自從成為新加坡永久居民（Permanent residency in Singapore，下稱 PR）後，許多人會開始思考：與其每個月支付高昂的租金，不如買下屬於自己的房子；與其替房東繳房貸，乾脆把這筆錢當成一種強迫儲蓄──也是讓自己真正在新加坡「安身立命」的一步。
Table of contents
- 新加坡買房制度的設計：早日落地生根
- 新加坡三大地區劃分：區域即是標價
- 新加坡房地產市場特殊之處
- 置產是全民運動，靠不動產致富是集體夢想？
- 不動產，是投資還是生活？
- The Design of Singapore’s Housing System: Encouraging Early Settlement
- Singapore’s Three Residential Regions: Geography as Price
- Distinctive Features of Singapore’s Property Market
- Property as a National Preoccupation
- Property: Investment or Home?
新加坡買房制度的設計：早日落地生根
在新加坡，買房制度其實相當完善。以 PR 的身分來看，會讓人傾向購屋的原因有幾個：
一、公積金制度（Central Provident Fund，下稱 CPF）
成為 PR 後，每月薪資的 20% 會強制存入自己的 CPF，公司也必須額外提撥 17%。換句話說，薪資的 37% 會進入 CPF 裡，並分配至三個帳戶。其中的 Ordinary Account（OA）可用於購屋用途，例如頭期款或每月房貸。
我認為公積金是一個相當良善的制度：只要有穩定工作，房貸壓力其實不重，因為等於公司每月幫你分擔一部分貸款。
二、房屋貸款限制
一般而言，最高可貸到房價的 75%，貸款年限最長 30 年，且必須在 65 歲前還清。若在 35 歲前購屋，通常可貸滿 30 年；超過 35 歲後，年限會逐年遞減（例如 36 歲購屋只能貸 29 年，以此類推）。因此，越早買房，貸款彈性越大。
除了每月被扣 20% 的薪水到公積金，到退休前都無法使用這個資金外，房貸的設計也讓我傾向儘早取得貸款，以確保能貸到最大上限。整體看來，新加坡政府的這些制度似乎都在鼓勵人們「早點安定下來」──提早建立資產、提早規劃家庭、提早在這座城市落地生根。
新加坡三大地區劃分：區域即是標價
新加坡雖然國土面積不大，買房卻也是一門很深的學問。經過一段時間到處看房、與仲介交涉，我總結了一些自己的心得，希望也可以提供未來有購屋需求的朋友一點參考。
整體來說，新加坡主要劃分為三個主要區域：Core Central Region（CCR）、Rest of Central Region（RCR）和 Outside Central Region（OCR），價格自然是由中心向外遞減。
- Core Central Region（CCR）：大家平常比較熟知的烏節路、Marina Bay Sands、市中心金融區與聖淘沙等地。
- Rest of Central Region（RCR）：較為人知的應該是牛車水及東海岸區域。
- Outside Central Region（OCR）：除了上述這些區域以外的其他範圍。
新加坡房地產市場特殊之處
新加坡約有三成居民是外國人，加上多數房產為地上權（leasehold），與台灣以永久產權（freehold）為主的市場相當不同，因此我觀察到幾項有趣的現象：
一、外國人買盤及 ABSD
外籍買家是房地產市場很重要的支撐，額外買方印花稅（Additional Buyer’s Stamp Duty，簡稱 ABSD）會左右房地產市場動能。為了抑制新加坡火熱的房市動能，新加坡政府在 2023 年 4 月將外國人購置房產的 ABSD 從 30% 一舉加倍，調升到了 60%，幾乎是讓外國人買盤瞬間縮手。較受外籍工作者（expat）或投資客青睞的區域，受到 ABSD 的影響就會非常大。
二、來自 HDB 的升級需求
由於新加坡有 HDB（Housing & Development Board，指建屋發展局所興建的公共住宅）制度，且 80% 新加坡人都住在 HDB，因此 HDB 的開發和更迭會大大影響周邊區域的供需。許多新加坡人在原本的 HDB 住習慣後，隨著地上權的年限逐年下降，會想要升級到周邊的私人公寓（condo），也因此 HDB 居住者會是強大的市場基本盤。要判斷一個區域是否有強盛的升值潛力，HDB 的買盤就是個重要指標。
三、地上權（Leasehold）的特性
由於新加坡大部分房產是 99 年地上權，房屋價值在約 30 至 40 年之後會開始大幅下降，影響貸款條件。因此，許多屋主會在達到這個節點前將房產出售，轉而購買新的建案，形成新加坡房地產市場生生不息的動能。
此外，許多台灣人可能好奇，和台灣大眾習慣的永久產權（freehold）不同，大多數新加坡人多半是從地上權（leasehold）開始入手，這是為什麼？歸納下來有以下三個考量：
一、永久產權溢價考量
Freehold 在大多數新加坡人的眼中溢價過高，且在新加坡較沒有「一套房子住到底」的框架，大部分人在房子舊了後會選擇出售，所以有時候新的 leasehold 反而會較舊的 freehold 還受到人們青睞。
二、租金收益率（Rental Yield）考量
由於 freehold 價格較 leasehold 高，而出租的租金並不會受到產權性質的影響，因此出租時租金收益率反而會較低（租金收益率＝（年租金收入 ÷ 房屋購買總價）× 100%）。若是以投資角度來看，leasehold 會是比較划算的選擇（新加坡因租金較高，租金收益比約 3.5%-4%，台北市約 2% 左右）。
三、流動性考量
Leasehold 若是投資客眾多的買盤，通常在成屋後會有一波交易潮。交易量大的話，代表價格會像樓梯般層層攀升，因為沒有後面的賣家會想要賣得比前手低，導致 leasehold 價格上漲通常較 freehold 快。Freehold 買家通常是為了長期持有，才會選擇購買 freehold，在不會頻繁進行交易的前提下，價格增長幅度自然不會如同 leashold 攀升得快。
置產是全民運動，靠不動產致富是集體夢想？
在新加坡，買房是全民話題。房市資訊公開透明，從歷史成交價、都市計畫、地上權標售，到仲介之間的競爭，都讓這個市場走向高度專業化，比較不會有資訊不對等造成的紛爭。不但大眾愛聊房地產話題，仲介們更是一個個說得一口好房地產經。
不過，在熱絡的新加坡房地產市場裡，有錢，還不一定買得到房。若是集萬眾矚目於一身的房地產開發案，不但要抽號碼牌，也要老天保佑你抽到的號碼夠前面，因緣俱足後，才可能選到自己心目中理想的房子。
在這裡，透過房地產致富是個顯學，網路上可以看到很多 YouTuber 教人如何在短期內藉「一買一賣」之間快速累積財富，這些自媒體本人的致富經驗，也成了許多人殷切學習的對象。
例如一位新加坡知名的不動產 YouTuber，原本出身自低收入單親家庭，靠著成功的不動產投資，一步步發展為知名的不動產投資顧問，他的課程收費雖不便宜，卻還是相當多人爭相購買。我曾經參與免費線上直播，想聽聽看他會分享什麼，卻被他的課程收費驚訝到下巴要掉下來──「改變人生課程」要價新幣 4,995 元（約台幣 12 萬元），「年度最佳五個新建案」要價新幣 15,995 元（約台幣 39 萬元），而「兩個受到低估的建案」更要價新幣 30 萬元（約台幣 746 萬元）。
從這個例子便可以感受到，新加坡，是個人人都急著想迅速致富的城市。
不動產，是投資還是生活？
在這段看房的過程中，我發現適合居住的房子，不一定具有好的投資價值；投資價值高的房子，也不一定是最理想的居住環境。主導一切的，是目前市場關注的焦點，以及未來供給和需求的走向。
有時候我不免會想：房屋，承載著許多人心裡最殷切的渴望，多少人希望擁有一個屬於自己的家，一個安穩的避風港，日復一日在外打拚後，能有個讓自己丟掉一切偽裝，好好安身立命的巢穴。
那麼，一個房子，最重要的不應該是居住其中的人的感受嗎？如果為了可以快速累積財富，而選擇了以居住而言並非那麼理想的物件，豈不是有點本末倒置？但當你聽到一個個靠著房地產翻身致富的成功故事時，似乎又很難閉著眼，完全按照個人喜好，單純地因為「我喜歡」而做出決定。
就我觀察，在台灣購置不動產，很多人會從情感面的訴求出發（記得某知名房仲的品牌廣告，便是主打「替買賣雙方圓滿達成夢想」的情感訴求）；而在新加坡，似乎就比較直接一些了，許多人認為「能賺錢」的就是好房子。
如果說 HDB 是新加坡人「人人有其屋」的理想世界，那 condo 就是另一個資本主義舞台：一個看似自由、實則殘酷的遊戲場，各憑本事，在有限的土地上，爭取屬於自己的立足之地。
如今的我，也在找尋自己小屋的路上努力著，結合自身在不動產投資領域的專業，希望將這趟旅程完整的記錄下來，也可以對大家有一些幫助。
Since becoming a Singapore Permanent Resident (PR), many begin to reconsider the arithmetic of renting. Rather than paying a substantial monthly rent, why not purchase a home of one’s own? Rather than servicing a landlord’s mortgage, why not treat those payments as a form of compulsory saving — and a deliberate step towards putting down roots in Singapore?
The Design of Singapore’s Housing System: Encouraging Early Settlement
Singapore’s housing framework is, by and large, meticulously structured. From a PR’s perspective, several features naturally incline one towards home ownership.
1. The Central Provident Fund (CPF)
Upon obtaining PR status, 20% of one’s monthly salary is mandatorily contributed to the Central Provident Fund (CPF), with employers contributing an additional 17%. In effect, 37% of one’s wages flow into CPF accounts, divided across three sub-accounts. The Ordinary Account (OA) may be used for housing — whether for the deposit or monthly mortgage repayments.
In my view, CPF is a thoughtfully designed system. So long as one maintains stable employment, mortgage pressure is relatively manageable, as the employer’s contribution effectively subsidises part of the repayment each month.
2. Loan Restrictions
Typically, buyers may borrow up to 75% of a property’s value, over a maximum tenure of 30 years, with full repayment required by age 65. Those purchasing before the age of 35 can generally secure the full 30-year term; beyond 35, the allowable tenure shortens progressively (for instance, a 36-year-old buyer may borrow for 29 years, and so forth). The earlier one purchases, the greater the flexibility.
Given that CPF savings remain inaccessible until retirement, and mortgage rules reward youth, the system subtly incentivises early acquisition — encouraging individuals to accumulate assets, plan families, and establish permanence sooner rather than later. The architecture of policy appears to gently nudge residents towards early rootedness.
Singapore’s Three Residential Regions: Geography as Price
Though compact in land area, Singapore’s property market is far from simple. After months of viewings and negotiations, I have distilled several observations that may prove useful to prospective buyers.
Broadly, Singapore is divided into three principal residential regions: the Core Central Region (CCR), the Rest of Central Region (RCR), and the Outside Central Region (OCR). Prices typically taper as one moves outward from the centre.
- Core Central Region (CCR): Encompasses Orchard Road, Marina Bay Sands, the Central Business District and Sentosa — areas synonymous with prestige and prime pricing.
- Rest of Central Region (RCR): Includes neighbourhoods such as Chinatown and the East Coast, balancing centrality with relative affordability.
- Outside Central Region (OCR): All districts beyond the above — generally more suburban and correspondingly less expensive.
Distinctive Features of Singapore’s Property Market
Roughly 30% of Singapore’s population comprises foreigners, and most properties are leasehold rather than freehold — a stark contrast to Taiwan’s predominantly freehold market. This gives rise to several distinctive characteristics.
1. Foreign Demand and ABSD
Foreign buyers have long underpinned segments of the market. The Additional Buyer’s Stamp Duty (ABSD) significantly influences momentum. In April 2023, the government doubled ABSD for foreign purchasers from 30% to 60%, effectively dampening overseas demand overnight. Districts favoured by expatriates or investors were particularly affected.
2. Upgrading Demand from HDB Owners
Around 80% of Singaporeans reside in public housing developed by the Housing & Development Board (HDB). As lease tenures shorten, many HDB residents seek to “upgrade” to nearby private condominiums. Consequently, HDB homeowners form a robust base of demand. The vitality of surrounding HDB estates is often a telling indicator of a district’s appreciation potential.
3. The Nature of Leasehold
Most properties carry 99-year leases. Values tend to decline markedly after 30 to 40 years, affecting financing conditions. Many owners therefore sell before this inflection point and reinvest in newer developments, creating a perpetual cycle of renewal within the market.
This also explains why many Singaporeans begin with leasehold rather than freehold properties, despite the latter’s perpetual tenure.
- Freehold Premium: Freehold homes command significant price premiums. Given that many Singaporeans do not intend to reside in one property indefinitely, newer leasehold developments may prove more attractive than ageing freehold stock.
- Rental Yield Considerations: While freehold properties are more expensive, rental income is typically unaffected by tenure. Consequently, rental yields are often lower. With Singapore yields averaging around 3.5–4% (compared to approximately 2% in Taipei), leasehold units may offer better investment efficiency.
- Liquidity: Leasehold projects with strong investor participation often experience active resale markets upon completion. Higher transaction volumes can drive prices upward in a stepwise fashion. Freehold properties, more commonly held for the long term, may see steadier but slower price growth.
Property as a National Preoccupation
In Singapore, property is a national conversation. Transaction histories, urban planning data, land sales and development pipelines are publicly accessible, fostering transparency and professionalism. Estate agents are articulate, competitive and well-informed; the market leaves little room for opacity.
Yet in this fervent market, capital alone does not guarantee acquisition. Highly anticipated launches may require balloting — and a measure of luck — before one can even select a preferred unit.
Wealth accumulation through property is widely celebrated. Online personalities regularly promote strategies promising rapid gains through timely purchases and disposals. I once attended a complimentary webinar hosted by a well-known property YouTuber, only to discover that his paid courses were priced at eye-watering levels: S$4,995 for a “life-changing” programme, S$15,995 for insights into five recommended new launches, and S$300,000 for access to two allegedly undervalued developments.
Such examples reveal something about Singapore’s psyche: it is a city perpetually in pursuit of acceleration.
Property: Investment or Home?
Throughout my own search, I have observed that homes ideal for living do not always offer the strongest investment returns; conversely, high-yield assets may not provide the most desirable living environments. Market sentiment, and the evolving balance of supply and demand, ultimately dictate value.
Yet a home carries emotional weight. It is where masks are set aside after long days, where one feels sheltered and secure. Should not the lived experience of its inhabitants matter most?
If one chooses a property purely for its profit potential — at the expense of comfort — does that not risk reversing priorities? And yet, when confronted with countless tales of fortunes made through real estate, it is difficult to decide based solely on personal preference.
In Taiwan, property purchases often appeal to sentiment and aspiration. In Singapore, the calculus appears more direct: a “good” property is one that yields returns.
If HDB represents the egalitarian ideal — a society where everyone has a roof over their head — the private condominium is another stage entirely: a capitalistic arena where individuals compete, each according to their means, for a foothold on limited land.
As for me, I continue the search for a modest place of my own. Drawing upon my professional background in real estate investment, I hope to document this journey — not merely as analysis, but as reflection — in the hope that it may offer perspective to others walking a similar path.