This is a detailed brief of what a potential buyer ought to know before venturing into luxury real estate in the 278 square mile -sized Singapore Island. First of all, it is very easy to buy a house in Singapore, though foreigners are required to part with a 15% home purchase tax, as well as an additional 3% citizen’s levy. This island is absolutely the best option available for any potential buyer because it is a high-tech financial hub with century old beautiful architecture. Several high profile companies have their Asian headquarters here. Examples of these companies include Uber Technologies Inc. and Google Inc.
Luxury Real Estate in Singapore Near to Great World City Shopping Centre
When it comes to pricing, their prices are relatively fair considering that the island is a high-tech business hub. As of 2013, a 10,300 square foot penthouse in the Sculptura Ardimore Condominium sold for about $44 million, while a home measuring at least 2,000 square foot and located in a prime site sold for about S$3 million. Every buyer is expected to choose between two options, freehold and leasehold. However, leasehold property has a term limit of 99years. Those who prefer freehold land hold the property in perpetuity but they are required to part with an additional 15-20% fees. RV Millenia is a luxury real estate condo that is located in the core city centre. It is near to Orchard road and is a freehold development located next to Great World City MRT Station.
Luxury Real Estate in Singapore
Marina Bay and Orchard Road are the priciest prime locations in Singapore, mainly because they surround the island’s business district that spreads across southern and central city parts. Here, a square foot will go for about S$2,300 while space in the older buildings will cost you about S$750 per every square foot. For those who prefer more of vacation spots, Sentosa Island is the most ideal for them, a s property here sells for about S$1709 per every square foot.
Luxury Real Estate Core City Centre Freehold Condos
Singapore Island also has rentals apartments. The rentals cost anything from S$5,000 to S$10,000 per month. This applies for most of the rental apartments in the city center. A rental house in good condition goes for about S$25,000 per month.
There are also those who desire Old colonial houses. Singapore has plenty of these black and white property. They are mostly found at Nassim Hill and Good Wood Hill. They are airy and have big terraces, apart from being large enough. But they are mostly owned and leased by the Singaporean government. Here, any property with five or more bedrooms will go for S$25,000 to S$50,000 per month.
Anyone can consider investing in luxury real estate at Singapore, not just for the benefit of an outsized financial reputation in the city state, but also for money value and overall safety.