Event Coverage
Members Learn about Real Estate in Malaysia, the Philippines & Singapore
NAR Global Ambassador Vicky Silvano with SILVAR Board Director and 2024 Global Business Chair Jimmy Kang on Zoom
On this week's SILVAR Global Business Council's program, Vicky Silvano, a REALTOR® based in Chicago, explained the buying and selling process in Malaysia, the Philippines and Singapore, and her role as National Association of REALTORS® Global Ambassador to these three Southeast Asian countries.
Members learned that these countries do not have an MLS. Individual brokerages advertise their listings and share among themselves. Private property inspection is not mandatory. Buyers conduct their own inspection before committing to purchase a home. In both Malaysia and Singapore, sellers and buyers engage their own lawyers to help facilitate their real estate transactions. Sales agents are also known as real estate negotiators and work under an estate agent or broker/manager.
In Malaysia, foreigners can own any type of property in 13 states, including Kuala Lumpur, with the state's consent and purchase a minimum threshold of RM1,000,000 (US $214,026.86) in most states. They can also apply for the MM2H initiative Malaysia Second Home Program, which allows foreigners a multiple entry social visit pass. This is a way to promote Malaysia as a retirement place or for long stays.
In the Philippines, agents need to have a Bachelor of Arts degree in Real Estate Management in order to receive a real estate license. Foreigners are allowed to buy condominiums but not a house, unless they are dual citizens. They can buy a lot or house by forming a corporation with 60% Filipino ownership. Condos, which are governed by a condominium corporation, allow 40% ownership by foreigners. Many buyers pay all cash for homes because bank financing has steep costs. Down payments are from 20-30% of the purchase price. Interest rates range from 6.8% to 8.5% for 10 years. Those above age 60 are not allowed to procure loans.
In Singapore, majority of residential housing (80%) is governed by the Housing & Development Board and leased for 99 years and are only for Singaporeans and permanent residents. The share of private housing (apartments, condominiums and homes) is just 20%. Homebuyers must meet household eligibility and need to own and occupy the units for a minimum of five years. Only Singaporeans are allowed to own landed properties. Foreigners must seek approval to purchase landed properties located on Sentosa Island.
As a global ambassador, Silvano serves as NAR's liaison to the Cooperating Associations in these countries. In Malaysia she maintains relations with the Malaysian Institute of Estate Agents (MIEA); in the Philippines, the Chamber of Real Estate & Builders Associations, Inc. (CREBA); and in Singapore, the Institute of Estate Agents. Members of these organizations are known as International REALTOR® members (IRMs).
Silvano travels to these countries at least once a year but maintains contact with the bilateral partners throughout the year, promoting NAR classes and events.
Global ambassador appointees are generally Certified International Property Specialist (CIPS) designees and ideally, have some knowledge of the country's culture and language. They have a one-year term but may be reappointed for up to four years based on performance. Global Ambassador applications are open from April-June. Announcements are made by late September.
Silvano encouraged members to learn more about global real estate and extended an invitation to the 2024 International Real Estate Conference (IREC), an annual event that is hosted by an NAR bilateral partner. This year the conference will be held in Malaysia on September 6-8. Learn more about the conference HERE.
For more information on each of these countries and the NAR Global Ambassador program, view Silvano's slides HERE.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
For further information, please email or call the SILVAR office at (408) 200-0100.