You have probably heard about the rise in Singapore’s property prices coinciding with the acceleration of the economy. You have also probably heard that because of the changes in various housing rules, acquiring property within Singapore has become easier for those purchasing domestically and from foreign countries.
Condos are especially a favorite of foreign buyers. Singapore authorities used to have a rule in which a foreign buyer could only purchase an apartment in a building higher than six stories and the apartment had to be classified as a condominium. This rule no longer applies, but has not interfered with condo sales within buildings.
Yet to purchase a condo as a result of what is called Executive Condominium projects (EC), you must be a Singapore citizen or resident and the purchase must take place anywhere between the sixth and tenth year from the date the Temporary Occupation Permit was granted. Any foreigners or corporate bodies who are not permanent residents of Singapore are not eligible to purchase an EC. But the good news is that if you are a foreigner or part of a corporate body, you can purchase an EC if it is in its eleventh year from the date the Temporary Occupation Permit was issued. I will recommend The Poiz Residences
So if you are a permanent citizen or a corporate body who wants to purchase an EC, the appropriate action is to locate the developer in that particular area to receive the information you need to make your purchase. If you are a foreigner or corporate body wanting to purchase an EC, you should also check with the developer in the area you are interested in so that you may find what ECs are in their eleventh year and beyond.
But if you want a good condo, you can go the EC route or you can look into apartment buildings that have apartments that are classified as condos. It more or less depends on your citizenship, if you are part of a corporate body that has relocated in Singapore, or what kind of money you are willing to spend. Although property prices within Singapore have seen a rise, that rise is due to the demand and success of the economy, which cannot be overlooked.
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