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Why do Singaporeans buy condos?
Let’s face it, many Singaporeans choose to buy condos over HDB flats because of perceived prestige and in pursuit of the hallowed five Cs. Singaporeans have some of the highest debt levels in Asia relative to household income, as well as the highest level of property debt.
Is it worth buying condo in Singapore?
There’s no right or wrong to buying a condo in Singapore as long as you’re not taking on excessive debt to do so. The value is always in the eye of the beholder, but having a level-headed approach will definitely benefit you for the long term. After all, buying a property is no small matter.
What is the difference between HDB flat and condominium?
An HDB flat is public housing in Singapore that is managed by the Housing and Development Board (HDB). It is a government subsidized housing that is under temporary leasehold for 99 years only. Meanwhile, the condominiums are owned and developed by private property companies.
Should you buy a private condo or HDB flat in Singapore?
To reduce excessive speculation, the Singapore government has enacted measures which may affect your decision between a HDB flat and a private condo. Regardless of your citizenship or residency, you are required to pay a buyer’s stamp duty.
What are the different types of housing in Singapore?
The types of housing in Singapore comprise of the HDB flat, private and executive condo and the landed properties. A large percentage of locals live in HDB flats while others and expats opt to own or rent a condominium. Meanwhile, only a few locals live in landed properties such as detached or semi-detached houses.
What is the difference between executive condos and resale HDBs?
Remaining Lease Resale HDBs VS Executive Condos: ECs have a higher remaining lease compared to resale HDBs. The remaining lease of your flat affects your financial planning. EC units have 99-years lease while resale HDB flats have leases that are below 99 years.