You might think that everything in Singapore is expensive but you can still actually find cheap lands or properties for sale on such a progressive country. Singapore’s homeownership rate is among the highest in the world wherein homelessness is almost unheard in the city-state. This only shows that property in Singapore is still affordable inspite of being an advanced state. Most of the Singaporean citizens live in public housing environment wherein 82% of its population of all income levels live here.
HDB is responsible in providing affordable housing and land development based on the current and future needs of its citizens; wherein they see to it that they are creating a vibrant, sustainable and affordable land or towns and ensuring active and organized communities. Affordability is guaranteed through a set of modalities, including the providing of different units or land and giving emphasis to ownership as contrasting to rental.
Below are tips on how to determine whether the value of land or unit is cheap or not. Using the standard appraisal estimation value gives us some clues:
- Site size and shape – represented by width, depth and frontage.
- Plottage – has assembly and combining of plots that has been accomplished.
- How much land is excess – excess has less value of what is required.
- Topography – land’s contour, view, soil, grading, natural drainage and usefulness.
- Utilities – drinking water, sewers, natural gas, electric, phone, etc.
- Accessibility – location, streets, parking, alleys, connecting roads and highways.
- Environment – climate, air quality, adequate water supply, lakes, oceans and absence of hazardous materials.
- Site improvements – landscaping, gutters, fences, walks, drives and irrigation.
- Corner influence – equals visibility for commercial or privacy for residential.
If you have decided to buy land in a progressive state such as Singapore, always purchase a land or unit that is closely located to amenities in an area that is well known, but be sure that it’s not that expensive and it’s worth buying for.