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What is a Condo/Condominium?
A condominium, often referred to as a condo, is a multi-unit building where individual units or apartments are privately owned by different individuals. However, the owners of these units collectively share common facilities within the building.
To be legally classified as a condominium, the development site typically needs to be at least 40,000 square feet in size.
Who can buy a new condo?
Condominiums in Singapore are available for purchase by permanent residents (PRs) and Singaporean citizens.
Prospective buyers are required to provide necessary documentation and demonstrate their financial capacity.
Singaporean Citizens vs PRs: Are there different requirements?
The process of purchasing a private condo is more straightforward for Singaporean citizens and Singapore PRs. Specific requirements are imposed primarily on non-permanent residents or foreigners. Singaporean residents need to meet the following qualifications:
- Fulfill the Minimum Occupation Period, typically five years, for DBSS, HBD flats, and ECs.
- Notify the HDB about the ownership of local private residential property before exercising the Option to Purchase (OTP).
- Sell their flat within six months of purchasing the private property.
Condo TOP: What does it mean?
Temporary Occupation Permit (TOP) is a permit that allows homeowners to temporarily occupy a building once key requirements are met. This is necessary as it may take some time to obtain the Certificate of Statutory Completion (CSC), which is legally required before full occupancy.
In short, a Condo TOP grants you the flexibility of occupying a building before it is fully complete, only if the building is deemed safe.
Are there different categories of condos?
Singapore offers three primary types of private condos:
- Mass-market condos: These are relatively expensive and are typically found in suburban areas.
- Mid-market condos: They offer more facilities compared to mass-market units and are often located in prime fringe locations.
- High-end condos: These luxury properties come with deluxe amenities and are situated in prime districts. Condos are categorized based on factors such as location, price, and the facilities they offer.
What is the Option to Purchase (OTP)?
The Option to Purchase (OTP) is an agreement that grants the buyer a 14-day exclusivity period, during which the condo cannot be offered to other buyers. It serves as a good faith deposit.
Offer to Purchase vs OTP: What's the difference?
The Offer to Purchase is a method employed by committed buyers to secure a condo without going through the OTP stage. It typically involves a 5-10% deposit that safeguards the property.
The Option to Purchase is an agreement providing the buyer with a 14-day exclusivity period, and other buyers cannot be offered the condo within that period. It serves as a good faith deposit.
Where can I get financing to purchase my condo unit?
You can obtain financing for your condo unit through loans provided by financial institutions and bank loans, which are recommended financing options for buying a new private condo in Singapore.
Need Help Selling A Condo in Singapore?
Selling the your condo, like anything else, requires understanding on how to best market your property. Aside from the aforementioned points, like amenities, location, and price, it's important to work out a comprehensive plan which takes into account your own family's preferences, budget, and even long-term potential returns.
For buyers: Private condos in Singapore are a great investment and can offer you the best of everything. If you’re in the market for a condo, be sure to contact us and we will help you find the perfect one for your needs. We have years of experience helping people find their dream home and we would be honoured to assist you as well.