Today we take a look at the Residential Property Act, what is it about, who can buy landed properties in Singapore?
What and Who?
What is the Residential Property Act (Part 1)
- This Act is the legislation that restricts foreign ownership of land in Singapore
- In Singapore, not everyone can own landed properties Landed properties are restricted properties under the definition of the Residential Property Act
- A foreign person cannot acquire an interest in any development for a term exceeding 7 years (including any option to renew) without the prior approval of the Controller of Residential Property who is under Land Dealings Approval Unit (LDAU – SLA)
|A foreign person means any person who is not:||A foreign person includes:|
|· Singapore Citizen (SC)
· Singapore Company
· Singapore Limited Liability Partnership
· Singapore Society
|· Singapore Permanent Resident (SPR)
· Company with foreign shareholders
· Foreign Limited Liability Partnership
· Foreign Society