Here we present a Glossary Of Singapore Real Estate Terms at Newlaunchescondo.SG to help you understand our real estate market and its many lingos and unique terms. Contact us if you have any queries !

Glossary Of Singapore Real Estate Terms

#RES/Web

  • 2+1: A property system in Singapore representing 2 bedrooms with a servant’s room or a study room. Generally budget-friendly.
  • 4+1: This system comprises 4 bedrooms and 1 study or servant’s room. Usually the largest unit in the development.
  • ABSD (Additional Buyer’s Stamp Duty): A tax imposed on owners in Singapore when they purchase additional properties, paid in addition to Buyer’s Stamp Duty.
  • Agent: Typically refers to individual Real Estate Salespersons (RES) but also officially refers to real estate companies.
  • Bankruptcy Search: A search made by conveyancers to check whether a buyer or borrower has been, is, or is about to be declared bankrupt.
  • Black and White: Houses in Singapore dating back to hundreds of years in history, representing the typical bungalow kind of houses that offer insight into the city’s colonial past.
  • BTO (Build-To-Order): A category of brand new flats built by the Housing and Development Board (HDB).
  • Bungalow: Huge properties in Singapore, often 2 to 3 stories high, undergoing transformations to meet the needs and tastes of the people.
  • Buyer’s Stamp Duty (BSD) Rates:
    • First $180,000: 1%
    • Next $180,000: 2%
    • Next $640,000: 3% (residential and commercial property)
    • Remaining Amount: 4% (residential property only)
  • CMA (Comparative Market Analysis): A report on the value of a home compared to others offered on the current property sales market.
  • CEA (Council for Estate Agencies): A government statutory board overseeing and regulating the real estate industry to protect consumers.
  • Community Care Apartment: Senior-friendly housing with specific features.
  • Condo: Short for condominium, a form of housing where a part of real estate is owned individually, with access to common facilities.
  • CPF (Central Provident Fund): A social security savings scheme in Singapore used to fund home purchases.
  • CSC (Certificate of Statutory Completion): Issued by the building authority denoting legal completion of a building after the Temporary Occupation Permit.
  • DC (Development Charge): Paid when a proposed development increases the value of a freehold property.
  • Decoupling: Selling shares of a property to a single owner to purchase more properties without paying ABSD.
  • Default: Occurs when a debtor has not met its legal obligations according to the debt contract, either unwilling or unable to pay their debt.
  • Deferred Payment Scheme (DPS): A form of progress payment allowing property buyers to defer the bulk of the purchase payment to a later date, requiring a bank loan at the point of purchase.
  • District 9, 10, and 11: Leading residential areas for expatriates, no longer in use but known for properties like Pandan Valley, The Duet, Robertson Blue, Tanglin Park, etc.
  • Development Charge (DC): Paid when a proposed development increases the value of a freehold property.
  • Diplomatic Clause: Implies that a tenant can terminate the tenancy with early notice only after the completion of the first twelve months, with a written notice period or payment of rent in lieu thereof.
  • Down Payment: A portion of the total purchase price paid upfront to secure a property purchase.
  • En-bloc Sale: Collective sales of separate units in a private residential or commercial building, often fetching a higher price than market value.
  • Executive Flat: An HDB flat with specific features, including 3 bedrooms.
  • Fixtures: Personal property that has become attached to the property, such as escalators.
  • Fogging: Mosquito prevention involving the fogging of areas with pesticides and insecticides for sustained results.
  • Foreclosure: A legal proceeding where a lender obtains a court-ordered termination of a borrower’s right of redemption of the pledged property due to default.
  • Freehold: A form of tenure by which an estate is held for life.
  • Funds Payable: Deals with various factors related to property rent, including one month advance rent, two/three months security deposit, and stamp duties.
  • GST (Goods and Services Tax): A consumption tax levied on the import of goods and services in Singapore, currently at 8% in 2023 and then 9% in 2024. You do have to pay GST for services provided by a property agent.
  • HDB (Housing & Development Board): The public housing authority in Singapore responsible for planning and developing housing estates.
  • Heartlands: Areas where the majority of Singaporeans, especially the middle and labor classes, reside, often situated in HDB estates.
  • In-Principle Approval (IPA): Given by banks for a home loan, subject to further conditions.
  • Joint Tenancy: Treats owners as one, with the right of survivorship.
  • Jumbo Flat: A combination of two adjacent flats.
  • Land Betterment Charge (LBC): Paid when a proposed development increases the value of a property.
  • LDAU (Land Dealings Approval Unit): Approval required for foreigners to buy landed property.
  • Lasting Power of Attorney (LPA): A legal instrument indicating trusted individuals to act on behalf of someone losing mental capacity.
  • Letter of Intent (LOI): A written offer made by a tenant to a landlord, dealing with terms of tenancy such as rent, duration, and commencement date.
  • Letter of Offer: Given by banks when they approve a loan.
  • Leasehold: A tenure held by a lessee under a lease.
  • LPA (Lasting Power of Attorney): A legal instrument indicating trusted individuals to act on behalf of someone losing mental capacity.
  • LTV (Loan-to-Value): Applicable to all property purchases, allowing borrowers to borrow up to a certain percentage of a property’s value.
  • Maisonette: 2-storied buildings consisting of bedrooms, wardrobes, kitchens, and bathrooms, similar to flats on two floors.
  • Minimum Occupation Period (MOP): The length of time a buyer of an HDB flat must stay in it before putting it up for resale.
  • MSR (Mortgage Servicing Ratio) Rules:
    • Applicable to HDB and EC purchases.
    • All property loans capped at 30% of a borrower’s monthly income.
  • Neg (Negotiable): Tenants often negotiate property transactions based on their budget, with landlords negotiating with different parties.
  • Option to Purchase (OTP): A legally binding contract between sellers and buyers, protecting both parties.
  • Per Square Foot (PSF): A unit used to measure the area of a property, often used to denote the total price in square feet.
  • Pest Control: Services and aid provided to homeowners or renters to protect houses from insects, often using the latest techniques for eradication.
  • Price per Square Foot (PSF): The price of the property divided by the land area.
  • Proof of Immigration Status : Documents, including birth certificate, passport, green card, employment letters, and certificates by registered companies, required to certify a tenant as a legal citizen of Singapore.
  • Private Apartment: Units in a non-public development with fewer communal facilities than a condominium.
  • Property Tenure: States the time during which the owner of the property has the legal right of use, with HDB flats usually having tenures of 99 years.
  • Real Estate Salesperson (RES): The official term for property agents, realtors, and brokers in Singapore, set by the Council for Estate Agencies (CEA).
  • Refinance/Repricing: The process of restructuring an existing mortgage.
  • Resale: Refers to pre-owned and pre-loved properties that are on sale again.
  • Restricted / Non-restricted Property: Property where the purchase needs / needs not obtain approval from the relevant authority.
  • Sale and Purchase Agreement (S&P): Utilized in private property transactions.
  • Seller Stamp Duty (SSD): Paid when selling a property within three years, with varying rates for residential and industrial properties.
  • Semi: Two houses joined together by a common wall, a good option for those seeking company and friendly relations with neighbors.
  • SIBOR (Singapore Interbank Offered Rate): The rate at which banks lend/borrow funds from each other, commonly used as a benchmark to price home loans.
  • Singapore Land Authority (SLA): A statutory board holding Singapore’s land information database and developing and marketing state properties.
  • Stamp Duty: Fees chargeable by the government upon a successful property transaction, currently set at 3% of the purchase price.
  • Strata: Sharing of common areas in a multi-level apartment block by some apartments, denoted by a title associated with townhouses, units, and blocks of flats.
  • Strata Title: A title to a unit or lot on a plan of subdivision associated with townhouses, units, and blocks of flats, based on the horizontal and vertical subdivision of air space.
  • Straits: Popularly known as the Chinese doll’s house, it consists of shops on the ground floor and residential apartments above, often stretching up to three storeys.
  • Swap Offer Rate (SOR): Another benchmark rate used to price home loans, considering exchange rates.
  • TDSR (Total Debt Servicing Ratio): Applicable to non-HDB/new EC purchases, capping all loans at 55% of a borrower’s monthly income.
  • Temporary Occupation Permit (TOP): Granted by the Commissioner of Building Control upon completion of a construction project, allowing occupancy.
  • Terrace House: A row of linked houses, often with gardens.
  • TDSR Limits on Loans and Incomes: Tied in with loan tenure, LTV limits, borrower’s age, existing housing loans, property type, and person/company status.
  • Tenancy Agreement: An agreement bearing the names of the landlord and tenant, outlining various deal facets such as the rented area, down payment, annual rent, agreement period, and other conditions.
  • Temporary Occupation Permit (TOP): An approval that marks the date when owners or tenants are permitted to stay in a property.
  • Tenancy-in-Common: Ownership where owners are seen as separate, each able to pass their share to others.
  • Terrace House: A row of linked houses, often with gardens.
  • Town House: A row of residential properties with common land ownership.
  • URA (Urban Redevelopment Authority): The national land use planning authority of Singapore, dealing with long-term strategic plans, local area plans, and coordination to bring these plans to reality.
  • Valuation Fee: The fee paid for the valuation of a property, determining the market value for calculating the maximum loan amount.
  • View to Offer (VTO): Indicates that the seller has not set a selling price and will entertain offers from prospective buyers.
  • Walk-Up Apartment: An apartment in a building of five floors or fewer, where upper-floor access is only available by staircase.

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