For anyone visiting Singapore for the first time, finding a nice place to stay for a couple of weeks, months or even years can prove to be a challenging task although Singapore already offers a wide range of housing options to suit any style and cater to any budget.
It is widely accepted that this country has a high cost of living, not because its population have a lot of wealth but because of Singapore’s limited land resources. It is, therefore, a good idea to read the information provided in this housing guide before you begin your home search in Singapore:
Types of Accommodation in Singapore
Housing and Development Board (HDB) apartments are a popular option for many Singaporean residents who cannot afford to live in stylish modern condos, bungalows and private apartments. It is estimated that roughly 80% of the Singaporean population live in these public housing schemes, which is more commonly referred to as HDB housing. Although you cannot purchase one of these HDB apartments as a tourist or expatriate, you are still able to rent them. HDB apartments are still worth a visit on your house-hunting trip.
Also referred to as “cluster houses”, the condominiums are popular among the expat community and the middle to upper-middle class Singaporean population. There are basically two types of condos available in Singapore:
- Executive Condos
Executive condominiums are a mixture of public-private partnership. They are designed and built by the private developers but have the eligibility criteria of HDB apartments. They are offered to the public at subsidized rates since the government makes the arrangements for the land. If you are a Singaporean or a Singaporean Permanent resident, you can apply and purchase one of these executive condos. Once the 5-year Minimum Occupation Period (MOP) is complete, you can sell your executive condo to the locals at a fair market price. However, once the 10-year MOP is complete, your executive condominium is automatically converted into private property and can be sold to anyone in the open market.
- Private Condos
These are the condos that are designed, developed, marketed, and sold by the private builders. The cost of private condos is much higher in comparison to executive condos since they are not offered at subsidized rates. The private condos are way more classy, modern, elegant, and well-maintained than the executive condos. You get to enjoy a lot of ultra-modern amenities such as swimming pools, tennis courts, squash courts, playing area, lush-green gardens, community halls, private parking spaces, 24/7 security. Due to the extensive facilities provided, these private condos tend to come with a hefty price tag. If you are keen to make yourself a new home in the ultra-modern condos, you can head to its showflat in Singapore to find more on its location and details.
Besides the HDB flats, you may also find apartments offered by some private builders. These private apartments are situated on smaller plots of land than condos and offer fewer or no amenities such as swimming pools, playground area, covered parking.