LANDED PROPERTY (Others want more, not less, curbs on foreign ownership)

ST Forum: HOME > ST FORUM > STORY; Jul 30, 2011
LANDED PROPERTY: Others want more, not less, curbs on foreign ownership
MR FRANKIE Mao suggested that the Government lift restrictions on foreign ownership of landed property ('Landed home values stifled by property law'; Wednesday). We note his reasons, but other Singaporeans have asked the Government to further restrict foreign ownership of such properties.

On balance, the Government feels that landed residential properties must remain the primary preserve of Singapore citizens, given their scarcity here.
Foreigners who wish to purchase such properties must therefore seek the approval of the Minister for Law.
Approval will be given only to a small number of permanent residents who are making significant economic contributions to Singapore to own one landed property for their own stay.
Stringent conditions are also imposed on approved purchasers, for example, they cannot sell the property within three years.
The Government will continue with this strict approach to foreign ownership of landed homes.
Chong Wan Yieng (Ms)
Director, Corporate Communications
Ministry of Law
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