Print
version
version
What's happened? Foreigners wishing to purchase real estate or land in Singapore for mixed commercial and residential use are required to seek government approval from July 20-th.
Context. The change comes as The Ministry of Law (MinLaw) and the Singapore Land Authority (SLA) have refined the Residential Property Act (RPA) to classify these developments as residential property or land. Mixed commercial and residential development, including shophouses and some shopping centres with residences above, was previously included in the list of land use zones classified as non-residential property.
Details. Foreigners who plan to purchase or acquire an interest in sites permitted for mixed commercial and residential use will now need to apply for approval under RPA.
However, foreigners who are already current owners of such land or property are not required to obtain approval under the RPA if they "intend to keep the property as is." However, permission is required if they wish to preserve and redevelop the property, MinLaw and SLA said.
Why is this needed? The update may be seen as a "pre-emptive move" to prevent over-concentration of ownership in a development by a foreigner, said Huttons Asia's senior director for research Lee Sze Teck.
The expert added that most of the residential projects being launched are carried out on land plots zoned for residential development, and the new rule will not affect them.
Source: CNA
Photo by Mike Enerio on Unsplash
