The Singapore Government has set restrictions for ownership of private Singapore residential properties by foreigners but this is administered by the Residential Property Act. This act has been passes to ensure that the residents of Singapore a stake in the nation by ensuring that they are in the position to buy the properties in Singapore. The act also encourages foreigners (PR and foreign companies) who have talent and can contribute to Singapore’s economy to buy properties for their occupation.
The RPA or the Residential Property Act was modified in the year 2005 and it permitted foreigners to buy apartments in the country in non-condominium developments that has no more than five levels without the need to get approval beforehand.
There are certain properties in Singapore that are restricted and an example of this is restricted land. If a foreign individual wishes to buy this kind of property then he will need to take the approval before he can make the purchase. Landed properties are also restricted and these are generally the real estate properties that the Singaporeans wish to own at some point of time. If you are a foreigner and you wish to buy these properties then you will need the first take the permission of the Singapore Land Authority.
Of course there are certain properties that are not restricted and these include:
- A leasehold Singapore real estate property in the restricted property section for no more than seven years.
- Condominium developments.
The Singapore properties that foreigners are restricted from acquiring are:
- DB Shophouse.
- HDB flat that is bought from the Housing and Development Board directly.
- Vacant land.
- Terrace houses.
- Bungalows.
The HDB flats are properties that are constricted as well as managed by the Housing and Development Board and you will find that more than 4/5th of the citizens of Singapore live in such properties. The hosing estates created by the HDB are basically self-contained towns that have food centers, supermarkets, clinics, schools, recreational facilities and sporting facilities.
First of all, it is important for you to find a real estate agent before you buy a property in Singapore as this is a person who can help you successfully help you find the real estate property you are looking for in the country. There is no better person to help you find a property in Singapore other than a Singapore property agent so make sure you hire an agent to carry out your real estate transaction.
