Tighter restrictions on foreign ownership of private property

Singapore’s Law Minister said he expects the approval rate of foreigners owning private property to reduce by more than half, since the amendment to the Residential Property Act.

The changes, which kicked in in January this year, impose tighter restrictions on foreign ownership.

Those who renounce their citizenship or Permanent Residency are to sell their restricted residential properties in two years.

Mr K Shanmugam said the current rate of foreigners owning landed property hovers around 3.5 per cent.

“After the further tightening up, I suspect we are looking at very few people who would qualify. I think probably less than half of those who had previously qualified under the earlier strict criteria would qualify now. I’d be surprised if approvals are more than 50 per year,” said Mr Shanmugam.

Mr Shanmugam was speaking to reporters after visiting a black and white bungalow at Goodwood Hill.

There are 500 such properties managed by the Singapore Land Authority, and they are only available for rent.

Source : Channel NewsAsia – 12 Oct 2011

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