As one of the world’s financial centers, Singapore hosts the Asian headquarters of many multinational corporations. Consequently, many Cambodians work, live, settle, and retire in Singapore. Additionally, many parents send their children to study in Singapore or immigrate with their entire family.
Whether you are working, living, or studying in Singapore, after a certain period, you will likely consider buying a property. After all, Singapore boasts a great environment, a developed economy, stable property prices, and some of the lowest loan interest rates globally—buying here is a sound investment. Besides for own-stay, it can be rented out or held for a period and then sold, serving as a dual-purpose long-term investment.
Basically, most Cambodians who come to Singapore and can afford to buy property will choose to do so as soon as possible. So, can Cambodians buy property in Singapore? What conditions must be met? How much does it cost to buy a property? Can they get a loan? What are the interest rates? Today, as a senior local real estate agent in Singapore, I will answer these questions for you one by one.
Table of Contents
Can Cambodians Buy Property in Singapore?
The most direct answer is: yes.
Singapore is a very inclusive immigrant nation, with 74.3% of its population being Chinese. This means roughly 3 out of every 4 Singaporeans are of Chinese descent, making it the only country outside of mainland China with a majority Chinese population.
The Singapore government encourages people from all over the world to work, study, and settle here, and thus allows Cambodians to purchase property in Singapore. However, compared to Singapore Citizens and Permanent Residents (PRs), there are some restrictions for Cambodians buying property in Singapore.
What Are the Restrictions for Cambodians Buying Property in Singapore?
There are only two types of property that Cambodians can choose to buy in Singapore:
- Private condominiums
- Landed properties in Sentosa Cove
Due to its limited land and large population, the Singapore government provides a lot of policy support to its citizens to stabilize housing prices and ensure that local residents can buy homes for marriage and settling down at reasonable prices. This includes building affordable public housing (HDB flats) for them and restricting the types of properties that Cambodians can purchase. Apart from landed properties in Sentosa Cove, Cambodians can only buy private condominiums.
How Much Does It Cost for Cambodians to Buy Property in Singapore?
If you plan to buy a private condominium in Singapore, how much money should you prepare?
Although Singapore is small, it is divided into 28 districts. Property prices can vary significantly between different districts. When selecting a property, you can choose a condominium within your budget from different price ranges.
Generally, condominiums in Districts 1-7, 9, 10, 11, and 15 are more expensive because most multinational corporations, universities, and traditional affluent areas are concentrated in these districts. The table below shows the average price of condominiums in these districts:
| District | Average Price (SGD) | Average Price (RMB) |
| District 1 | 2,531 SGD/sqft | 146,571 RMB/sqm |
| District 2 | 2,646 SGD/sqft | 153,231 RMB/sqm |
| District 3 | 2,835 SGD/sqft | 164,176 RMB/sqm |
| District 4 | 2,593 SGD/sqft | 150,161 RMB/sqm |
| District 5 | 2,220 SGD/sqft | 128,561 RMB/sqm |
| District 6 | 2,974 SGD/sqft | 172,225 RMB/sqm |
| District 7 | 3,095 SGD/sqft | 179,232 RMB/sqm |
| District 9 | 3,049 SGD/sqft | 176,569 RMB/sqm |
| District 10 | 2,999 SGD/sqft | 173,673 RMB/sqm |
| District 11 | 2,964 SGD/sqft | 171,646 RMB/sqm |
| District 15 | 2,460 SGD/sqft | 142,459 RMB/sqm |
Exchange Rate: 1 SGD = 5.38 RMB
If you work in Singapore, you can check the condominium prices near your workplace. If the average price exceeds your budget, you can also consider adjacent neighborhoods or more distant communities with convenient transportation. If you are studying in Singapore or sending your child to school here, choosing a condominium near an international school would be the most convenient option.
Of course, the above are just average prices; prices will vary based on location, amenities, and developer. You can choose a trustworthy local real estate agent to provide you with more detailed information on districts and properties; they can usually help you find the most suitable property.
Can Cambodians Get a Loan to Buy Property in Singapore?
Cambodians can also get a loan to buy property in Singapore, with a maximum loan of up to 75% of the property price.
How Are Taxes Calculated for Cambodians Buying Property in Singapore?
If your purchase price is below S$1 million, the tax payable is 63% of the property price (3% Buyer’s Stamp Duty + 60% Additional Buyer’s Stamp Duty).
If your purchase price is between S$1 million and S$1.5 million, the tax payable is 64% of the property price (4% Buyer’s Stamp Duty + 60% Additional Buyer’s Stamp Duty).
If your purchase price is between S$1.5 million and S$3 million, the tax payable is 65% of the property price (5% Buyer’s Stamp Duty + 60% Additional Buyer’s Stamp Duty).
If your purchase price is above S$3 million, the tax payable is 66% of the property price (6% Buyer’s Stamp Duty + 60% Additional Buyer’s Stamp Duty).
What is the Down Payment for Cambodians Buying Property in Singapore?
In most cases, if you choose to take a loan and can secure 70% financing from the bank, the down payment for a condominium is 30%, calculated based on the Loan-to-Value (LTV) ratio.
What is the General Process for Cambodians Buying Property in Singapore?
If you are buying a new property in Singapore, you need to follow these steps:
- On the day of booking: 5% of the purchase price (as a deposit)
- Within 1-2 weeks: The developer will send the Sales and Purchase Agreement to the law firm
- Within 3 weeks of receiving the purchase agreement: Arrange for the loan and go to the law firm to sign
- Within 2 weeks of signing the Sales and Purchase Agreement: The buyer needs to pay the Buyer’s Stamp Duty
- Within 8 weeks of booking: Pay 15% of the purchase price
- Make payments according to the construction progress
If you are buying a resale property in Singapore, you need to follow these steps:
- Choose a property you are satisfied with (through a real estate agent or property website);
- Contact the seller to negotiate and agree on a price acceptable to both parties;
- Pay a 1% deposit;
- Apply for a loan from a bank;
- Pay a 4% down payment within the next 14 days;
- Sign the purchase agreement;
- On the completion date, pay the remaining purchase price minus the home loan amount;
- The property is transferred.
Can the Property Transaction Be Completed if I Am Not in Singapore?
Yes. Cambodian buyers can sign documents at a law firm that provides notarization/authentication services (Notary Public) locally or at the Singapore Embassy. Cambodian buyers can also authorize a relative or friend in Singapore to represent them in the property transaction through a Power of Attorney (POA).
Can I Immigrate to Singapore by Buying Property?
Buying property in Singapore does not equate to immigration. Property is generally purchased from developers or private sellers, while permanent residency is a matter for the Singapore government. Therefore, buying property is not a direct path to immigration. However, owning property in Singapore can help in your Permanent Resident (PR) application by adding points, serving as a stepping stone for immigration to Singapore.
Conclusion
It is quite common for Cambodians to buy property in Singapore. Many who work or study here choose to purchase their own property. On one hand, it can be used for self-occupancy during their time in Singapore. On the other hand, if not living in it, it can be rented out or sold, making it a very good investment.
- All Questions Answered Before Buying a Home in Singapore
- Should You Choose Freehold or 99-Year Leasehold for Property Investment in Singapore?
Official Sources & References
- IRAS — Additional Buyer’s Stamp Duty (ABSD) rates: ABSD official page
- IRAS — Buyer’s Stamp Duty (BSD): BSD official page
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