There are three main types of housing in Singapore – Housing And Development Board (HDB) government flats and subsidized executive condominiums, private condominiums and strata-landed and private landed property. Here is a good read on the various types of housing in Singapore.
The most popular group of housing in Singapore among the many new permanent residents yearly in Singapore is actually private condominiums by far, and the following are the reasons why. If you are a new permanent resident, or thinking of applying to be a Singapore PR, and looking for popular housing in SG among fellow new Singapore PR, then this is a must read article for you!
First and foremost, first hand prices for HDB flats and executive condominiums are only available for full Singapore citizens. While permanent residents can purchase such units at the open market value, the prices are getting much more similar to private properties, while benefits are nowhere as attractive as compared to that of private properties. Since most new PR in Singapore are actually white collared professionals or executives or investors, few and far between choose HDB flats or even executive condominiums. Perhaps only those who ‘escape’ to Singapore from communist countries are the ‘poorer’ ones, who need to opt for a HDB flat.
On the other hand, the average age of a new Singapore permanent resident is actually relatively young, in the 30s to 40s. This means that most of them are only newly married or have one or maximum of two children. As a result of that, they see no need to spend on overpriced Singapore properties (which many are), and live in a nice two bedroom condominium instead of extravagant landed properties.
Also, for those who just got their Singapore PR application approved, they were usually previously in Singapore under another VISA like the S pass or E pass. This means that they would not have been able to purchase a HDB flat anyway, and thus most either rent or buy only private condominium units.
Landed properties in Singapore cost around $2 million to $10 million and up, depending on the size and location. However, since many new permanent residents in Singapore are only mid way in their careers, a $600,000 to $900,000 condominium makes much more sense, while still living in relative luxury.