[BUYING AND SELLING REAL ESTATE IN SINGAPORE]
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65%, while the applicable ACD rate for sellers is 12%. ONGOING COSTS OF PROPERTY OWNERSHIP Property Tax Property tax on residential property is payable, whether owner-occupied or not, and at rates which follow a progressive scale. All other properties are taxed at 10% of the annual value of the property (i.e. the estimated gross annual rent of the property if it were to be rented out). Property tax reliefs may be available in certain scenarios such as where a residential property is being demolished and rebuilt for subsequent owner-occupation, or where a non-residential property is owned and being used by a registered charity for charitable, public religious worship or educational purposes. Conservancy & Maintenance Charges HDB properties are subject to monthly conservancy charges which are dependent on the relevant town council in charge of the property. Similarly, private condominiums and developments are subject to monthly maintenance fees payable quarterly to the relevant management corporation. PROTECTION OF LANDED RESIDENTIAL PROPERTY There is generally no restriction on foreign ownership of commercial or industrial property or residential units in an apartment building. However, transactions of restricted residential property (generally landed property) involving foreigners require prior approval by the Minister of Law in accordance with the Residential Property Act 1976. Besides individuals who are foreigners, a foreign person is also defined in the Act to include a company incorporated in Singapore if the company has directors or members who are not Singapore citizens.
ILN Real Estate Group – Buying and Selling Real Estate Series
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