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The Residential Property Act Of Singapore And Its Importance To Expats

Expatriates in Singapore discover that it is very costly to rent a hotel room when they plan to stay for a significant amount of time in the country. An answer to this costly quandary is purchasing a residential property in the city-state.

In Singapore, expats are not restricted by government officials from purchasing their own residential properties.

Mainly, Singapore’s Residential Property Act intends to allow Singapore nationals to purchase, at reasonable rates, their own residential properties. Furthermore, the Act enables foreigners who are acknowledged by the government to be capable of of contributing to the financial prosperity of the country to acquire residential properties in Singapore.

Even without any permits or sanctions from Singapore government officials, an expat may buy non-restricted residential properties. The following are residential properties that belong to the non-restricted category:

- apartment flats within a structure that is not higher than 6 floors - condominium units in approved condominium development properties under the Planning Act - a lease contract on a restricted property; the term must not go beyond seven years

A foreign national may wish to purchase all units in an apartment or condominium; still, before this can become possible, Singapore’s Minister of Law must grant an approval.

Furthermore, an expatriate who would like to own residential properties that are classified as restricted cannot do so without prior accreditation from Singapore’s Minister of Law.

The following are considered restricted residential properties by the Residential Property Act of Singapore:

- a vacant residential lot - townhouses, detached or semi-linked houses, or terraced houses standing on residential lots - properties not authorized for condominium development under the Planning Act

If a foreigner intends to own a restricted residential property, the foreigner is required to fill out a request form and submit this, along with other required documents, to the Singapore Land Authority. The agency is responsible for evaluating the foreigner’s eligibility to acquire a restricted residential property and for granting the approval if it finds the expat’s qualifications unquestionable.