Frequently Asked Questions (FAQ)
What is Singapore Prestigious Homes About?
Singapore Prestigious Homes is set up to list some of the most Prestigious and Luxurious Homes for Sale or Rent, handed by Betty Chandra of OrangeTee.
Who is This For?
Singapore Prestigious Homes is for buyers who are looking for high-end Properties in Singapore. When your choice of property is not listed, please reach out to Betty and she will help find you your dream home. Singapore Prestigious Homes is also for Sellers who like to list their property on an exclusive appointment. Last but not least, if you are a licensed agent and are helping your client to buy a Luxury home in Singapore, you can also reach out to us.
Can Foreigners/Permanent Residents Buy Homes in Singapore?
Foreigners and Permanent Residents can buy strata titled (Freehold or Leasehold) apartment homes in Singapore. However, Restricted properties such as vacant residential land; terrace house; semi-detached house; bungalow/detached house; strata landed house which is not within an approved condominium development under the Planning Act (eg. townhouse or cluster house); shophouse (for non-commercial use); are subject to approval, on a case by case basis.
Are Fees Applicable to Your Services?
Not in all instances. Please contact us for more information.
What is the Procedure and Timeline to Buy/Own a Home in Singapore?
Generally, upon shortlisting your property of choice, an offer will be made to the vendor. If you are buying a completed home, the offer will be made, accompanied by a 1% consideration (cheque/cashiers’ order) payable to the vendor. If it is acceptable, an Option To Purchase (OTP) will be issued to you by the Vendor/ His solicitor/ Real Estate Representative.
Usually, you will be granted 2 weeks option period from the day the OTP is issued. You will exercise the Option To Purchase the property in the presence of your solicitor before the Option expires. You will be required to pay another 4% of the Purchase price at such time. Usually, the money will be held in the Vendor Solicitor’s Client’s Account and not to the Vendor directly.
If for any reason, you decide not to proceed with the sale by the time the Option expires, then you do not exercise the Option but you would lose your 1% deposit.
Stamp Duty is usually payable when you exercise the Option. The amount would depend if this is your first, second or subsequent property, and also dependent on your residency status and *Nationality.
The Conveyance process will follow. The period can be shorter if you are paying in Cash and are not needing any Financing arrangement. Typically, the process can be 6 to 10 weeks from the time you exercised the option.
Few days before the targetted completion date, your solicitors will ask you to settle the cash component of the balance sum, usually in the form of a cashier's order.
On completion day, you will visit your solicitors to collect keys to your new home.
*Nationality – If you are Citizens of United States of America, Switzerland, Norway, Iceland or Lichtenstein, you will be pleased to know that you ARE NOT REQUIRED TO PAY any additional Stamp Duty for your first property purchase in Singapore.
Feel free to contact me if you have any other questions!