If you’re a High-Net-Worth Individual chances are you have a lot of properties in your helm. Now, it’s crucial that you understand and be familiar with the different types of property you possess. Because knowing the 2 main types of property means that you are also well versed in property rights. Let’s delve deeper into the two types of property that you as an HNWI can possess.
Real property refers to the land that you own and any structures attached to it. It is defined as the real estate, realty or the immovable property that any person like you own. So if you own a house in Marine Parade or in Buona Vista, then that house constitutes as your real property. Likewise, the buildings you own such as condos and commercial buildings are also considered real property and are covered by the property rights involving real estate.
There are 3 Major types of Real Property that you can own
- Public Housing & Development Board Flats (HBD)
- Studio Apartments – designed to meet the needs of the elderly and it comes with senior-friendly features.
- 2-Room Flat – measures around 45 sqm and these are tailored for the less affluent families.
- 3-Room Flat -geared towards soon-to-be parents and measures around 60-65 sqm.
- 4-Room Flat – flats with one master bedroom and two common bedrooms and it measure 90-100 sqm.
- 5-Room Flat – created for extended families and approximately measures 110 sqm.
- 3Gen Flat – similar to 5-Room Flat but has a measurement of 115 sqm.
- Executive Flats – one of the biggest public housing units available and come at 130 sqm.
- DBSS (Design, Build and Sell Scheme) Flats – introduced in 2005, and they take the appearance of a private home but with fewer facilities.
- Public-Private Hybrids
- HUDC – built in the 70’s, these have been phased out in 1987 and only 18 estates are left.
- Executive Condominiums – built for young professionals and new couples can afford more than public housing but can’t afford private properties.
- Private Housing
- Non-Landed – properties that are under private properties but don’t come with a land title.
- Condominiums – varying from 2BR suite to a stunning Penthouse.
- Apartments – private housing that is less than 4000 sqm which ranges from medium to high-rise
- Walk-ups – apartments or condominiums who don’t have elevators which you can find on low rise buildings.
- Landed – private properties that come with land titles.
- Conservation Houses – houses protected by law because of their history.
- Terrace Houses – commonly called linked or row house.
- Shop Houses – terrace house two to three stories high.
- Townhouse – hybrid of condominium and landed terrace
- Cluster House – a condo-style house that is on landed property.
- Semi-Detached Houses – referred to as duplex or two homes attached to each other.
- Detached Houses – Bungalows and with a land approximately 400 sqm up to 1400 sqm.
- Good Class Bungalow – house larger than 1400 sqm and are the most sought-after house in Singapore. You probably own different Good Class Bungalow being an HWNI.
Personal property refers to your other assets besides your land, and these are broken down into 2 types: Choses in possession and choses in action. Choses in possession are referred to as tangible property and property rights cover assets that can be physically possessed. These can be that diamond necklace you both for your wife or that new Rolls-Royce that you had shipped from overseas. As long as you can see and touch them, then they are considered your tangible property.
A choses in action personal property refers to your intangible property. These are the property that you cannot touch or see and usually come in the form of company shares, partnership shares and intellectual property like trademarks, copyright, registered designs and patents.
Overall knowledge brings with you understanding of how your assets are grouped as well as the property rights they fall under. And as HNWI, awareness of the types of property you own gives you the leverage of making the right choices and the right decisions, businesswise or family-wise.