Apartment Hunting in Singapore 2024: Tips for Navigating the Competitive Market

Singapore, a global hub for business and innovation, has a highly competitive real estate market, making apartment hunting a challenging task for both locals and expatriates. With its strategic location, robust economy, and high quality of life, Singapore is an attractive destination for people from all over the world. The demand for rental and owned properties is always high, and it’s essential to understand the intricacies of the market to secure the best deal. This article will provide tips and insights for navigating the competitive apartment market in Singapore in 2024.

Understanding the Singaporean Property Market


The property market in Singapore is divided into three main categories: public housing (HDB flats), private residential properties (condominiums and apartments), and landed properties (bungalows and semi-detached houses). HDB flats are government-subsidized housing and make up about 80% of the housing stock in Singapore. However, these are primarily reserved for Singaporean citizens and permanent residents.

Foreigners are generally limited to purchasing private residential properties and landed properties in certain areas. The government has imposed several measures to cool the property market and ensure stability, such as the Additional Buyer’s Stamp Duty (ABSD) and Loan-to-Value (LTV) limits.

Planning Your Budget


Before starting your apartment hunt, it’s essential to plan your budget carefully. Property prices in Singapore can vary significantly based on the location, size, and type of property. Additionally, there are several costs associated with purchasing an apartment, such as the Buyer’s Stamp Duty (BSD), Additional Buyer’s Stamp Duty (ABSD), legal fees, and agent commissions.

The BSD is applicable to all property buyers and is calculated based on the purchase price or market value of the property, whichever is higher. Foreigners are required to pay an ABSD of 20% of the purchase price or market value of the property. This is on top of the standard BSD.

Securing Financing

Securing financing is a crucial step in the apartment-buying process. Banks in Singapore have strict lending criteria, and it’s important to determine your eligibility for a property loan before starting your apartment hunt. Factors that banks consider when assessing your loan eligibility include your income, credit history, and existing debts. It is also essential to take into account the interest rates and loan tenure as these will affect your monthly repayments. Obtaining a loan pre-approval before starting your apartment hunt is advisable. A loan pre-approval will give you a clear idea of how much you can borrow, help you set a realistic budget, and show sellers that you are a serious buyer.

Finding the Right Location


The location of the apartment is one of the most important factors to consider when apartment hunting in Singapore. Some popular areas for expatriates and foreign investors include Orchard Road, Marina Bay, and the Central Business District (CBD). These areas are well-connected by public transportation, have a wide range of amenities, and are close to business and entertainment districts.

If you prefer a quieter and more residential area, consider districts like Holland Village, Bukit Timah, and Tanglin. These areas are popular among families and have good schools, parks, and recreational facilities.

New developments, such as Newport Residences, are also worth considering as they offer modern amenities, strategic locations, and potentially higher returns on investment.

Viewing Apartments

Once you have narrowed down your preferred locations and set your budget, it’s time to start viewing apartments. It’s advisable to engage a property agent to help you with the apartment-hunting process. A property agent will have access to a wide range of properties, negotiate on your behalf, and guide you through the legal and administrative processes.

When viewing apartments, consider the following factors:

  1. Condition of the Property: Assess the condition of the apartment, including the fixtures, fittings, and appliances. Check for any signs of wear and tear, water damage, or pest infestations.
  2. Facilities and Amenities: Consider the facilities and amenities available in the apartment complex or condominium. These may include swimming pools, gyms, security services, and car parking.
  3. Proximity to Public Transportation: Check the proximity of the apartment to public transportation, such as MRT stations and bus stops.
  4. Neighborhood: Consider the neighborhood and its surroundings. Check for the availability of amenities such as supermarkets, restaurants, schools, and recreational facilities.

Making an Offer and Completing the Transaction

Once you have found an apartment that meets your criteria, the next step is to make an offer. Your property agent will help you negotiate the price and terms of the sale with the seller. It’s important to have a clear understanding of the current market conditions and the value of similar properties in the area to make a competitive offer. Once both parties have agreed on the price and terms, you will need to sign the Option to Purchase (OTP), a legally binding document that outlines the terms and conditions of the sale.

The next step is to pay the option fee, which is usually 1% of the purchase price, and exercise the OTP by paying the remaining down payment. The down payment is typically 20% of the purchase price, including the option fee. It’s crucial to have your finances in order before exercising the OTP as failing to complete the transaction could result in the forfeiture of your down payment.

After exercising the OTP, you will need to complete the legal and administrative processes required for the transfer of ownership. This includes paying the stamp duty, obtaining the necessary approvals, and signing the Sale and Purchase Agreement (SPA). It is advisable to engage a lawyer to handle the legal documentation and ensure that the transaction proceeds smoothly.



Apartment hunting in Singapore can be a challenging task due to the competitive nature of the market. However, with careful planning, research, and the help of a property agent, it is possible to find an apartment that meets your needs and budget. Remember to plan your budget carefully, secure financing, choose the right location, assess the condition of the property, and complete the necessary legal and administrative processes. Happy hunting!

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