In 1973, the Government has imposed certain restrictions to foreign individuals purchasing private property in Singapore. The legal framework regulating the purchase of private property in Singapore is the Residential Property Act. This legislation was drawn up in order to encourage Singapore citizens to purchase real estate property at reasonable price, but also to encourage foreign citizens and foreign companies that want to invest in Singapore to purchase properties for their own occupation.
The Residential Property Act was amended in 2005 when it enabled foreign citizens to buy apartments in under 6-storeys level non-condominium developments without obtaining approval from the Singapore Land Authority.
You can rely on our lawyers in Singapore for real estate due diligence.
The Singapore Land Acquisition Act is the main regulatory framework enabling compulsory purchases of private land for public purposes. Among these are buildings of transportation infrastructure and land for public housing. Landowners expropriated for the acquisition of their land for public use are compensated at the market value according to the Land Acquisition Act in Singapore.
The Land Titles Act (Strata) regulates the sale of private developments in collective sales. The Singapore Land Titles Act helps the redevelopment and urban rejuvenation projects. The Land Titles Act also contains provisions about the conditions companies in Singapore must fulfill in order to engage in urban redevelopment projects.
According to the Singapore property laws, foreign citizens must satisfy certain conditions in order to qualify for property purchases. Among these are:
The Housing and Development Board has also initiated a program called Executive Condominium for young graduated and professionals who cannot afford to purchase a private property in Singapore. Apartments sold through the HDB program are available to Singapore citizens and residents.
For detailed information about eligibility criteria for foreign citizens that want to acquire a property please contact our law firm in Singapore.
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