It is no secret that for years, Singapore has been home to a number of foreigners from different parts of the world. Singapore properties are not solely owned by locals but a growing number of expats as well. Whether for work purposes or part of their retirement plan, these foreign buyers continue to flock Singapore and find their own real estate in the country. Planning to do the same? Continue reading as we share with you the guidelines on the kind of Singapore properties foreigners are allowed to purchase.
One of the residential areas in Singapore
It was in the year 1973 when the Residential Property Act was imposed by the Singapore Government which intends to give Singaporeans an opportunity to have their own Singapore property at an affordable price. The Residential Property Act also aims to encourage foreign residents and companies who help in the economic growth of the country to own a Singapore real estate as their overseas property investment.
The amended Residential Property Act on 19 July 2005 enabled foreign buyers to purchase apartments in non-condominium properties of less than 6 levels without seeking prior approval.
However, purchasing restricted Singapore properties such as vacant land and landed properties like semi-detached houses, terraced houses and bungalows would still need prior approval before a purchase. Singaporeans consider landed properties as a special type of residential property, therefore remains restricted and would need an approval from Singapore Land Authority.
Restricted Singapore properties for foreign buyers:
Landed residential property such as bungalows, semi-detached houses, terrace houses
A property in Singapore of less than 6 levels
Non-restricted Singapore properties for foreign buyers:
A property in a development that has 6 or more levels which also include properties from HUDC Phase I, Phase II as well as properties from Phrase III and IV that were converted as private properties
A leasehold estate from a restricted residential property which does not exceed a 7-year term that encompasses any additional term by way of option for renewal