How do the Foreigners Buy One Draycott Luxury Home in Singapore?
As one of the Asian countries, Singapore has become a very popular destination to the homebuyers, looking for a higher standard of living and comfortable lifestyle. Sophisticated infrastructure, minimal traffic issues, smooth public transportation, consistent electricity supply and availability of flights- these factors have attracted lots of foreigners. Several foreigners from different countries have started looking for accommodations for permanent settlement in Singapore. Now, the question is- How would the foreigners settle down in the heart of this Asian country? As you are not a Singaporean, you may need to know the legal rules, intended for foreigners.
Although foreigners have a chance of buying property, anywhere in Singapore, there are some restrictions. HDB flats or government-subsidized houses are available only to Singaporeans. Thus, as one of the foreigners, you may look for luxury homes or condominiums, like One Draycott. These condominium units or private apartments are also affordable choice to the foreigners. Moreover, you can find no limit to the number of private apartments to be bought by a foreigner.
A condominium, like One Draycott is a modern and luxury residential unit, comprising a number of buildings. While you invest in it, you will own a condo unit. However, the owners of condo unit have to share some areas in the building. For instance, laundry rooms and recreational facilities are the commonly shared zones.
How to ensure that you are a foreigner-
As per the rules of Singapore Land Authority, any person is a foreigner, who has no Singaporean citizenship and who have not signed Singapore limited liability partnership.
The foreigners do not have an opportunity of buying landed properties. They can only acquire the non-landed properties, including condominiums, flats and multi-story apartments. Residential Property Act has mentioned this rule for Singapore properties.
Think of your budget, based on property taxes
Based on the rules of Singapore government, foreign buyers have to pay Additional Buyers Stamp Duty. However, you can avoid ABSD, when you are presently the permanent resident of a country, having free trade agreements. The USA, Switzerland, Norway, Lichtenstein and Iceland are some of the countries, where you can find free trade agreements.
IRAS collects two stamp duties from buyers. ABSD is applicable only to condo and other residential properties. Foreigners have to pay a tax duty of 15% for owning the residential house. Another one is the Buyer’s Stamp Duty, and whatever be your nationality, you have to pay it. ABSD is 25% of the chosen property price. You have to pay it within 2 weeks for signing the Sale and Purchase Agreement.
Another notable thing is that Sellers Stamp Duty is Singapore helps in preventing house-flipping issues. This SSD is applicable for 3 years for all locals and foreigners. It is 12% of the price of your residential property when you are selling it within 12 months of your purchase.
Thus, you have to know these tax rules to buy a condominium in Singapore.
Get the legal help for a final deal
When you are buying a condo or any residential property, you may hire a qualified attorney. The attorney draws up your contracts and confirms the property details. He also deals with due diligence checks to ensure that there is no scam in the agreement.
Cost of residential houses, condos or apartments in Singapore
You may find a high variation to the price, based on your chosen condominium unit, location of condo and the levels of luxury. Surely, premium condos may of higher price. However, you can enjoy an ultimate luxury in these condos. For instance, One Draycott, located closely to Orchard Road, gives you an easy access to the shopping malls and transportation facilities. With 36 exclusive units, it has beautiful lush garden to give the best value to the buyers.
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