Buying a serviced apartment unit, whether for personal use or rental income, can be a complicated process for those who do not have the experience nor the market knowledge. To add fuel to the already burning fire, shopping for serviced units as an expatriate in Singapore can be even more perplexing. Below is a comprehensive guide that answers all the important questions about serviced apartments.
Listings for serviced apartments in Singapore pertain to fully furnished units that are rented for both short-term and long-term vacancies. Included in the contract are amenities similar to those you can find in a hotel, such as housekeeping services, a doorman, lobby receptionist, and soft furnishings like a wall cabinet and oven. As Singapore increasingly becomes a business hub not just in the Asian continent but worldwide, supply and demand of sophisticated housing services have relatively risen to accommodate the needs of businesspersons.
Pros and Cons
Buying serviced apartments in Singapore may get a lot of frowns and criticisms from the investor community. Some regard the type of housing as having high management fees with limited capital gains. Although, picking the right management structure can indeed make serviced apartments a worthwhile investment. High-end serviced units may also come with other deluxe features like European-themed gourmet kitchens, plus sized tubs, and high-speed internet connectivity.
When renting a Singapore property that’s serviced, it’s usually a simple and straightforward process. You can book online through a local website or dedicated portal that lists serviced properties. You can also contact an agent who may be able to reduce the standard rates on the lodging or throw in extra freebies and upgrades, such as exclusive channels, faster internet speeds, or furniture pieces. If you are planning to buy a serviced unit, the process is much more rigid and protracted. Due process via the guidance and instruction of Singapore’s housing development board will be undergone prior the exchange of land and property.
Final Tip When Buying a Serviced Apartment
Perhaps the easiest way to gauge the value and future demand for a serviced unit is looking at its listing page. You’ll find plenty of useful information about the Singapore property including its customer rating, amenities included, monthly cost, and how it compares value-wise to similar properties within the vicinity. Also, try not to skimp out on the services of a professional real estate agency. As a foreign investor, their services come as undeniably valuable.