February 16, 2010
Things Foreigners Should Consider When Buying Residential Properties In Singapore
Expatriates may find renting a hotel room for the whole duration of their stay in Singapore to be a truly costly quandary. A solution to this costly quandary is buying a residential property in Singapore.
The Singapore administration does not prevent foreigners from buying or owning residential properties in the city-state.
Mainly, Singapore’s Residential Property Act aims to allow Singapore citizens to buy, at reasonable rates, their own residential properties. Furthermore, the Act allows foreigners who are acknowledged by the government to be capable of of contributing to the financial prosperity of the city-state to buy residential properties in Singapore.
Foreigners may purchase non-restricted residential properties even without prior approval from the Singapore government. Below are some samples of non-restricted residential properties:
- apartment flats within a structure that is not higher than 6 levels – condo units in authorized condo development sites stipulated in the Planning Act – a lease term on a restricted residential property; the agreement must not exceed 7 years
A foreigner may desire to buy all units in an apartment or condominium; however, before this can become possible, Singapore’s Minister of Law must issue an official sanction.
Furthermore, a foreign national who intends to purchase residential properties that are classified as restricted cannot do so without prior accreditation from Singapore’s Minister of Law.
The Residential Property Act of Singapore specifies these restricted residential properties as follows:
- a vacant residential lot – townhouses, detached or semi-detached homes, or terraced houses standing on residential properties – properties not authorised for condo development under the Planning Act
The foreign national who plans to own a restricted residential property must fill out a form and then submit this, together with the necessary supporting documents, to the Singapore Land Authority. The Singapore Land Authority is in charge of appraising and issuing approval for the qualifications of an expatriate whether he or she will be eligible to purchase a restricted residential property.
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