Guide to Landed Property in Singapore
Landed property Singapore represents one of the most prestigious tiers in Singaporean society. That is because the landed property is scarce compared to high-rise condos and apartments and only Singapore citizens are entitled to buy restricted land.
Because Singapore does not have many areas to build land property, these purchases are uniquely reserved for Singaporeans, unless the Land Dealings Approval Unit authorises a foreigner to buy landed property in Singapore under very strict guidelines which rarely approve foreigners.
Foreigners can only purchase landed property in District 4’s Sentosa Cove, a resort island on the south side of Singapore but still subjected to LDU approval.
See why and how you should look into buying landed property in Singapore now.
Why Landed Property
Landed property is quiet, and you own an entire dwelling to yourself and with your family. There are no noisy neighbours directly above or below you, no lifts to get on every day when you go to work, and you live in relative quiet away from the hustle and bustle of the big city.
You typically live on a quiet street away from any transport hubs and bus routes.
Buying landed property can put your children in a position to attend good schools. For example, many good schools are located in the Buki Timah area.
Bukit Timah a very popular area for the landed property at the moment because of the great primary schools there.
Landed property is one of the highest privileges in Singapore. You should go into this decision very carefully because landed property takes a commitment on the property owner’s part.
Any of your visitors need to park with care, so they do not obstruct any of the narrow streets. Landed property has several maintenance issues compared that owners have to manage themselves as compared to a condo or apartment because space is much larger, and you have an outdoor space.
As an owner of landed property, you are responsible for building maintenance and pest control.
Even with some minor drawbacks, landed property in Singapore can be a dream come true.
Types of Landed Property
Landed property in Singapore comes in several different varieties. See which one might be right for you.
Terrace houses look similar to the same block. Each house shares walls on both sides of the unit but each house has its space. The land size typically is smaller, but you can find three and a half storey that makes the built-in space bigger.
Similar to other landed properties, there is a setback specified by the authority.
A semi-detached house represents a kind of house attached to another house for part of the dwelling. You still may get a yard with a semi-detached house, but you share one wall with a neighbour either left or right of your house.
You need to get consent from only one neighbour if you decide to tear down the house and rebuild instead of two neighbours consent in the case of inter-terrace.
Corner terrace is sometimes regarded as a semi-detached house as well as it only shares one wall and bigger than its neighbour’s terrace houses regarding land size.
A bungalow house, also known as a detached house, is smaller than a good class bungalow, and this type of landed property in Singapore is still a hot commodity. The minimum land size is 400 square meters or 4,300 square feet.
Bungalows break down further into four different classes, numbered one through four, based on the size of the land. Class 4 bungalows have the highest amount of land, and class 1 bungalows have the lowest size.
Each dwelling on a piece of landed property, whether you own a terraced house, bungalow or good class bungalow, is two or three stories tall.
How tall your house can be build depends on the area in which you live. If you plan on rebuilding your home or making an addition later, you must refer to the Urban Redevelopment Authority under latest Master Plan on Landed Housing Area Plan in your area.
A bungalow is still a detached, separate piece of property, and there are no other properties or dwellings attached to it. This kind of landed property in Singapore is still a high-class investment that is considered less speculative.
A cluster house a hybrid between landed property and condominium living. You share some common facilities, such as tennis courts, gardens and swimming pools, with other inhabitants in the other part of the building.
Foreigners can purchase the cluster housing unit, but there are still tight regulations for non-Singaporeans, and any buys are subject to LDU approval.
These types of homes are typically less attractive with Singaporeans most still prefer full land title over strata title. This conservative belief is starting to change in the younger generation.
Good Class Bungalow
A good class bungalow (GCB) is the largest landed property you can purchase in Singapore and associated with their status in the society.
The minimum land requirement is 1,400 square meters or 15,000 square feet. Some good class bungalows consist of swimming pools and tennis courts.
Singapore has around 2,700 good class bungalows in 39 different areas. The scarcity of these properties is part of why getting a high-end piece of landed property is such a good prospect right now, especially with lower prices close to bottoming out.
When you compare the prices regarding per square feet (PSF) with condos, there is a big gap to catch up.
Due to the large quantum, it is less speculative and sometimes considers a safer real estate in investment.
As only Singaporeans can own good class bungalows, under Residential Property Act in place since 2012. Sales of this type of landed property in Singapore indicate the overall health of the real estate market.
There is a keen interest in GCBs because property prices are so low when just looking at the psf. If a buyer and seller can get together for the right price and with the right terms, now is a perfect time to look into a good class bungalow.
How to Buy Landed Property
Buying landed property starts with consulting a real estate salesperson who will advise on your basic finances. Then, you take your financial information to a bank for an official price range of properties you can buy with a loan.
After you get approved for a loan in principal, you come back to the real estate salesperson to start arranging you to view your dream home.
After you had pay deposit on the landed property you desire, you may go to your lawyer’s office to exercise the option to purchase at a later date.
A real estate salesperson is your perfect partner for your journey through buying landed property in Singapore. This professional has a network and knows what real estates are available even if not advertised, what areas to look into and how to talk to property sellers to get you the best deal.