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Buyers Guide To Luxury Condo In Singapore

Should you buy a luxury Condo? : Buyers guide to Luxury condo in Singapore

The majority of buyers of real estate are drawn to the term ‘luxury apartment’, which is quite popular. Here in Singapore, we have been familiar with this term for the last five to seven years. What does this term ‘luxury apartment or condo’ actually mean, though? The first image that comes to mind is that a luxury apartment is a newly renovated space with an excellent space design.

What does the term ‘luxury’ mean to you as an apartment buyer? Let us now clarify the subject of what makes an apartment luxurious.

Also read: Branded and Luxurious Condominiums in Singapore

 

1. HIGH-END FEATURES & BEAUTIFUL ARCHITECTURE

When making an investment in luxury residences, high-end features are also usually part of the package. There are simply conventional appliances, flooring, and laminate countertops in regular apartments. Your luxury condo in Singapore will have stone countertops, tiled or hardwood floors, and professionally finished stainless steel appliances.

The external side would also have modern and stylish elements. For instance, you may find eco-friendly landscapes, glass or steel buildings, or both as part of the residence. Luxury condos for sale in Singapore have several advantages that you will undoubtedly like.

 

2. AMPLE ON-SITE AMENITIES

On-site amenities can completely change your way of life, and they will provide you with the ultimate comfort. In the majority of luxury condos, amenities like swimming pools, fitness centres, movie theatres, playgrounds, gym rooms, rooftop decks, and many others are the standard.

In addition to these features, you will also locate your apartment at a convenient location. These condos, which are primarily found in prime urban areas, give you the freedom to travel anywhere in the city thanks to convenient transportation options.

 

3. SPACIOUS LIVING SPACE

Two critical characteristics of luxury apartments are their high-quality facilities and spacious rooms. As a result, you’ll notice higher ceilings, larger windows in each room, and a considerable quantity of space. There are also master baths, a spacious bedroom, and a gorgeous modular kitchen.

 

4. GREAT CONNECTIVITY

High-speed cables and internet access are essential for a modern lifestyle. Having a pre-wired condo will relieve you of the hassle of setting up an internet connection separately when you move in.

 

5. CONCIERGE & TOP-END SECURITY

In Singapore’s luxury condos, a concierge will be available around-the-clock. They are willing to assist you in many ways, including setting up a cleaning service, making taxi arrangements for you, and carrying out several other general tasks.

In addition, you might discover highly sophisticated security systems in luxury condos. You will feel completely safe within the building.

 

What To Look For When Window Shopping For A Luxury Condo

WHAT TO LOOK FOR WHEN WINDOW SHOPPING FOR A LUXURY CONDO

Now that the definition of a luxury condo is clear to you, let us guide you on how to purchase a luxury condominium in Singapore or another Southeast Asian nation. Strict legislation, high-quality construction, and contemporary business processes are all distinct draws for investors. This is not just for Singaporeans but also for foreigners wishing to start a business and find condos in Singapore to invest in.

 

WHERE TO BUY LUXURY CONDOS IN SINGAPORE

Before you begin to think about purchasing a luxury condo, you must first be familiar with every area of Singapore. Here’s a rough guideline for you:

    • Eastern Singapore: You can simply commute to the core business districts from here because it is adjacent to the airport and an MRT station

       

    • Northern Singapore: Here is where urbanisation is at its highest. It is the most visually and financially enticing region of the nation

       

    • Western Singapore: This part is renowned for its parks, vegetation, and clean environment

       

    • District 9: Orchard Road/River Valley

       

    • District 10: Bukit Timah

       

    • District 11: Newton/Novena

Also read: Top 8 Most Luxurious Condominiums Available for Sale in Singapore

 

PROPERTY TAXES

In Singapore, the property tax may be a little higher compared to other Southeast Asian countries. The annual property tax and the Additional Buyer’s Stamp Duty (ABSD) are the two forms that this tax takes. 

 

WHAT IS THE ADDITIONAL BUYER’S STAMP DUTY (ABSD)?

The Additional Buyer’s Stamp Duty (ABSD) is a tax that property buyers in Singapore must pay when they purchase a property. The ABSD is calculated based on the valuation or the selling price of the property, whichever is higher.

 

WHO NEEDS TO PAY ABSB?

The following set of purchasers is subject to the property’s ABSD rates:

    • Citizens of Singapore: The second (17 per cent) and subsequent (25 per cent) property purchases will be subject to ABSD.

       

    • Singapore Permanent Residents (PRs): ABSD rates start at 5 per cent for the first purchase, and ABSD will be applied to all purchases for PRs. The price for the second purchase will be 25 per cent, and the ABSD rate for the third and any additional purchases will be 30 per cent.

       

    • Entities (companies or associations): 35 per cent for each property (with an additional 5% non-remittable ABSD for developers) Foreigners: 30 per cent ABSD rate for each property purchase
 

WHAT IS THE ANNUAL PROPERTY TAX?

The annual property tax is calculated by multiplying the annual value of the property by the rate of property taxes resulting in the property tax.

 

Annual Property Value X Property Tax Rate = Annual Property Tax

 

The expected gross annual rent of a property, minus furniture, furnishings, and maintenance costs, is what is known as the annual value of a property. It is not based on the actual rental income collected but rather on the estimated market rentals of comparable or related properties.

There are three methods for calculating the property’s annual value:

    • As the legal owner
    • As a buyer (paid)
    • As a buyer (free but estimated)

You can learn more about property taxes in Singapore from our earlier article on property tax here. Alternatively, watch our detailed video on how to calculate the Singapore property tax here.

Also read: Additional Buyer’s Stamp Duty (ABSD) Rates

 

CONCLUSION

You can now decide whether to buy a home in Singapore. In this nation, purchasing a brand-new condo or apartment is relatively simple. Furthermore, the real estate industry in this country is growing at a rapid rate due to the availability of top-notch home builders. Discover the best luxury apartment in Singapore and reap the rewards!

Need help finding the best luxury apartment in Singapore? Drop us a message and we’ll chat

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