Singapore Expats

We are currrently on Employment pass (EP) in singapore ...we would like to know if we can buy a condo or is it necessarry to become a PR first to buy a condo.

Hi Mpp,

I don't know the latest on this topic but two or three years ago it depended on the property. The majority of the higher range could be bought by foreign investors. This includes people on EP. So it would be best to check with the sales staff at the show flat or your agent.

As I recall, the rule is that only a Singapore citizen can buy a landed property (referring to detached, semi detached, shophouses, etc). PR's may be able to buy a landed property upon petition. EP's can buy a condo 3rd story and up if a landed property, any floor if leased.

so that means as a EP holder we can buy a condo unit which is above 3rd floor, we need not be a PR for the same....

mpp wrote:so that means as a EP holder we can buy a condo unit which is above 3rd floor, we need not be a PR for the same....

All the agents will know the rules, but i am pretty sure you can buy a condo! I think minimum deposit is 20% maybe more since the financial crash.

EP holders are eligible to buy most of the condos which usually have a tagline "Foreigners Eligible".

A banker advised me that as a foreigner, the max loan I could get was 70%. This discussion happened in Nov'08.

metroguy wrote:EP holders are eligible to buy most of the condos which usually have a tagline "Foreigners Eligible".

A banker advised me that as a foreigner, the max loan I could get was 70%. This discussion happened in Nov'08.

Yeh... the problem with buying on an EP is that the seller doesn't know how long you will get to keep your EP... just witness all the expat retrenchments right now... so you get to pay a large down to keep you involved and not just walk away from the property if you are sent back to your home country.

When I asked a bank about buying a local condo as a foreigner, they said if I put down 40% they would not be worried as it is such a large sum of cash, they doubt I would fail to make the repayments!

The rules for foreigners are any condo, or any apartment block with 6 stories or more. Be aware that tenure of the land can vary from 99 or 999 year leases to freehold. That will affect the price. I guess EP holders would be in a similar boat.

Especially with 99 year leases, the banks require a larger deposit than 20% if you are buying a property 25 years or older. Locals here like new developments, so resale of older properties is harder. You will notice a lot of developments which are 99 years get a batch of people selling around 8 years old when the place is no longer new, then some around 17 years old old, so that a new owner get take it off their hands before 25 years old is reached.

If you become PR, there is a set of rules around 35 years old and the use of CPF.

Get recommendations for a good local property agent and they can advise you on all of these cautions!