Korean Citizens Buying Property in Singapore: The Definitive Homejourney Guide
This comprehensive guide is your trusted roadmap for Korean buyers Singapore, covering every regulation, cost, and step for South Korea citizens buying property in Singapore. Homejourney prioritizes your safety with verified data and transparent advice, helping you navigate the market confidently in 2026.
Whether you're a Korean investor guide seeker or planning to relocate, Singapore's stable economy and world-class living make it attractive. But strict rules for foreigners demand expert guidance—Homejourney verifies all information to build trust and protect your investment.
Table of Contents
- Executive Summary
- Eligibility for Korean Citizens
- Property Types Korean Buyers Can Purchase
- Stamp Duties and Taxes (BSD & ABSD 2026)
- Financing Options for Foreign Buyers
- Step-by-Step Buying Process
- Total Costs Breakdown
- Singapore Property Market for Korean Investors
- Common Mistakes to Avoid
- Frequently Asked Questions
- Next Steps with Homejourney
Executive Summary: Why Korean Buyers Choose Singapore
Singapore offers Korean citizens a secure property market with high appreciation and rental yields. As a foreigner, you face no restrictions on private condos but 60% ABSD on first purchases[1][2]. Homejourney's verified insights ensure safe decisions amid 2026 market cooling, with condo prices stabilizing at S$2,000-$3,000 psf in prime areas.
Key benefits include political stability, English-speaking environment, and proximity to Korea (6-hour flights). Insider tip: Districts 9-10 suit Korean families for international schools like Korean International School (KIS) at 41 Devonshire Road, 5-min walk from Orchard MRT Exit A.
This pillar guide draws from official URA, SLA, and HDB sources, plus Homejourney's data analysis, providing original frameworks for your Korea Singapore property journey.
Eligibility Rules for Korean Citizens Buying Property
Korean citizens, as non-PR foreigners, can buy private properties without citizenship changes. No HDB flats or new Executive Condominiums (ECs)—resale ECs over 10 years old are allowed[1][3].
PR status eases rules: After 5 years, higher SLA approval for landed homes[1]. But for pure foreigners, focus on condos. Homejourney verifies your eligibility via property search tools, ensuring compliance.
Key Eligibility Checklist
- Valid passport and proof of funds.
- No prior HDB ownership restrictions apply to foreigners.
- Age 21+ for private properties.
- Comply with Ethnic Integration Policy only if buying resale HDB (not applicable).
Disclaimer: Rules per Residential Property Act 1967; consult SLA for updates[1].
Property Types Available to Korean Buyers
Korean investor guide starts here: Foreigners freely buy condominiums and apartments[1][2][3]. Strata-landed in approved projects and Sentosa Cove landed need SLA approval[1][4].
| Property Type | Foreigners Allowed? | Approval Needed? | Notes |
|---|---|---|---|
| Private Condos/Apts | Yes | No | Unlimited purchase[1] |
| Strata-Landed | Yes | If in condo project | Gov-approved only[1] |
| Landed Properties | Restricted | SLA approval | Rare, except Sentosa[2][4] |
| HDB Flats | No | N/A | Citizens/PR only[2] |
| ECs (>10 years) | Yes (resale) | No | Privately owned[3] |
Popular for Koreans: Condos in District 10 like Ardmore Park (S$3,500 psf), near Korean eateries at Zion RoadTypes of Properties Foreigners Can Buy in Singapore | Homejourney .
Stamp Duties: BSD and ABSD for Korean Buyers (2026 Rates)
Buyer’s Stamp Duty (BSD) is progressive: 1-6% on all[1]. Additional Buyer’s Stamp Duty (ABSD) hits foreigners at 60% on first property, 65% subsequent—no remission[2]. Use Homejourney's ABSD calculator.
ABSD Rates Table (Foreigners, 2026)
| Buyer Status | First Property | Second+ |
|---|---|---|
| Korean Citizens (Foreigners) | 60% | 65% |
| PRs | 5-30% | 30% |
Example: S$2M condo = S$1.2M ABSD + BSD ~S$80k. Total upfront: 65%+[1][2].
Financing for Korean Buyers: LTV, TDSR, MSR
Foreigners get 70% Loan-to-Value (LTV) max on first property (75% if
Secure In-Principle Approval (IPA) first via banks. Compare rates on Homejourney's bank rates page. Detail in financing guide[1].
- Documents: Passport, payslips (3 months), tax assessments (2 years), bank statements.
- Insider tip: Korean banks like Shinhan offer cross-border loans; compare with DBS/OCBC.
Step-by-Step Property Buying Process for Koreans
Follow this verified process from Homejourney, aligned with foreign buyer guide.
- Budget & IPA: Calculate ABSD/BSD; get IPA (1-2 weeks).
- Search Properties: Use Homejourney property search for verified listings.
- Option to Purchase (OTP): Pay 1% (S$20k on S$2M) for 14-21 days exclusivity[1].
- Exercise OTP: Pay 4% more (total 5% deposit).
- Conveyancing: Lawyer checks title (S$3-5k fees, 8-12 weeks).
- Legal Completion: Pay balance; get keys. SLA approval if landed (3-6 months).
Timeline: 10-14 weeks for resale condos. Use projects directory for new launches.
Total Cost Breakdown for S$2M Condo (Korean Buyer)
| Item | Amount (S$) | % |
|---|---|---|
| Purchase Price | 2,000,000 | - |
| ABSD (60%) | 1,200,000 | 60% |
| BSD | 80,000 | 4% |
| Legal Fees | 5,000 | - |
| Agent Fee (if seller pays) | 0 | - |
| Total Upfront | ~1,285,000 + 25% downpayment | - |
Monthly: Property tax S$200 (owner-occ), maintenance S$500. Post-purchase: aircon services ~S$200/year.
2026 Market Insights for Korean Investors
Singapore prices rose 2-5% in 2025; 2026 forecast: 0-3% growth per URA[2]. Korean demand high in Orchard (5% foreign buyers Korean), yields 3-4%[4].
Top picks: The Marq on Paterson Hill (S$4,000+ psf, Sentosa views); Hyll on Holland (District 10, S$2,800 psf, near KIS). Original insight: Koreans favor 3-bedders (1,200 sqft) for families, ROI boosted by en-bloc potential.
Compare with Korea: Singapore yields beat Seoul's 2% amid cooling[6]. Check projects for data.
Common Mistakes Korean Buyers Make (And How to Avoid)
- Underestimating ABSD: 60% shock—use Homejourney calculator first.
- No IPA: Avoid OTP without financing; banks reject post-OTP.
- Skipping Due Diligence: Check freehold/99-year lease; inspect for leaks (common in older condos).
- Ignoring TDSR: Factor all debts; example: S$10k Korea loan impacts.
- Agent Red Flags: Unlicensed—Homejourney verifies agents for safety.
Real example: Korean buyer lost S$50k deposit in 2025 for TDSR fail—get IPA early.
FAQ: Korean Buyer Singapore Queries
Can Korean citizens buy HDB flats?
No, foreigners cannot buy HDB[1][2].
What is the ABSD for South Korea citizen property purchase?
60% on first, 65% subsequent[2].
Can Koreans get mortgages in Singapore?
Yes, up to 70% LTV, subject to TDSR 55%[1][2].
Best areas for Korean investors guide?
Districts 9-10: Near KIS, Korean BBQ at Zion Riverside (10-min walk from River Valley MRT).
How long for SLA approval on landed?
3-6 months; Sentosa Cove easier[1][4].
Can I rent out immediately?
Yes for condos; check MOP for subsidized.
Tax implications for Korean owners?
Property tax progressive; no capital gains tax.
Next Steps: Start Your Safe Journey with Homejourney
1. Use property search
