Approvals Given To 34 Foreigners Buying Landed Property In Singapore
Singapore approved 34 applications by permanent residents (PRs) seeking to buy landed homes on the Singapore mainland last year, said Indranee Rajah, Second Minister for National Development.
This number was down from 51 in 2021, but up from 24 in 2020, and excludes approvals for purchases on Sentosa Island.
Indranee said the number is “low” when contrasted with the total landed housing stock of more than 73,000 properties, and the average annual transaction volume of more than 2,700 landed properties on Singapore mainland over the same period.
Sentosa Cove was developed as a unique world-class integrated waterfront development aimed at international clientele. Hence, foreigners who are non PRs may acquire landed residential properties in Sentosa Cove and approvals are generally granted.
In the past three years, SLA received a total of 88 applications from foreigners to purchase landed properties in Sentosa Cove. All but two have been approved.
Indranee added that the proportion of foreign property purchases is low, at about 2 per cent.
Foreigners Buying Landed Property Have To Seek Approval From The LDAU
A foreigner (Singapore Permanent Resident inclusive) is required to seek approval from the Land Dealings Approval Unit (LDAU) in order to purchase a landed property. If the purchasers are all Singaporeans, prior approval is not required.
Sentosa Cove was developed as a unique world-class integrated waterfront development targeted at international clientele. Hence, foreigners who are non-PRs may buy landed residential properties in Sentosa Cove and approvals are generally granted.
(Source: The Business Times)
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