Singapore's property market isn't your average stroll through the park. It's a lush vibrant jungle teeming with possibilities. From towering condo skyscrapers to colourful shophouses, navigating this landscape requires a keen understanding of its various components. Surely, you don't want to pick a property that isn't serving your needs or miss out on hidden opportunities! With a diverse range of options, making the right choice is vital.
So, if you're a property explorer, you've come to the right place. In this guide, we will map out every property development type in Singapore. Whether you're a seasoned investor, homebuyer or business owner, we'll help you understand the ecosystem of Singapore's real estate.
As Singapore's public housing authority, HDB offers affordable flats for its citizens and permanent residents. These units are heavily subsidised with various schemes and grants and they come in various structures:
A unique form of subsidised housing, designed to cater to the needs of the "sandwich" class. These ECs are built by private developers but the sales are administered by HDB. Thus, there are strict restrictions on ownership and resale in the first 5 to 10 years. However, they become fully privatised after 10 years, offering buyers (even foreigners) a chance to own a condo with a subsidised price. This makes ECs the ideal home for middle-income households who yearn for a better lifestyle.
Condos are a bunch of individual units within a larger complex. They have shared facilities such as gyms and swimming pools that can be enjoyed by all unit owners. There are little to no restrictions to get a condo so they are more freely available for purchase. Although their prices are more premium than HDB flats and ECs, most condos are on the more affordable side of private housing options (though there are a number of condos that are more expensive than landed homes).
Typically considered the most desirable housing option in Singapore, these low-rise homes offer privacy and spaciousness. They also give off a sense of prestige in the eyes of Singaporeans. Landed properties come in several structures:
Source: ura.gov.sg
Source: ura.gov.sg
Source: ura.gov.sg
Source: ura.gov.sg
Some landed properties can be classified as strata landed. The difference? With landed, you own the land itself, whereas with strata landed, you own your house but share land, facilities and an entrance with your neighbours. Bungalows, terrace houses and semi-Ds also come in strata status, but they are classified as either a cluster house or a townhouse.
These standalone structures contain office spaces to suit business needs. They are classified into three grades:
Self-contained hubs designed to foster specific industries like technology or healthcare. They typically comprise of office spaces, research facilities and shared amenities geared towards these sectors
Built in contiguous blocks with common party walls, these traditional buildings are generally two to three storeys high. They are also quite narrow and small. However, despite their modest size, shophouses offer a clever use of space that caters to both commercial and residential needs. The ground floor is often used for shops, restaurants or offices, while the upper floors can be converted into residential units.
With no new shophouses being built, the existing stock is quite limited. As a result, these developments are only sold on the resale market and they are more commonly available for rent than for purchase.
Despite all that, shophouses continue to hold value in Singapore's property market, especially since they can be used for both commercial and residential purposes. However, do note that Additional Buyer's Stamp Duty (ABSD) applies to the residential portion of the shophouse.
Shophouses come in two categories: private and HDB. Generally, private shophouses offer more ownership flexibility and potentially higher capital appreciation. However, they also come with a higher upfront cost.
On the other hand, HDB shophouses come with stricter regulations and usage limitations, but are more affordable. Furthermore, HDB shophouses are the exception to the ownership limitation of one flat per household. You can get an HDB shophouse even if you already own an HDB flat, or vice versa.
Due to its heritage and historical value, shophouses have been restored and conserved. You can find these historic Singaporean architectures in neighbourhoods like Tanjong Pagar, Clarke Quay, Katong and Chinatown.
Aside from shophouses, Singapore's retail scene consists of bars, restaurants, cafs, shopping malls, gyms, pet shops and plenty others.
Designed for light industrial activities, B1 spaces are ideal for warehousing, workshops, light manufacturing as well as research & development facilities. They often cater to small businesses and startups that need affordable work spaces.
These large standalone structures are dedicated to heavy manufacturing or logistics operations. They provide space, power supply and infrastructure for large-scale industrial activities.
From budget-friendly lodgings to luxurious 5-star experiences, hotels offer temporary accommodation options that cater to guests from all walks of life. These establishments provide rooms and service to suit the needs of tourists, business travellers and even locals seeking a staycation.
Serviced apartments are fully furnished units that offer hotel-like amenities such as housekeeping, laundry and concierge services. They offer flexible lease terms, making it ideal for those who are staying in Singapore temporarily such as international students or employees that have been relocated for assignments.
All in all, Singapore's diverse property market can offer something for everyone, whether you're a homebuyer looking for a place to settle down or an entrepreneur looking for a retail space. So, take your time to explore your options and don't be scared to ask for some help if you're feeling lost. Our PropNex associates will gladly help you navigate this big jungle that is the Lion City.
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Views expressed in this article belong to the writer(s) and do not reflect PropNex's position.
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