Wantanee Khamkongkaew is an independent author evaluating and commenting on leading International Property Consultants in Asia and Greater China, especially CB Richard Ellis.
Singapore is situated in southeastern Asia, between Malaysia and Indonesia. It has a total area of 692.7 sq km, including 10 sq km water area. The country has a coastline of 193 km and it is about 3.5 times the size of Washington, DC.
Singapore became a British trading colony in 1819 and eventually developed into one of the empire's most important trading centers. Singapore joined the Malaysian Federation in 1963 and remained part of the federation for two years. The country became independent on August 9, 1965. Now Singapore is one of the world's wealthiest countries with strong international trade. Singapore's seaport is one of the world's busiest ports in terms of volume handled. The country has a per capita income equal to that of the leading nations of the world.
Singapore has a population of 4,553,009, and a population growth rate of 1.275%, according to latest statistics available. The population consists of 76.8% Chinese, 13.9% Malaysians, 7.9% Indians and 1.4% others, according to 2000 census.
A number of commercial and industrial property services and agents are available in Singapore. Most of them offer comprehensive real estate property listings of office, factory, land, shop, warehouse, retail space, building, hotel, restaurant, coffee shop and food court available for sale or rent. If you are buying, selling or renting your commercial property, it is advisable that you hire the services of a reliable real estate agent. Owners very often list their real estate properties with these agents for sale, rent and lease. They help owners market their property with maximum exposure and commitment. You can also resort to online search.
If you are buying a private property or housing development board (HDB) unit in Singapore, ensure that you understand all the pitfalls before you sign the deal. That would help you avoid getting into legal or financial tangles during and after the transaction. Find an agent who is familiar with your preferred location and the nature of property you have in mind. It is highly recommended that you hire the services of an agent from a listed real estate agency. Also ensure that he is a member of the Institute of Estate Agents (IEA). Discuss your requirements with the agent and let him know your preferences in detail. This will help him take the right decisions and serve you in a professional manner.
It is also highly recommended that you ascertain that the seller is the actual owner of the property. You can also request for proof of ownership before signing the documents. Also, verify if the seller is legally eligible to sell the property. In the case of a mortgaged private property, the bank may not allow an owner who is unable to top up the shortfall on his bank loan to go through with the transaction.
Remember that HDB development units have several restrictions for resale. The government has fixed a minimum period of occupancy for the seller before he would be eligible to sell the unit. In the case of a flat bought directly from the housing development board or bought with a Central Provident Fund grant, the owner must have physically occupied the flat for at least five years before it can be sold.
The owner of a resale unit must have physically occupied it for a period of 30 months before he can sell it. Remember that real estate transaction is a legally binding contract. You must first ensure your eligibility to purchase a property. Foreigners have certain restrictions to buy Singapore properties. Only an experienced real estate agent can help you avoid legal complications.
Once you have finally decided on the location and size of the commercial property that you would buy, consider the amount of money you are able to invest. A number of software exists to help your agent accurately calculate the cost of buying a property. It is important that you provide your agent with accurate data regarding your financial position. That will help him chalk out a proper financial plan for you. If you are going for a bank loan, it is a good idea to talk to two or three banks and find out a financial plan that suits you most.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Commercial Real Estate Property in India
- Real Estate Property Listing With No Hidden Charges!!
- Sell Real Estate Property by yourself
- The Basis of Real Estate Property Values
- Should you Hire a Real Estate Property Management Company?
- How to Determine the Value of your Real Estate Property
- Real Estate Property and Investment
- Costa Rica Real Estate Properties
Why Paper? Part Two
By: Jay Turner | 23/12/2009TIP OF THE WEEK November 13th, 2009 Part II - MORE ABOUT PAPER CASE: ANALYZING A PAPER INCOME STREAM SITUATION: A $10,000 note is offered to you for sale for $5,800 and the seller is desperate for cash (pressure from the I.R.S.) The face interest is 8% and the payments are $121.33 per month. 90...
Deciding to Relocate or Staying Rooted
By: Maria | 23/12/2009Gauging beforehand if relocation is the right decision for you and your family is more than the funding that comes along with it. Relocating to a new place can be a harrowing experience for most children. Plus, it can be just as hard to leave close friends, relatives, and familiar situations behind. Moving means leaving the kind of life you have established over the years. When it comes to relocation, you have to determine if you want to move or stay rooted on the spot you have grown to love.
The Westfield New Jersey Short Sale: Anything But Short
By: Peter Jordan | 23/12/2009Because they are often priced below comparable homes in the Westfield area, bargain-thirsty buyers find short sales particularly alluring -- though they can often prove to be deceiving. If a listing is not officially designated as "Short Sale Approved", there is simply no way of knowing for certain if a offer...
Understanding Short Sale and Its Effect on Your Credit
By: Marikor Hidalgo | 23/12/2009When a homeowner defaults on his mortgage dues, the property is then on the verge of being foreclosed. Some homeowners opt for going through a short sale in order to lessen the detrimental effect on their credit report. However, that is not the case all the time. There are only specific circumstances where a short sale may be preferable than a foreclosure.
Creative Financing Options for Home Purchase
By: Sonia | 23/12/2009If you find it hard to obtain a home mortgage from the bank, do not be discourage, there are several options still available for you such as creative financing methods that will help you in buying your dream house.
Mortgage Disclosure Improvement Act – Its Effect on the Mortgage Process
By: Marikor Hidalgo | 23/12/2009There have been numerous reports about homeowners and home buyers who have had difficulty regarding maintaining or acquiring their mortgage loans. Consequently, lawmakers have devised legislations to address these problems. One of these is the Mortgage Disclosure Improvement Act of 2008 or MDIA.
What You Need to Know About Felling Trees That Block Construction
By: Maria | 23/12/2009Some property owners will have to cut down trees in order to convert raw land into buildable land. This is something that is somewhat dangerous and sensitive in certain situations, especially if you are building a structure in heavily wooded areas.
How to Stage the Kitchen and Bathroom when Rehabbing a House
By: Daniel Mc Grey | 23/12/2009Today, many individuals are seeking to tap into the money-making opportunities being provided by the real estate business.
Expats in Bangkok and Their Living Requirements
By: Wantanee Khamkongkaew | 25/03/2008 | Real EstateAbout 25% of the city's population is expatriates. Many of them are working, while some are retired or tourists on a long term vacation. Majority of the expats in Bangkok are westerners including Americans, British, and Germans. Most of them primarily work in foreign-owned and managed companies.
How to Invest in Asian Property?
By: Wantanee Khamkongkaew | 20/03/2008 | Real EstateThe steady downfall of the American housing market has forced the investors to think about the large global market. Among the global investments the Asian property market will continue to prosper for the next few years. Asia is becoming more and more investor friendly
Asia Property - The Best Investment Opportunities
By: Wantanee Khamkongkaew | 19/03/2008 | Real EstateIn the recent past the Asian market has become more and more biased towards foreign investment. Lot of countries in the region have completely removed their unnecessary restrictions on foreign investors. This attracted more investment in the property market as well. As a result there was a real boom in the property section of the market in 2007.
A Year of Growth for the Industrial Property Market
By: Wantanee Khamkongkaew | 19/03/2008 | Real EstateThe year of 2007 has been an unprecedented year for the industrial property market. The rentals and occupancy rates for all kinds of industrial space indicate the extreme demand which was present. A number of business park sites were sanctioned, a fourth industrial REIT began functioning and 10 industrial sites were allotted in 2007.
The Hong Kong Property Market Review and Forecast
By: Wantanee Khamkongkaew | 19/03/2008 | Real Estate2007 represents a unique year for the Hong Kong economy. The year witnessed a proportional increase in growth as the year moved forward. The major reason behind the economic reversal is the domestic demand as private consumption and investment expenditure continued to increase.
Commercial Real Estate Investment in Korea
By: Wantanee Khamkongkaew | 16/03/2008 | Real EstateKorea is one of the prime property investment destinations in Asia Pacific. Not only is the country's property market transparent, but the economy itself is very dynamic, offering much scope for growth and development.
International Property Agent in Thailand
By: Wantanee Khamkongkaew | 16/03/2008 | Real EstateProperty market in Thailand is booming. One of the most famed destinations in South-East Asia, Thailand is a highly sophisticated tourist spot with a universal appeal. For many reasons, investing in Thai property market is regarded as beneficial.
Real Estate Buying & Selling Guide in Singapore
By: Wantanee Khamkongkaew | 15/03/2008 | Real EstateIf you are buying a private property or housing development board (HDB) unit in Singapore, ensure that you understand all the pitfalls before you sign the deal. That would help you avoid getting into legal or financial tangles during and after the transaction.