How to save money while purchasing a property in Singapore?

Singapore is a city-state in Southeast Asia with an estimated population of 5.6 million people. It has become one of the most popular destinations for ex-pats looking to work abroad and it’s not hard to see why! The country offers many benefits including low taxes, high wages, and affordable living expenses. With so much opportunity in Singapore, you will want to make sure that you are prepared financially before moving here. Here are some ways to save money when purchasing property in Singapore: 

1. Understand the different types of property in Singapore

There are three main types of properties in Singapore: residential, commercial, and industrial. There are also many sub-categories for each of these types of the property depending on where they are located in the country. For example, the price range for landed properties varies greatly from condominiums.

2. Know the price range for each type of property

The price range of the various types of property is constantly changing. The newer that a property is, the more expensive it would be on average. However, that does not mean that you should only look at recently developed properties for sale in Singapore. It’s wise to check out nearby developments before deciding if this is indeed where you’d like to live. Remember, you’ll be living in this property for potentially the next 10 to 20 years so it’s important to research your options thoroughly before committing.

3. How much can I borrow?

Before purchasing any type of property in Singapore, you will need to take out a bank loan. Most banks would require at least a 20% down payment on the property. However, it may be possible to reduce this amount of money by taking out a bank loan of 80% or more. You will need to discuss the details with your bank of choice before committing to any purchase.

4. Find a reputable agent to assist you in your search

There are many real estate agencies like parc clematis located in both Singapore and on the internet. Always do your research before choosing an agency to work with. You will also be required to pay a fee when you sign a contract with a certain real estate agency so make sure that you choose one who is able to get you the best deal possible.

5. Check out resale properties

Resale properties are typically cheaper than newly built properties. This is because they have already been lived in so the repairs will be significantly less. When purchasing a resale property, you will want to make sure that everything is up to your standards before signing any contracts. There may also be legal fees included with this type of purchase.

6. Consider a small condominium as your first home in Singapore

This is generally the cheapest option for new ex-pats moving to Singapore. However, you will only be able to stay in a condo for up to 30 or 60 days before having to vacate it. This is because of the tropical climate and the fact that they are extremely popular among ex-pats looking to live in Singapore.

7. Know the potential resale value of your property

Regardless of if you buy a new or old property, it’s important to do your research and choose a property that will be both profitable and desirable for future buyers. Your real estate agent should be able to give you historical data regarding the price trends of the area you’re looking to purchase property in.

8. Be aware of the legal fees involved with purchasing any property in Singapore

There are many legal fees that are required when purchasing a property of any type in Singapore. Title search, stamp duty, legal fee, and more are all required before you can take possession of your new property. In addition to this, you will also be required to pay a loan management fee after signing your bank contract.

9. Invest in the right type of property for you

This is not something that should be done without research and advice from professionals. But it’s important to remember that different types of properties yield different rates of return on investment. If you want to retire in Singapore and your property is meant to provide you with a steady stream of income, then it’s important that the right decisions are made.


When it comes to purchasing a property in Singapore, there are many things that must be taken into consideration before signing any contracts. Depending on the type of property you purchase, it could either increase or decrease your chances of long-term success in this country. Follow these steps when choosing a new property for yourself and you will be able to make the right choice for your future in Singapore.


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