Prices of luxury condos have continued to rise this year but a new rule may soon tie the hands of the developers. Currently many developers have picked their time to launch developments when sentiments are good and decent prices can be charged. But under the rule changes which are expected to come in early next year, they may lose this choice. If they exceed the project completion period on sites bought...
Residential Property Act
Changes to the Residential Property Act were passed in Parliament on Monday. It restricts foreign ownership of landed residential properties, including strata landed housing and land meant for residential development. To prevent speculation, approved purchasers are allowed to buy only one property, which cannot be sold within the initial period of three years. Approved purchasers are also required to...
Citizens and permanent residents who cut their ties with the Republic cannot expect to continue owning landed property in the city. That is the message the Singapore government is sending through the Residential Property (Amendment) Bill, tabled in Parliament on Monday. Analysts said the Bill puts former citizens and PRs in the same boat as foreigners when it comes to landed houses. Individuals who give...