Bagnall Haus, a luxurious freehold condominium, is conveniently situated in the heart of Sungei Bedok MRT Station Interchange by S. A recent collective sale led by Roxy-Pacific Holdings secured the property for $115.28 million in January. The group plans to revamp Bagnall Haus on Upper East Coast Road into a modern condominium complex with 113 units spanning five levels. Teo, who heads the redevelopment project, emphasized the scarcity of new freehold developments in the area, citing the last one in 2010, Eastwood Regency, which offered 75 units. With its prime location and limited competition, Bagnall Haus is set to become a highly sought-after property in the region.
7. Plan for Additional Expenses
Apart from the purchase price of the property, there are several additional expenses that you need to consider. These include stamp duties, legal fees, agent commission, renovation costs, and maintenance fees. Be sure to factor in these costs when setting your budget to avoid any unexpected financial strain.
10. Be Patient and Do Your Research
Buying a property in Singapore, especially for foreigners, can be a time-consuming process. It is essential to be patient and do your research thoroughly before making any decisions. Take the time to understand the market, the rules and regulations, and the different options available to you. Don’t rush into a purchase without considering all the factors carefully.
In conclusion, purchasing a property in Singapore can be a lucrative investment, but it is crucial to do so with thorough research and the right guidance. By following these expert tips from Bagnall Haus, you can make a hassle-free property purchase in Singapore and reap the rewards of your investment. Remember to engage a professional real estate agency, seek legal advice, and carefully consider all the factors before making any decisions.
2. Engage a Professional Real Estate Agency
Navigating the Singapore property market can be challenging, even for locals. Hence, it is highly recommended to engage a professional real estate agency to assist you in your property search. An experienced agent will have in-depth knowledge of the market, and they can help you narrow down your options based on your budget, preferences, and needs. They can also guide you through the entire buying process, from viewing properties to making an offer and handling the paperwork.
3. Know the Total Debt Servicing Ratio (TDSR) and Additional Buyer’s Stamp Duty (ABSD)
Singapore has strict rules for property purchases, one of which is the Total Debt Servicing Ratio (TDSR). This is a calculation that determines how much of your income can be used to pay off your debts, including your mortgage. Currently, the TDSR limit is set at 60%, meaning that your monthly mortgage payments cannot exceed 60% of your total income. Additionally, foreigners looking to purchase a property in Singapore will also have to pay an Additional Buyer’s Stamp Duty (ABSD), which ranges from 5% to 20%, depending on their residency status and the number of properties they own in Singapore.
Bagnall Haus, a freehold condominium situated in the bustling Sungei Bedok MRT Station Interchange, was recently acquired for $115.28 million by a team led by Roxy-Pacific Holdings in January. The collective sale has paved the way for Bagnall Court’s transformation into a modern residential complex, featuring 113 well-appointed units across five levels. This development comes at a time when the availability of new freehold condo launches in the area is scarce. The most recent one, Eastwood Regency, was launched in 2010 with only 75 units.
Ensuring the sale price of Bagnall Haus is competitive, the land rate converts to $1,106 per square foot per plot ratio (psf ppr), with an added 8% bonus gross floor area (GFA) for balconies. A confidential agreement was reached through a private sale, concluding a 10-week period post the tender’s closure in October 2022.
1. Understand the Different Types of Properties
Before you start your property search, it is crucial to understand the various types of properties available in Singapore. The most common types are public housing (HDB), private condos, and landed properties. Each type has its own set of rules and regulations, and it is essential to understand them before making any purchase. For example, HDBs are only available to Singaporeans and Permanent Residents, while foreigners can only buy private condos or landed properties.
5. Conduct a Thorough Inspection
When buying a property, it is essential to conduct a thorough inspection to identify any potential issues or defects. Engage a professional inspector to check for structural damages, water leaks, and other hidden problems. It is also a good idea to visit the property multiple times, at different times of the day, to get a better sense of the surrounding environment and the noise levels.
4. Consider the Location and Amenities
Location is crucial when it comes to purchasing a property in Singapore. The city is divided into different districts, each with its own unique characteristics and amenities. Some popular districts among foreigners include District 9 (Orchard Road), District 10 (Bukit Timah/Holland), and District 15 (East Coast). Before making a purchase, consider the amenities in the area such as schools, shopping centers, public transportation, and access to healthcare. These factors will not only influence your quality of life but also the potential resale value of the property.
6. Seek Legal Advice
It is essential to seek legal advice when purchasing a property in Singapore, especially if you are unfamiliar with the local laws and regulations. A lawyer can help you understand the terms and conditions of the sales and purchase agreement, as well as any additional clauses that may be included. They can also assist in drafting any necessary documents and ensure that the transaction is conducted smoothly.
9. Take Advantage of Government Schemes
The Singapore government offers various schemes and initiatives to encourage foreign investments in the property market. These include the Global Investor Program (GIP), which allows foreigners to obtain permanent residency if they invest a significant amount in the country. There are also schemes such as the Non-Residential Scheme (NRS) and the Approved International Investor Scheme (AIIS), which allow foreigners to purchase commercial and industrial properties.
8. Understand the Tenancy and Rental Market
If you are planning to rent out your property, it is crucial to understand the tenancy and rental market in Singapore. Rental yields can vary significantly depending on the location and type of property. It is advisable to engage a rental agent to help you find potential tenants and manage the rental process.
Singapore is often considered a prime location for property investment, thanks to its stable economy, high standard of living, and efficient governance. As a result, many foreigners are looking to purchase properties in this bustling city-state. However, the process of buying a property in Singapore can be quite daunting, especially for those who are not familiar with the local market. To help ease the process, we have gathered some expert tips from Bagnall Haus, a leading real estate agency in Singapore, on how to make hassle-free property purchases in the city.