The Singapore government imposed restrictions about private residential property ownership. In 1973, the government made the Residential Property Act, which gives the citizens of Singapore a good chance to buy and own a property at an affordable price. In 2005, the act was amended to allow foreigners to purchase non-condominium apartments that are less than 6 levels without any need to obtain prior approval. The act's goal is to balance the land and property ownership between the Singaporeans and the foreigners wanting to buy a property in Singapore. Under the act, a foreign person is defined as not a Singapore citizen, not a Singapore company, not a Singapore society, and not a Singapore limited liability partnership.
Non-restricted properties are condominiums or any development that is classified as a condominium, a flat in a building with six levels or more, and a leasehold estate in a restricted residential property with a … Read More