A Definite and Easy Guideline on how to buy Singapore Real Estate for Investment if you are a Foreigner
First off, we need to know the requirements for foreign investors who wishes to own a piece of Singapore real estate. We know that the Singapore government has relaxed the rules of foreign real estate ownership since the 1970s till now. Defining the term Foreigner in Singapore contacts, as long as you’re not a:
- Singapore citizen
- Singapore company
- Singapore LLP (Limited Liability Partnership)
- Singapore society
You’ll fall under the category as a foreigner in Singapore. Restrictions apply on the type of property you would like to buy.
Types of Property That Foreigners are Restricted To:
- You will need relevant approval from authorities before you can acquire the following:-
- Vacant residential land
- Landed property such as detached/ semi-detached/ terrace houses
- Landed property in strata developments which are not approved condominium developments
- Shophouses which are in residential zones
- All the apartments or the whole units in a particular condominium/ project (making you the possible owner of a piece of land)
- Leasehold estate in restricted resdential property for a term not exceeding 7 years
- HDB flat purchased directly from HDB
You are allowed to purchase without prior approval:
- Any apartment within a building
- Any unit in an approved condominium under the Planning Act
Which gives you ample room for investment, since Singapore land is scarce, sound fundamentals and growing population, the demand for homes will only rise.
Next, we’ll cover the transaction process of how to buy your own property as a foreigner even if you haven’t stepped onto this sunny Singapore shore before.