Buying Real Estate In Singapore

In the year 1973, the Singapore Government has imposed restrictions on foreign ownership of all private residential property in Singapore. The Residential Property Act governs such ownership. The Act aims to give Singaporeans a stake in the country by being able to buy and possess their own residential property at an affordable price and also encouraging foreign talent by allowing permanent residents and foreign companies who make an economic contribution to Singapore to purchase such properties for their own occupation. The Residential Property Act is then amended on 19 July 2005 to allow foreigners to purchase apartments in non-condominium developments of less than 6 levels without the need to obtain prior approval. For restricted property such as vacant land, landed properties such as bungalows, semi-detached and terrace houses, prior approval is still needed if foreigners wish to buy. Landed properties is a special class of residential property that Singaporeans aspire to own, and should remain restricted.

Foreigners need to apply for approval from Singapore Land Authority before buying. Singapore home prices climbed 4.8 percent in the first quarter of the year from the previous three months, the biggest gain in seven years, government data showed. Office rents also posted their biggest increase in more than a decade. Home prices are expected to increase by as much as 25 percent this year, Citigroup Global Markets said this month, citing a "supply crunch" as the city-state's expanding economy attracts more foreign workers. SC Globe’s new property has a land area of 42,565 square feet, or about 4,000 square meters, and the site can be redeveloped into a 36-story residential project, Hot victory said. The acquisition will increase the company's land holdings to almost 1 million square feet available for development in the area surrounding the Orchard Road shopping district. The developer has spent more than 1 billion dollars to acquire its land. The Ardmore purchase will be funded by debt and internal resources, the company said.

Singapore is monitoring the housing market to ensure sufficient supply, the Sunday Times reported Sunday, quoting Minister for National Development Mah Bow Tan. It expects 42,200 private homes to be completed between the second half of 2007 and 2010. The government is selling more land for homes and now has 20 residential sites earmarked for sale to developers. The government said last week that it would offer eight new sites in the second half of the year, on top of 12 earmarked plots that went unsold in the first six months of the year. "It gives developers an alternative," Lake said. "They can now look to buy sites in the suburbs."

Buying Real Estate in Singapore Commercial / Industrial Properties”

Factory - Factory space. For heavy or light industrial use.

Land - Land space. Parcel of land for development.

Office - Office space. In commercial office buildings or shop house.

Warehouse - Warehouse space for storage. May include some office space.

Shop - Shop space & Shop house. Shop for retail businesses in malls or shop houses.

Takeover - Takeover of existing business, furniture or equipment with a take-over fee.

Billy Chen

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