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Several sources on internet say one can, some restrictions apply.
That could be a good thing, US state of AR made chicoms sell the AR property.
Clearly there are more restrictions, than average US real estate market
'Doomsday': Singapore renters sound the alarm as prices surge
- Thread starter ironchef
- Start date
Several sources on internet say one can, some restrictions apply.
That could be a good thing, US state of AR made chicoms sell the AR property.
Clearly there are more restrictions, than average US real estate market
Land rights is an interesting subject, one of the foundations of society and fought over since man roamed the earth. For some, land belongs to the people while for others land can be purchased and owned by individuals. You can see where that's going...
Singapore juggles freehold (you own the land and whatever you build on it) and leasehold (usually 99 years).
For example, the estate we live in is considered an old estate, built in the mid 80s. It's a 99 years leasehold, due to be handed back to the state in 2088, a which point owners will be compensated based on that year's property value.
Every 3 years the HOA can vote to enblock the property, meaning 80% of homeowners agree to sell the estate to a developer (usually at above market value based on years of ownership) and get priority buying a new unit on the new estate at discount). The inconvenience is having to find a place to live for the 3-5+ years it takes to build the new estate and is the reason it's not easy to reach 80% agreement.
On the other hand, property value depreciates as the 2088 deadline approaches and buyers avoid the hassle of buying a unit in a building expected to come down.
What it comes down to is retirees want to spend their remaining years in their unit and don't want to enblock while younger owners want to sell their unit for an added profit and get a new unit at discount to either live in or sell.
Singapore juggles freehold (you own the land and whatever you build on it) and leasehold (usually 99 years).
For example, the estate we live in is considered an old estate, built in the mid 80s. It's a 99 years leasehold, due to be handed back to the state in 2088, a which point owners will be compensated based on that year's property value.
Every 3 years the HOA can vote to enblock the property, meaning 80% of homeowners agree to sell the estate to a developer (usually at above market value based on years of ownership) and get priority buying a new unit on the new estate at discount). The inconvenience is having to find a place to live for the 3-5+ years it takes to build the new estate and is the reason it's not easy to reach 80% agreement.
On the other hand, property value depreciates as the 2088 deadline approaches and buyers avoid the hassle of buying a unit in a building expected to come down.
What it comes down to is retirees want to spend their remaining years in their unit and don't want to enblock while younger owners want to sell their unit for an added profit and get a new unit at discount to either live in or sell.
Maybe I should move there to enjoy my day trading free Big Mac?%%
LOL OK;
And looks like MCD Big Mac is better deal worth singing about in Singapore than HI
Repeat, Singapore maybe better singing about , than HI= LOL
Singing about in Sing, a good ring to it.
We can own a condo but not a house with land?
And ride an e-bike instead of owning a car.
%%Maybe I should move there to enjoy my day trading free Big Mac?
Singing about in Sing, a good ring to it.
Good +Good low taxes, sing + when it rains it pores. Good day for liquidity
,Such a headache. Why buy?
Very similar to China where an owner has a 70 year right of use of the land his house is built on, according to wikipedia.
My buddy bought a 3 series Beemer there about 10 years ago. Cost him like $100,000.
Not sure what it’s like now
Singapore has the most expensive cars in the world.
You pay for the price of the car, let's say 40k. Then you have a 100% import tax, so now your car is 80k. Then you have a 120k COE, a right to operate on Singapore roads. And that's how your car now costs 200k. The COE is good for 10 years and can be renewed once for another 10 years after which the car can only be sold for export.
My 2nd hand scooter Honda Forza 300 cost me 16k while it's about 3k in Europe.
What about e-bikes?