The government has announced that landed property in Singapore will be exclusive to Singaporeans.
“The government takes a strict approach towards ownership of landed property in Singapore by PRs (permanent residents),” said Law Minister K Shanmugam, in a Business Times report.
PRs today, according to the minister, own only 3.5 percent of landed homes in Singapore. This includes Sentosa Cove properties, wherein the government had liberally decided to approve acquisition by foreigners.
He also noted that the ministry frequently reviews the policies to ensure their currency and relevance.
The issue entered into the spotlight following reports in The Straits Times and The Business Times, which revealed that a high percentage of private homes are being acquired by foreigners.
Quoting a report from DTZ Research, both papers reported that foreign home buyers obtained 16 percent of all private homes released in Q1, the highest quarterly percentage since 1995.
“The government believes that landed residential properties must remain the primary preserve of Singapore citizens, given their scarcity in Singapore,” Shanmugam said.
He emphasised that only foreigners who are PRs can acquire landed housing properties in Singapore, while those who wish to obtain such properties must obtain the Law Ministry’s approval.
Source : PropertyGuru – 21 Jul 2011