What is the history behind the development of Singapore’s real estate?
After Singapore became an independent country in 1965, the nation took some extensive economic and social measures to stand up on its feet and these initiatives are the success stories behind such an immense development of the real estate market
Some of the key factors contributing to the development of real estate are:
- Reorganization of the Economic Development Board, formation of Jurong Town Corporation and formation of the Development Bank of Singapore in 1968.
- Expansion of technology and development of the education policy.
- Top priority given to the public housing sector.
Development of Singapore’s Real Estate from 1979:
Development of Singapore’s real estate owes it greatly to the country’s government. A few measures taken by the government to secure its residential issues are:
- New towns were developed under the jurisdiction of government
- Singapore Development Board houses were sold at very low prices
- In order to promote and encourage home ownership, the Singapore citizens were allowed to use their savings of the Central Provident Fund to pay for the apartments.
What is the present scenario of Singapore real estate?
Reasons behind commercial success of contemporary real estate in Singapore:
The successful real estate scenario has been created in Singapore as huge number of investors (both Singaporean nationals and people from abroad) find it lucrative to invest money in this sector. In addition to this, a number of expatriates have begun to settle down in Singapore and most of them are coming from the United States, European countries, Japan and India. Most of the people are interested in buying real estate properties solely for the purpose of selling them at higher rates
What is the reason behind the popularity of real estate properties in Singapore?
Number of reasons can be summarized behind the success story of the real estate sector in Singapore. Some of the important ones are:
- Singapore over the past decades has become a huge cosmopolitan space, thereby soaring the price of the real estate to the zenith
- As a result, Singapore has attracted thousands of foreign tourists from all over the world. These tourists regularly visit Singapore or have settled here.
- With the promising tourism industry, hotel industry has also bloomed to unforeseen heights, thereby raising the real estate prices to great extent Singapore finds a lot of Chinese investments for having a large Chinese population
- Finding a real estate property for private as well as official purposes has become considerably easy for the large number of property agents with a huge range of properties at their disposal.
- Property laws and amendments formulated by the Singapore Government have been instrumental behind the success of the real estate boom of the country.
What are the different types of real estate properties in Singapore?
Singapore real estate can be broadly categorized into:
- Residential Real Estate
- Investment Real Estate
- Industrial Real Estate
What is the Present Economic Trait for Real Estate in Singapore?
The government of Singapore has been playing a vital role in controlling the price index of the real estate properties. According to the Urban Redevelopment Authority (URA), the price of residential properties rose by 3.6% to 3.9% in 2011.
The Singapore government responded to the issue with the following measures by implementing a dual-pronged strategy:
- Increasing the supply of land, so that the price of the same would be decreased by the natural law of economics
- Imposition of market curbs
- Loan-to-value (LTV) ratios on second mortgages have been substantially decreased by 60% on the basis of the appraised value
With reference to residential real estate scene, there are three-room, four-room, five-room and executive flats. A three-room flat has two bedrooms, which is about 1,000 sq ft. A four-room flat has three bedrooms which is about 1,200 sq ft of space. A five-room flat is about 1,400 sq ft. An Executive mansionette has three and they are relatively larger than any other HDB units- some even have double storey, with the rooms on the second level. The rest of the population live in private housing, such as apartments, condominiums and landed properties.
The real estate in the commercial property is also witnessing dramatic changes. Foreign Investment companies are showing keen interest in purchasing prime property for development of offices and corporate parks. The developed real estate will be then rented out to financial institutions and banks as Singapore is rapidly becoming Asia’s financial hub. The development of real estate with references to business areas and districts is being emphasized on. The key areas to be kept in mind while looking at the real market in Singapore are
- Good quality office space
- Well developed transport facilities and link up with the entire city
- Banking facilities
- Postal and Telecommunication facilities
- Dinning Areas – Special restaurants and Economy ones as well
- Availability of Basic Groceries
- Laundry and Dry cleaning
- Presence of fitness centers, salons, entertainment complexes etc.
- Clear Demarcation of Office area and Residential area.
- Basic Cleanliness of Public property for a neat and tidy look of the area.
- Home Loans in Singapore
Home Builders in Singapore
Home Insurance in Singapore
Housing Authority in Singapore
Home Architects in Singapore
Housing Contractors in Singapore
Packers and Movers in Singaporee
Position of Rental Properties in Singapore
Facility Management in Singapore
Interior Decorators in Singapore
Building Materials in Singapore
Home Carpentry in Singapore
Real Estate Growth in Singapore
Housing Websites in Singapore
Singapore Landscape Architects
For more information on the real estate scene in Singapore one could browse through the following links to know more about the Real Estate in Singapore.
Disclaimer: The data provided here is based on the facts and research using available sources. As the data is made available on "as is" basis and subject to change anytime. This website shall not be liable for any discrepancy found in the data on our site and actual figures.