Property Types and Prices in Singapore

Property Types and Prices in Singapore

Singapore is a small country, covering a land area of 721.5 sq km. It has a population of 5.6 million. Properties are classified as commercial, residential and industrial. Residential properties are either landed or non-landed. Landed properties include bungalows and semi-detached houses, while non-landed are made up of HDB flats, condominiums, and apartments. A bridging loan for upgrading HDB to EC or condo will help you move to your desired housing unit.  

Commercial Properties

Some of the commercial properties in Singapore include shopping centres, shophouse, office blocks, and mixed-development buildings. When looking at commercial properties in Singapore, you will discover that they are graded based on the location. For example, office spaces are classified as Grade A, B and C. The factors that differentiate graded commercial properties include facilities available in the building, type of structure and the services available. 

Most office blocks have an 80% occupancy, irrespective of the grade. The rental price varies depending on the district where the property is located. For example, the cost of an office block in District 1, the CBD, can be as high as $13.38. Areas with more affordable rent include Geylang in District 14, and Katong and Marine Parade in District 15. Rent in these areas averages $8.06 per square foot.

Industrial Properties

Singapore is Asia’s business hub. The industrial properties vary in size, depending on the scale of the industry. Industrialization has contributed significantly to Singapore’s economic growth. The industrial properties include warehouses, manufacturing plants, workshops, business parks, and storage. 

Unlike residential and commercial properties which have more extended lease periods, industrial properties have a lease of between 30 and 60 years. However, few properties have a 99-year lease while others are on freehold.

Industrial land is categorized based on anticipated pollution levels and the type of activity. Industries with a nuisance buffer of less than 50m are known as Business 1 (B1), while those with a nuisance buffer of more than 50, but within healthy and safety buffers are Business 2 (B2). Business Park industries are non-pollutive. 

Residential Properties

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Residential properties in Singapore are classified as landed or non-landed. In 2018, Singapore had approximately 1.4 million flats. Landed properties are primarily private, and they include terrace, condominiums, and strata landed housing. Non-landed properties, on the other hand, are managed by the government. Those who buy these properties get strata-titled apartments. 

Proper urban planning has helped this small nation to ensure the current population has appropriate housing at an affordable rate. More than 80% of Singapore’s population is living in houses managed by the Housing and Development Board (HDB). The rest live in private housing. 

HDB housing includes houses with three, four,  and five rooms. Executive flats have larger rooms, and some are double storeyed. Buyers can upgrade to bigger houses depending on their circumstances. For example, a family may choose to move from a three-room to a four-room flat when the family grows or if they are in a better financial situation.

Housing options are close to several amenities, including hospitals, schools, shopping and recreational centres. The price of the houses vary depending on the location, size of the house, and the services offered. Residential properties are available with a 99-year lease, or 999 years freehold system.

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