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Property ownership in Singapore
Restrictions among ownership of foreign across Singapore’s private residential property were existent since the year 1973. In order to effective drive and attract foreign investment now in Singapore, huge concessions are offered for foreign companies, limited partnerships with liability and permanent residents who will make good amount of contribution in Singapore economy attracting them to purchase properties for them to occupy. Over the last few years, the government has come down and relaxed few of the restrictions such as allowing foreigners to purchase apartments of 6 levels and lesser without prior approval in developments of non-condominium. The law clearly distinguishes private residential property and Housing and Development board property.
Approvals from these boards need to be acquired in prior to your purchase of the following: residential land but vacant, landed property, shop house and not strata in zoned residential land, all of the apartments in a building, estate in leasehold for period not exceeding 7 years, an HDB flat purchased from HDB board directly, HDB shop house and Executive condominium. But without any prior approval, you can always purchase a number of apartments with in a building and any unit with in a pre approved condominium. There are schemes available that includes Global Investor Programme.
Housing and Development Board determines the eligibility for all HDB executive condominiums and shop houses and HDB flats. Foreigners usually are not permitted to buy an HDB flat directly. You need to be a Singapore citizen or permanent resident of Singapore in order to purchase a flat from resale market. It is also mandatory that one occupier must be a Singapore citizen or permanent resident. It is important to get HDB’s approval for a HDB flat owned either by your spouse or you before you think of even purchasing more residential properties. Also, prior approval is required and critical if a foreign person needs to inherit or acquire a residential property which is restricted according to the Residential Property Act.
Real estate industry in Singapore has grown tremendously over the period of past two decades. It is one industry in Singapore which is growing at a very fast pace. The growth of this industry is basically dependent on the fact that land values are high in Singapore and real estate development chances are high. With these factors at the back, and with supporting policies, investing in the real estate world is a very good idea.
Billy Chen
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com
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