In Singapore, a landed property refers to a residential property where the owner has the title to the land. It is considered to be one of the most coveted types of real estate. Since it’s generally priced more than condominium apartments, homeowners scouting for landed house properties would need a bigger budget. This expensive price tag is due to the need to have land ownership — widely considered to be a very valuable asset in the country. Many of these homeowners usually purchase real estate properties as a way of diversifying their assets or financially securing their future in the face of an economic crisis.
There are four main landed housing classes in the country. These classes are generally classified as good class bungalows, conventional landed houses, strata landed houses and Sentosa Cove landed houses. The number of landed housing properties also comes in limited quantities. The reason for this? The property is generally considered to be the safer option than other real estate units such as condominium apartments.
Strata landed house properties in Singapore on the other hand are comprised of low-rise buildings with the strata title. They date all the way back to 1993 and were originally made for homeowners who prioritized a private residential space within a secure and gated community. This property type also has amenities that are usually associated with condominiums such as an exclusive swimming pool, a fitness gym and a homeowners’ designated parking area.
There are various landed properties you can find in Singapore and they are the following:
There’s no way around it: landed properties are one of the best investments you can make due to their long-term capital appreciation. Even in a period of an economic downturn, having one will allow you to hold on to your asset’s market value in the real estate department.
When buying one, you should always consider the location and area. If it’s located in a posh and ritzy neighborhood, you can expect it to have an expensive asking price. However, if you’re looking to get one in a less high-profile area, then prices can be relatively lower.
Another big factor that goes into dictating its price is the average price per square foot of the area. For example, a terrace type of property will usually go for about S$1,261/sq. ft; a semi-detached property for S$1,168/sq. ft; and a detached house for S$1,276/sq.ft.
Renovating or rebuilding one? Expect a minimum estimate of $84 per square foot. This is assuming that 3,000 square feet of built-up area is for the house.
Yes, Singaporean citizens (SC) and permanent residents (PR) are legally allowed to acquire landed properties in Singapore.
While Singaporean citizens can freely purchase landed house property in the country, the same can’t be said for citizens of other foreign countries. There are a number of restrictions for both non-Singaporean citizens and investors. If you’re a foreigner eyeing a landed housing property, then chances are you will have to adhere to strict property guidelines from the Land Dealings Approval Unit (LDU). Additionally, foreign applicants have to fulfill additional requirements before they can be allowed to purchase this property. Successful applicants are only allowed to purchase one of this property in Singapore for their own housing and occupation.
Landed home properties have become more popular in recent years due to an increase in population. The property type has enjoyed a surge in popularity and homeowner preference because of a local government initiative that enables architects and designers to have added freedom in designing these homes. Additionally, these landed properties have been allowed to have up to four storeys, up from the previous limit of three storeys.
Landed house properties are a good real estate investment because of its current value and popularity among homeowners and home developers. It is also expected to withstand any economic turmoils that could otherwise seriously affect other lesser-known real estate property types. Along with the property’s exclusivity and demand among foreign buyers and investors, its prices are predicted to stay consistently high and potentially reach even higher values as time passes.
Whether you’re looking to minimally enhance or fully renovate your landed property, ColeBuild can help you make the whole process easier. We offer qualified construction and building renovation services for landed residences in Singapore, so you can plan better, price better, and build better.