Since 30 years ago, Singapore has developed a stable system of owner-occupied housing, where 80% of the population owns HDB, public housing designed, built and allocated by the government to low and middle income Singaporeans.
The buyers have 99 years of tenure, but the property rights belong to the government, which can be interpreted as our shared ownership and affordable housing.
Other wealthy people or foreigners can opt for developer-built commercial housing, commonly known as private housing.
After purchase, you can have the land deed, whether it is 999 years or 999 years or freehold, it belongs to individual property rights.
The price of a private house in the same location is often three times or more expensive than a condominium, and there are additional taxes and fees to pay.
Of course, even if it is a condominium, it has all the facilities, such as children's recreation areas, public facilities such as sports fields, public greenery, various social service agencies, and an elevated floor on the ground floor of the building for residents to gather and play.
Private homes are luxurious, with pools, clubhouses and lounges as standard. Many developers from Shanghai have come.
Although HDB in Singapore is cheap, there are very strict restrictions on buying, selling and renting to prevent speculation by locals.
They will face severe penalties if they violate the relevant rules.
First, families eligible to buy a brand new condominium must earn less than S$12,000 per month (this figure is adjusted annually) and must be Singapore citizens or permanent residents.
Applications for HOS flats are made on a household basis, and single people must be of a certain age to apply.
This policy encourages people to get married on the one hand, and prevents a large number of single people from consuming government housing resources on the other.
Of course, a family can only own one house. If it wants to buy another property, the old unit must be withdrawn and no more can be occupied.
Secondly, the minimum down payment of 10% can be deducted by CPF in a lump sum and the balance can be deducted by CPF on a monthly basis.
The government also subsidizes each family's home purchase once, and the bank loan interest rate is only about 2.5%. So there is not much pressure on the average working class for down payment and loan.
One more thing, if you don't live in your apartment after you buy, you will face high fines.
The homeowner must live in this rented apartment. You can share other single rooms, but no more than 2 people can share each room. If you want to sell your house within a certain period of time, you will have to pay extremely high government taxes and fees.
As a result, the number of homes owned by families is strictly limited, leases make it illegal to be a second owner of a condominium, and it is almost extinct for Singaporeans to put their hands on condominiums for real estate speculation.
