Private residential property in Singapore refers to housing units that are owned by private individuals, corporations or entities, and are not developed or managed by the government. They include a wide range of housing types, such as apartments, condominiums, landed houses, and luxury homes.
Private residential properties in Singapore are usually developed by private developers who acquire land through government land sales or en-bloc sales of existing developments. Private developers have greater flexibility in terms of design, pricing, and marketing of their developments, and they cater to a wide range of market segments, from affordable mass-market housing to high-end luxury properties.
Private residential properties are subject to a range of regulations and guidelines under the Urban Redevelopment Authority (URA), including zoning and land use controls, building codes, and guidelines on building height and density. Private residential properties are also subject to the property cooling measures introduced by the government to curb speculation and maintain a stable property market.
Private residential properties in Singapore are highly sought after due to the country’s strong economy, political stability, and high standard of living. They are often considered a long-term investment and a form of wealth preservation, and can provide a source of rental income for investors. However, they are also subject to market fluctuations and risks, and buyers are advised to exercise caution and conduct due diligence before making a purchase.