Foreigners staying in Singapore for lengthy periods of time may discover that being billeted in a hotel for the length of their stay can be very costly. The alternative answer to this problem is for the foreign nationals to own residential properties in Singapore.
The Singapore administration does not prevent foreign nationals from buying or owning residential properties in the country.
Primarily, Singapore’s Residential Property Act aims to let Singapore nationals to buy, at reasonable rates, their own residential properties. In addition, this act supports expatriates who are recognized by the Singapore government to have made important contributions to the economic prosperity of the city-state in their desire to acquire residential properties within Singapore.
Non-restricted residential properties can be acquired by foreigners even with no prior sanction from the Singapore government. The following are specific examples of non-restricted residential properties:
- apartment units within a building that is not higher than six floors – condominium units in approved condominium development sites included in the Planning Act – a lease agreement on a restricted residential property; the contract should not exceed 7 years
An approval from Singapore’s Minister of Law is required of expats who intend to own all units in an apartment or condominium in an accredited development property.
Likewise, an expatriate without any prior approval from Singapore’s Minister of Law cannot buy residential properties that are classified as restricted.
The following are considered restricted residential properties by the Residential Property Act of Singapore:
- an empty residential land – town houses, detached or semi-detached homes, or terraced houses built on residential lots – properties not authorised for condominium development under the Planning Act
The foreigner who intends to own a restricted residential property must fill out a form and then submit this, together with the necessary supporting papers, to the Singapore Land Authority. The Singapore Land Authority is responsible for evaluating and approving the merits of foreign national whether he or she will be eligible to own a restricted residential property.
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