February 16, 2010
What Should Foreigners Do If They Wish To Buy Houses In Singapore?
Expatriates staying in Singapore for extended periods of time may find that being billeted in a hotel for the length of their stay can be very expensive. An answer to this costly quandary is buying a residential property in Singapore.
In Singapore, expats are not restricted by government agencies from buying their own residential properties.
Basically, the Residential Property Act of Singapore enables Singapore citizens to acquire residential properties in the city-state at reasonable rates. Moreover, the Act enables foreigners who are acknowledged by the government to be capable of of contributing to the economic prosperity of the city-state to buy residential properties in Singapore.
Even without any licenses or sanctions from Singapore government officials, an expatriate may acquire non-restricted residential properties. The following are some samples of non-restricted residential properties:
- apartment units within a building that is not more than six floors in height – condominium units in authorized condo development sites stipulated in the Planning Act – a lease agreement on a restricted residential property; the agreement must not go beyond seven years
A foreigner may intend to buy all units in an apartment or condominium; still, before he or she can do this, Singapore\’s Minister of Law must grant an approval.
Likewise, an expatriate who has no prior accreditation from Singapore\’s Minister of Law cannot own residential properties that are categorized as restricted.
Under the Residential Property Act of Singapore, the following are classified as restricted residential properties:
- an empty residential lot – townhouses, detached or semi-detached houses, or terraced houses built on residential lands – properties not approved for condominium development under the Planning Act
If a foreign national intends to purchase a restricted residential property, the foreign national is required to fill out a request form and submit this, along with other required documents, to the Singapore Land Authority. The Singapore Land Authority is responsible for appraising and approving the qualifications of foreign national whether he or she will be eligible to acquire a restricted residential property.
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