As one of the world’s financial centers, Singapore is home to the Asian headquarters of many multinational corporations. Consequently, many Taiwanese people work, live, settle, and retire here. Additionally, many parents send their children to study in Singapore or immigrate with their entire families.
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 mortgage rates globally. Buying property here is often seen as a sound investment. Besides living in it, you can rent it out or hold it for a period before selling, making it a dual-purpose long-term investment.
Basically, most Taiwanese people in Singapore who can afford to buy a property will choose to do so as soon as possible. So, can Taiwanese people buy property in Singapore? What are the requirements? How much does it cost? 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 Taiwanese People Buy Property in Singapore?
The most direct answer is: yes.
Singapore is a highly inclusive immigrant nation, with 74.3% of its population being of Chinese descent. This means nearly 3 out of every 4 Singaporeans are Chinese, 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 Taiwanese citizens to purchase property in Singapore. However, compared to Singapore citizens and Permanent Residents (PRs), there are some restrictions for Taiwanese people buying property.
What Are the Restrictions for Taiwanese People Buying Property in Singapore?
There are only two types of properties that Taiwanese people can choose to buy in Singapore:
- Private condominiums
- Landed properties in Sentosa Cove
Singapore has limited land and a large population. To stabilize housing prices and ensure that local residents can afford to buy homes and start families, the government provides significant policy support for its citizens, such as building affordable public housing (HDB flats). It also restricts the types of properties that Taiwanese people can purchase. Apart from landed properties in Sentosa Cove, Taiwanese individuals can only buy private condominiums.
How Much Does It Cost for Taiwanese People 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 areas. When selecting a property, you can choose condominiums in different price ranges based on your budget.
Generally, condominiums in Districts 1-7, 9, 10, 11, and 15 are more expensive, as most multinational corporations, universities, and traditional affluent neighborhoods are concentrated in these areas. The table below shows the average prices for condos 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 |
1 SGD to 5.38 RMB
If you work in Singapore, you can check the condo prices near your workplace. If the average price exceeds your budget, you can also consider adjacent neighborhoods or more distant areas with good transportation links. If you are studying in Singapore or have sent your child here for school, choosing a condo near an international school would be the most convenient option.
Of course, the prices above are just averages. Prices will vary depending on the specific location, amenities, and developer. You can choose a trustworthy local real estate agent to provide you with more detailed information on districts and projects; they can usually help you find the most suitable property.
Can Taiwanese People Get a Loan to Buy Property in Singapore?
Yes, Taiwanese people can also get a loan to buy property in Singapore, with a maximum loan of up to 75% of the property value.
How Are Taxes Calculated for Taiwanese People Buying Property in Singapore?
If your property purchase price is below S$1 million, the taxes you need to pay will be 63% of the property price (3% Buyer’s Stamp Duty + 60% Additional Buyer’s Stamp Duty).
If your property purchase price is between S$1 million and S$1.5 million, the taxes you need to pay will be 64% of the property price (4% Buyer’s Stamp Duty + 60% Additional Buyer’s Stamp Duty).
If your property purchase price is between S$1.5 million and S$3 million, the taxes you need to pay will be 65% of the property price (5% Buyer’s Stamp Duty + 60% Additional Buyer’s Stamp Duty).
If your property purchase price is above S$3 million, the taxes you need to pay will be 66% of the property price (6% Buyer’s Stamp Duty + 60% Additional Buyer’s Stamp Duty).
What is the Down Payment for Taiwanese People Buying Property in Singapore?
In most cases, if you choose to take a loan and can secure 70% from the bank, the down payment for a condominium is 30%, calculated based on the Loan-to-Value (LTV) ratio.
What Are the General Steps for Taiwanese People to Buy Property in Singapore?
If you are buying a new property in Singapore, you need to follow these steps:
- On the day of booking: Pay 5% of the purchase price (as a deposit).
- Within 1-2 weeks: The developer will send the Sale 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 the documents.
- Within 2 weeks of signing the Sale and Purchase Agreement: The buyer needs to pay the stamp duty.
- Within 8 weeks of booking: Pay 15% of the purchase price.
- Make subsequent payments according to the construction progress.
If you are buying a resale property in Singapore, you need to follow these steps:
- Select 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 the remaining 4% of the 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 to you.
Can I Complete a Property Transaction Without Being Physically in Singapore?
Yes, you can. Taiwanese buyers can sign documents at a notarized law firm (Notary Public) in their local area or at a Singaporean embassy. Taiwanese buyers can also arrange for a Power of Attorney (POA) through a lawyer, authorizing a relative or friend in Singapore to represent them in the property transaction.
Can You Immigrate to Singapore by Buying Property?
Buying property in Singapore does not equate to immigration. Property is generally purchased from a developer or a private seller, whereas permanent residency is a matter handled by the Singapore government. Therefore, buying a property is not a direct path to immigration. However, owning property in Singapore can be a plus factor in your application for Permanent Residency (PR) and can serve as a stepping stone to immigration.
Conclusion
It is quite common for Taiwanese people to buy property in Singapore. Many who work or study here choose to purchase their own homes. On one hand, it can be used for self-occupancy during their time in Singapore. On the other hand, if they are 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
- Freehold vs. 99-Year Leasehold: Which is a Better Investment in Singapore?
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