condominium Archives | MoneyDigest.sg

Thanks to the pandemic, Singapore’s property market has been on a rollercoaster ride. With changing restrictions in place, this affected showflat and property viewings. As such, there was also a slowdown in new launch activity.

But as our tiny red dot takes small steps to reopen the economy, the property market is also expected to prosper in the months to come. For folks eyeing a new house, here are four new property launches to look out for!

#1: Klimt Cairnhill

Situated at district 9, Klimt Cairnhill will be sited at the former Cairnhill Mansions along Cairnhill Road. You will find the freehold property between Orchard and Newton, and an 8-minute walk to Far East Plaza. This also means that you’re just a short driving distance to other major shopping malls in Orchard.

Its developer is Glopeak Development, a subsidiary of Low Keng Huat, which has completed projects like South Bank, One-North Residences, and Paya Lebar Square. As a potential homeowner of Klimt Cairnhill, you can expect a 36-storey residential tower with over 130 units. There is also a single-storey bungalow clubhouse.

#2: Les Maisons Nassim

Les Maisons Nassim is also another property to consider if you’re planning to stay in the heart of Tanglin and Orchard in district 10. Similar to Klimt Cairnhill, it also has a freehold tenure. It’s sited at 14 Nassim Road and an 11-minute walk to Tanglin Mall. Singapore Botanic Gardens is just a mere 15-minute walk away.

The luxury condominium is developed by Shun Tak Holdings, with a portfolio of buildings like Park Nova and 111 Somerset Road. In fact, the developer also has an extensive record in construction projects in Macau, Hong Kong, and Mainland China. There will only be 2 penthouses and 14 meticulously crafted residences amid lush greenery.

#3: Perfect Ten

What an apt name for a building! Perfect Ten has a freehold tenure and will be located at 317 Bukit Timah Road, formerly home to City Towers. You can find it right at district 10, an alternative to consider other than Les Maisons Nassim. It’s just a 5-minute drive to United Square Shopping Mall.

Developed by Japura Development, you can look forward to 24-storey twin towers with over 200 units. There will be 1- to 4-bedroom options for you to choose from. Just so you know, Japura Development is affiliated with Hong Kong tycoon Li Ka-Shing’s CK Asset Holdings. CK Asset Holdings has completed iconic buildings, including One Raffles Quay and Marina Bay Financial Centre.

#4: LIV @ MB

Last but not least, we have LIV @ MB. The 99 years tenure property is a redevelopment of the former Katong Park Towers along Arthur Road. Want to stay at district 15? LIV @ MB could be the project to keep your eyes on. You will just be a 3-minute drive to East Coast Park and a 7-minute drive to Katong V.

Bukit Sembawang Estates will be in charge of its development. If it sounds familiar, that’s because they are also the hands behind The Atelier along Makeway Avenue. Bukit Sembawang Estates has a portfolio of buildings like 8 St Thomas and The Vermont on Cairnhill, so you can expect standard facilities like a jacuzzi, yoga deck, sky garden, swimming pool, barbecue pavilion, and more to be built.

As most of you may know, public housings (excluding the executive condominiums) are usually built without the amenities of the private condominiums such as swimming pools, tennis courts, and playgrounds.

Aside from these varied amenities, there are other noticeable differences you must take into consideration when purchasing a home in Singapore. Here are some of them:

1. FINANCIAL GAINS

Whether the purpose of your purchase is solely for your occupation or for your investment, you are surely hoping that your property will increase in value as years go by. According to recent evidence, private condominiums surpassed HDBs (Housing and Development Board) in terms of capital gains. This is observed in almost every locations.

Why is this so?

Well, since HDBs are subsidized by the government, foreigners are not allowed to purchase them. So the higher gains of private condominiums in a period of time may be due to the broader range of buyers it cater to. In contrast with HDBs, you can rent out your private flat with no limitations and no minimum years of stay! These things make private condominiums a better choice for property investment alone.

2. RESTRICTIONS FOR FOREIGNERS

Landed properties are stricter to foreigners too as they need the government’s permission from the Land Dealings Approval Unit. Quoting the Singapore Land Authority:

“The ownership of such properties (landed residential properties) by foreigners is restricted to those who make adequate economic contribution to Singapore. The ownership restrictions are provided in the Residential Property Act.”

While private condominiums are more flexible to foreigners as they just need to pay the Additional Buyer’s Stamp Duty.

Image Credits: pixabay.com (License: CC0 Public Domain

3. OCCUPANCY REGULATIONS

If you are going to sell your home, there are notable differences between private and public flats. For public housing, in order to rent out your entire flat or sell it, you must first occupy the property for at least 5 years. While for private housing, there is no minimum amount of occupancy. Your only main concern is the Seller Stamp Duty that you are selling your private flat within the first four years of purchase.

4. CPF SCHEMES

The Central Provident Fund (CPF) has two distinct schemes for private and public housing. For buying new or resale HDBs, you can avail the Public Housing Scheme (PHS) wherein you can use your CPF Ordinary Account. Use the PHS to finance the flat’s purchase price, housing loan instalments, stamp duty, legal fees, and other upgrading costs. But this comes with two catches: valuation and withdrawal limits.

On the other hand, Private Properties Scheme (PPS) to buy or build private properties for either personal or investment purposes. Use the PPS to pay the flat’s purchase price, housing loan instalments, construction loan, stamp duty, legal fees, and other upgrading costs. As the PHS, PPS comes with valuation and withdrawal limits.

Image Credits: pixabay.com (License: CC0 Public Domain

May this guide help you to decide the housing type that suits you best! 🙂

Sources: 1, 2, 3, 4, & 5