Buy property in Singapore

Being able to buy your own property is a great life achievement. Almost everyone dreams of being able to buy a property in Singapore, where they can live and pass down to the next generation. However, saving enough money to cover the cost of buying a property in Singapore is not the most difficult part of buying a property. The most challenging is the actual buying process of the house.

Buying a property in Singapore is considered to be a legal process. Thus, you will need the assistance of an expert in real estate transactions. However, before that, there are a few things that you should know as a first-time buyer of Singapore house prices options.

Property purchasing eligibility

Buying a property in Singapore is a great goal. However, not everyone is permitted to buy any type of house in Singapore. There are rules and regulations that need to be followed. In this section, we’ll cover the types of houses a certain individual can buy in Singapore.

HDB homes

Housing Development Board (HDB) homes are public houses in Singapore that have affordable Singapore house prices. Around 80% of Singaporeans live in HDB homes. If you intend to join this 80% of individuals, you have to make sure that you are eligible to own one. A Singapore citizen is allowed to own all types of HDB homes. However, they have to be at least 35 years old.

There are also some special cases. For example, 21 years old is the minimum age for those widows and orphans who wished to buy an HDB home. Another special scenario that allows 21 year-olds to buy an HDB is if the unit is a resale HDB and the buyer will be living there with the family. As for permanent Singapore residents, they are only allowed to buy a resale HDB that are at least five years old. Foreigners, on the other hand, are only allowed to own a resale Executive Condominium-type HDB that are at least 10 years old. However, foreigners are free to rent an HDB for a period of 18 months.


  • The first step in purchasing a property in Singapore is making sure that you are eligible to own a certain property.
  • Landed properties and public houses like HDBs are reserved for Singaporean citizen only.
  • Foreigners are free to buy condominiums and apartments in Singapore.
  • Foreigners are only allowed to buy landed property in Sentosa Cove.
  • Visit the property personally before closing the deal.
  • Secure an AIP from the mortgage bank or broker ensuring that they will lend you a housing loan.
  • Sign the OTP and get the promised bank loan.
  • Return the OTP and pay the seller, you now have officially bought the house.


Landed properties

Buying a landed property in Singapore can come at hefty Singapore house prices. However, many still preferred this because of its exclusive benefits. Furthermore, landed properties are still the best investment properties in Singapore. You can not only get back the amount you paid for the cost of buying a house in Singapore. You can also earn an income passively for as long as you own the property. However, not everyone can buy a landed property in Singapore.

Singapore citizens and permanent Singapore residents are the only ones permitted to buy a landed property without heavy restrictions. They only need to be at least 21 years old to be legally allowed to buy one at negotiated Singapore house prices. 

In the case of foreigners, they need government approval to buy a landed property in Singapore. Usually, they are expected to give a certain amount of economic contributions to Singapore to be permitted. Otherwise, they can’t buy a landed property even if they can pay the Singapore house prices. However, there are certain areas in Singapore where foreigners can buy landed properties. One of them is the properties in the Sentosa Cove, which is a southern island in Singapore. However, the cost of buying a property in Singapore in that location can be pricey.

Condominiums and apartments

Nearly anyone is allowed to buy an apartment or a condominium in Singapore. Any Singaporean citizen, permanent resident, and even foreigners are allowed to buy condominiums, as long as they can afford the cost of buying a property in Singapore. The only known restriction is they have to be at least at the legal age of 21 years old to be permitted to buy one.

How to buy property in Singapore

In the first part, we learned which types of properties are eligible for us. Once you figure out the property you are allowed to buy, let us discuss the process of buying a property in Singapore.

Seek help from a property agent

As mentioned earlier, the most challenging part of buying a property in Singapore is the transaction process.. You will need an expert that will do the transaction and paperwork for you. That is why you need the assistance of a property agent. The property agent will do the house searching for you. They can also visit the location to make sure the property listing is accurate. They will also make sure that you can afford the cost of buying a property in Singapore.

Visit the property in person

Although the property agent will visit the prospect houses for you, you still need to visit the house yourself. Never close the deal unless you have seen the house in person. You should also observe its surroundings. Make sure that it is near facilities and amenities that you need and can afford. 

Double check the URA master plan of the location of the property

Singapore has a master plan on all the land areas it has. These master plans are managed by the Urban Redevelopment Authority or URA. You need to see the master plan of the location of the property that you intend to buy to make sure that you will be getting great long-term advantages. The property agent can help you out with obtaining and analyzing the master plan.

Find a good mortgage broker and obtain an Approval in Principle

Once you pick a house, the next step is to get house financing. If you do not have enough savings to cover the cost of buying a house in Singapore, you will have to get funded through a mortgage loan. Find a mortgage bank broker that can offer you rates that you can afford to pay. Afterward, make sure to secure an Approval in Principle. This refers to the bank’s promise to give you a loan to pay for the Singapore house prices. If the mortgage broker does not give this, the recommendation is to find another mortgage broker.

Sign the Option to Purchase (OTP)

Once you have obtained an AIP, you can safely sign the Option to Purchase (OTP). The OTP allows you usually 14 days to secure the mortgage loan and pay for the house. If you failed to do so, the amount you paid for the secure option fee will be forfeited. That is why securing an AIP is very important. Once you exercise the OTP successfully, you have officially bought the property.

Our advice to home buyers

When buying a property in Singapore, it is important that you take your time. Attaining more knowledge on Singapore properties is a good first step in buying a house. If you want to read more articles about properties in Singapore, SRX properties has all the updated information that you need.