How do you understand unrestricted residential properties?

The Singapore government imposed restrictions on private residential property. In 1973, the government enacted the Residential Property Act, which gives Singapore citizens a good opportunity to buy and own property at an affordable price. In 2005, the law was amended to allow foreigners to buy apartments that are not condominiums and have less than 6 levels without the need to obtain prior approval. The purpose of the law is to balance land and property ownership between Singaporeans and foreigners who wish to purchase property in Singapore. Under the law, a foreign person is defined as not a Singapore citizen, not a Singapore company, not a Singapore company, not a Singapore limited liability company.

Unrestricted properties are condominiums or any development that is classified as a condominium, a floor in a building of six levels or more, and a rental property in a restricted residential property with a term not to exceed seven years. If you are a foreigner living in Singapore, you need to make sure that the property you are going to buy is not included in the restricted property list.

Restricted properties in Singapore

Restricted properties are land properties, townhouses, townhouses, and vacant lots. An example of land ownership is the bungalow. Foreigners must obtain approval before they can purchase restricted properties. HDB Shophouse, HDB flat, HDB for resale and the Executive Condominium under the Executive Condominium Housing Plan Act of 1996 are also classified as restricted properties.

How do you buy an unrestricted property in Singapore?

The application or purchase requisition must first be submitted to Land Dealing for approval. The Land Dealing issues the certificate and handles general inquiries about the law. The Purchase Option must establish that the sale and purchase of the property require the approval of the Land Negotiation Approval Unit or LDAU.

What are the criteria for buying restricted residential property?

You must have a Singapore Permanent Resident ID or SPR, proof of economic contribution to the Singapore government, have academic or professional qualifications, you can submit a verifiable work experience summary and form of investments in the type of industry or service sector.

Buy a property together as friends

You are allowed to buy a property together as long as you are neither related nor single. Single means divorced, widowed, or unmarried.