If you are checking this out you must be living in or planning on moving to Singapore which we are going to refer to as SG moving forward since that is what the locals call this island nation which is home to the greatest concentration of millionaires and billionaires per capita in the world but I digress.
Purchasing Executive Condos like Hundred Palms Residence
There is a huge demand for executive condos in SG and if you want to get your hands on the highly south after ones in the north either near Woodlands so you can make a quick hop across the causeway to JB or closer to Jurong East Interchange so you can access the MRT and buses with ease you will have to get your finances in order. The majority of Singaporeans have to use their CPF savings to pay for an HDB flat so the executive condo market is primarily geared towards well to do white collar workers and the expat market, in either case, you will need to bring cash to the table and lots of it.
With a significant number of these EC’s selling for above their current market price, you may have to come up with some money to make the deal happen. The first step is finding a savvy real estate agent who can get a pulse on the market and how to structure the most competitive offer so you are not overspending but putting enough money into the deal to motivate the buyer to agree.
Finding the Right Real Estate Agent in SG
It seems like everyone is working as a real estate agent in SG and it should come as no surprise with real estate being expensive and in short supply, there are deals to be made and commissions to be paid. You have to target real estate agents that have been working in this field for many years and have completed a substantial number of transactions in the last 12 to 24 months. You want to make sure that if the offer is accepted the real estate agent will not drop any balls that could put the deal in jeopardy.
Along with finding a great real estate agent, you will need a lawyer to make sure there are no liens on the property and the individual selling it actually owns the property. These properties can easily sell for several hundred thousand dollars and in time be worth millions so you have to take proactive steps if you want to protect this investment and it starts by hiring the right team of professionals. The government will also expect its piece of action in the form of stamp duty, without this stamp duty the transaction will not be recognized by the law and you could end up in serious legal trouble so it would be in your best interest to bite the bullet and pay the stamp duty levied by the government consider it a cost of doing business in SG.