Posted on January 19, 2022
Foreigners Property Buying Guide – Mayfair Gardens is the Best Option
Since July 19, 2005, Under the Residential Property Law, foreigners can now purchase apartments in buildings less than six stories high without prior government approval. However, foreigners cannot yet buy vacant land and plots of land without the permission of the Land Office of Singapore. Limited property such as vacant land, landed property such as bungalows, semi-detached houses and townhouses still require prior approval if foreigners wish to purchase.
Foreigners can also buy apartments in The Mayfair Collection including Mayfair Gardens & Mayfair Modern. It is one-of-a-kind Mayfair London architecture in Bukit Timah. Mayfair collection has a unique concept of Georgian architecture in Singapore, it is seen throughout the development. You can check the site plan and various facilities you can about Mayfair Gardens & Mayfair Modern via https://www.thelistingcolony.com/the-mayfair-collection-may.
Foreigners can purchase private property such as private apartments and condominiums, but the purchase of landed property such as bungalows will require government approval. Foreigners can enjoy up to 35 years for property and 75 years for leased property. The Loan to Value (LTV) ratio is the amount of mortgage you can apply for and it depends on the market value of the property.
There are many banks such as UOB that offer mortgages to foreigners that cover maximum of the purchase price of your first property. But the types of properties you can buy will be limited, usually, foreigners tend to buy condos.
On the other hand, if you are a foreigner looking to buy property in Singapore, residential properties in Singapore may be more restricted and sometimes you may even have to pay more taxes. There are restrictions on what kind of property ex-pats can buy in Singapore, and you need to know them carefully if you want to buy there. Under the Residential Property Act, foreigners in Singapore can buy public housing and private property.