Some of the Property Terms That You Should Know (Part 3)


Continuing what we left off from the previous post, here goes.

Please note that this is part 3 of 4 series of property terms.

Part 1 | Part 2 | Part 3 | Part 4

  • GST (Goods and Services Tax) – is a tax for sale and lease of properties (except residential).
  • URA (Urban Redevelopment Authority) – it is a planning authority for national lands of Singapore. You will hear these in many local area’s short and long term plan.
  • HDB (Housing & Development Board) – it is the public housing authority in Singapore.
  • SLA (Singapore Land Authority) – Is a government body that responsible for land and building management, as well as land sales.
  • Condo – Another word for a condominium. Let’s just say it is a more premium and private in comparison to HDB flat.
  • LOI (Letter of Intent) – is a written offer from a landlord to a tenant. Which cover most of the agreements like rent, duration and commencement date (to name a few).
  • Funds Payable – Amount that you need to pay.
  • Diplomatic Clause  – When a tenant wants to terminate his/her tenancy, he/she is obliged to let the owner an early notice. Usually 30 days before. Usually, this will be written in Tenancy Agreement.
  • Tenancy Agreement – It is an agreement with the name of landlord and tenant. Which cover things like payment, agreeable terms, expected period of stay, what to do and don’t, etc.
  • Security Deposit – Is the amount of money you need to put in advance (usually 1 month of rent) that act as a security deposit. You can choose if you want to use this money for your final month or a refund.
  • Proof of Immigration Status – Most of the time you will need to provide proof to the landlord that you are a legal citizens / expat in Singapore. These will include things like passport, employment pass, birth certificate, green card, employment letters, or naturalization certificate.
  • Partly Furnished – You will be given half of the necessities.
  • Fully Furnished – You will be given full of the necessities.
  • 2+1 – Stand for 2 bedrooms and 1 study room.
  • 4+1 – Stand for 4 bedrooms and 1 study room (generally located in a premium area).
  • Level 1 – Usually referred to the ground floor of a building.
  • Semi – When there are 2 places that joined together with walls as their separator.
  • Shop House – A type of accommodation or place where the bottom floor (ground) is used for shop and the upper floors for living space. The maximum floors are usually 3.

Continue to part 4