parkway Sentosa Singapore Straits Top Singapore Universities Singapore University of Technology & Design Singapore Management University Singapore Institute of Management National University of Singapore Nanyang Technological University Core Central Region Rest of Central Region Outside Central Region The Core Central Region’s (CCR) most notable The Rest of Central Region (RCR) encompasses The Outside Central Region (OCR) comprises areas include districts 9, 10 and 11, the all the planning areas at the fringe of the CBD. the planning regions beyond the Central Downtown Core Planning Area, and Sentosa. This includes Marine Parade, Toa Payoh, Bukit Regions. Most of the non-landed private Merah, Kallang, Queenstown, Novena, Bishan housing is targeted at Singaporean buyers The most expensive homes in Singapore are and Geylang. Most of these estates are looking for larger properties. Having said that, located in the CCR due to its proximity to the established and have a unique cultural identity. some of the sea-facing landed homes at CBD and the main shopping belt at Orchard They are popular among Singaporeans and Pasir Ris and Sembawang are popular among Road. The region also attracts the most foreign foreigners in the upper-middle income group. wealthier households. homebuyers. 6 Singapore Residential Districts Singapore Residential Districts An overview of the residential districts in Singapore. District 1 Raffles Place, Cecil, Marina, District 10 Ardmore, Bukit Timah, District 20 Bishan, Ang Mo Kio People’s Park Holland Road, Tanglin District 21 Upper Bukit Timah, Clementi Park, District 2 Anson, Tanjong Pagar District 11 Watten Estate, Novena Ulu Pandan District 3 Queenstown, Tiong Bahru District 12 Balestier, Toa Payoh, Serangoon District 22 Jurong District 4 Telok Blangah, Harbourfront, District 13 Macpherson, Braddell District 23 Hillview, Dairy Farm, Sentosa Bukit Panjang, Choa Chu Kang District 14 Geylang, Eunos, Paya Lebar District 5 Pasir Panjang, Hong Leong District 24 Lim Chu Kang, Tengah Garden, Clementi New Town District 15 Katong, Joo Chiat, Amber Road District 25 Kranji, Woodgrove District 6 High Street, Beach Road District 16 Bedok, Upper East Coast, Eastwood, Kew Drive District 26 Upper Thomson, Springleaf District 7 Middle Road, Golden Mile District 17 Loyang, Changi District 27 Yishun, Sembawang District 8 Little India District 18 Tampines, Pasir Ris District 28 Seletar District 9 Orchard, Cairnhill, River Valley District 19 Serangoon Garden, Hougang, Ponggol 7 How to Buy How to Buy* An overview of the legal process involved when buying property in Singapore. There are different restrictions Foreigners may only purchase However, a foreign person is Since August 2004, foreigners and processes involved for Executive Condominiums (ECs) on not restricted from acquiring have been allowed to purchase the different property types the open market from the 11th the following: landed properties on Sentosa available in Singapore. Below year after completion of the EC Cove. Such overseas purchases we outline the restrictions that project when it is privatised. l Apartments are further facilitated by the foreign buyers face, as well as absence of any minimum the process. Private Properties l Any unit in an approved occupation period imposed on the Under the Residential Property Act condominium development foreign buyer. Nevertheless, such Public Housing (HDB) Flats of 1973, a foreign person cannot under the Planning Act purchases would be subject to HDB flats are subsidised public acquire or purchase “restricted” restrictions – the property must be housing. Foreigners are generally residential property unless they l A leasehold estate in restricted owner-occupied and the overseas not eligible to purchase these, obtain prior approval of the residential property for a term homebuyer is only allowed to own although there are exceptions Minister of Law. “Restricted” not exceeding seven years, one restricted residential property under the following circumstances: property includes: including any further term that at any one time in Singapore. may be granted by way of an These foreign homebuyers also To purchase a new HDB flat: l Vacant residential land option for renewal have to seek approval from the Land Dealings (Approval) Unit of l At least one Singaporean citizen l Landed property i.e. detached Singapore Land Authority for their in the family nucleus land, semi-detached house, Sentosa Cove purchases, although terrace house (including linked the process is quicker compared To purchase a flat on the house