WWLegal.com :: Singapore Has No Plans To Relax Foreign Land Ownership Rules

Singapore Has No Plans To Relax Foreign Land Ownership Rules
Posted on Thursday, June 28, 2007 - 12:00 AM

It was reported that in response to inquiries by a local news channel, the Ministry of Law said that the government has no plans to relax the restrictions on foreigners buying landed properties here. The Ministry further said that such properties have to be treated as a special category in land-scarce Singapore.

Since 1973, the Singapore Government has imposed restrictions on foreign ownership of private residential property in Singapore. Such ownership is governed by the Residential Property Act (the Act).

Non-Singapore citizens have to obtain approval from the Land Dealings (Approval) Unit before they can buy such property.

The rules on foreign ownership of residential flats were liberalised in January 2006 lifting a restriction on foreigners buying flats within a building of less than 6 storeys.

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