It regulates the ownership of residential property, basically landed properties, in such a way that, in general, only Singapore citizens can buy residential property, no restriction whatsoever on their owning any property.
Foreigners (which include Permanent Residents of Singapore and all non-Singapore citizens) can purchase residential property in general (except landed property) and also commercial & industrial property without restriction.
In accordance with Singapore Residential Property Act ,
1. Foreigners are eligible to buy flats and apartments in high-rise developments of any storey height, which includes privatized HUDC & non-condominium developments.
2. Foreigners can buy any unit in an approved condominium, which has been specially designed as such, by the Planning and Building authorities.
3. Foreigners including permanent residents can apply to buy one landed property in Singapore for owner occupation subject to approval from the Land Dealings Unit of the Ministry of Law before purchase and the case will be considered on its merits. The usual criterion for qualifying is the economic contribution that foreigner is making to our country.
Only company registered as 'Singapore Company' as defined in the Residential Property Act can buy residential properties and must obtain approval from the Land Dealings Unit. Foreign companies will no longer be given exemption to buy residential land for development.
Singapore Residential Property Act which imposes restrictions on foreign ownership of certain private residential property in Singapore, helps to attract foreign talents by allowing Permanent Residents who make an economic contribution to Singapore to buy such properties for their own occupation. Meanwhile, this guards against speculation by foreigners, and ensures that Singaporeans are able to own these properties at affordable prices.
Request to buy landed property are granted based on three criteria, the main one being whether the foreigner is a Permanent Resident. In addition, his economic contribution to Singapore is also assessed based on his academic, professional and other qualifications and his economic contribution in terms of skills or investments brought into Singapore. In line with the government's vision for Sentosa Cove to become an world class integrated waterfront development with exclusive homes, with international appeal, Sentosa Cove in District 4 currently remains the only landed residential development whereby foreigners can purchase a plot of land to stay without being restricted by the Permanent Residency clause, even though they still have to obtain approval from the Law Ministry.
Consideration For Permanent Resident Status
Foreign businessmen allowed to invest in private properties. One option under the Economic Development Board's Global Investor Program allows foreigners to be considered for permanent resident status if they invest S$2 million in, among other things, businesses and private properties. At least S$1 million must be invested in a private owner-occupied property.
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