The Singapore government placed restrictions on residential private property. In 1973, the government enacted the Residential Property Act, which gives Singaporeans a good opportunity to buy and own property at an affordable price. In 2005, the law was amended to allow foreigners to purchase non-condominium apartments of less than 6 stories without prior approval. The aim of the Act is to balance land and property ownership between Singaporeans and foreigners who wish to purchase property in Singapore. Under the law, a foreign person is defined as not a Singapore citizen, not a Singapore company, not a Singapore company, and not a Singapore limited liability company.
Non-restricted properties are condominiums or any development that is classified as a condominium, an apartment in a building of six or more stories, and leasehold property in a restricted residential property with a term not to exceed seven years. If you are a foreigner living in Singapore, you must ensure that the property you are buying is not on the restricted property list.
Restricted properties in Singapore
Restricted properties are semi-detached, semi-detached, semi-detached farms, and vacant land. An example of land ownership is the bungalow. Foreigners must obtain an approval before they can purchase restricted properties. HDB Shophouse, HDB flat, HDB resale flat and Executive Condominium under the Executive Condominium Housing Scheme Act 1996 are also classified as restricted properties.
How do you go about buying unrestricted property in Singapore?
The application or purchase request must first be submitted to Land Dealing for approval. The Land Procedure issues the certificate and deals with general inquiries about the act. The Purchase Option must indicate that the sale and purchase of the property requires the approval of the Land Deal Approval Unit or LDAU.
What are the criteria for purchasing a restricted residential property?
You must have a Singapore or SPR Permanent Resident ID, proof of financial contribution to the Singapore government, have academic or professional qualifications, can submit a resume of verifiable work experience, and form of investments in the type of industry or service sector.
Buy a property together as friends
They are allowed to buy property together as long as they are both unrelated and single. Single means you are divorced, widowed, or single.