Singapore has established itself as one of the most popular destinations for property investment since early 90’s. Majority of the people who have invested in Singapore property from the earlier days have at least tripled their wealth. One of the most common questions ask among investor who is keen to invest in Singapore property is, Can foreigners buy property in Singapore? The answer is a foreigner is allowed to purchase Singapore property with some restriction.
Types of property for investment in Singapore
Residential and commercial property
There are 2 different types of property for investment in Singapore: residential property and commercial property. There are several categories for each property type and foreigners are restricted to invest in some of the categories.
Singapore residential property includes HDB, Executive Condominium, Private Apartment and Condominium, and Landed house. HDB is the subsidized housing meant for Singaporean and Singapore PR only. Terms and conditions are applied for Singaporean and Singapore PR. Foreigner is definitely not allowed to own HDB. An executive condominium is a subsidized private condominium for Singaporean, Singapore PR is allowed to buy executive condominium only after 5 years the building is completed (MOP period) – also called semi-privatized EC, Foreigner is allowed to buy executive condominium only after 10 years the building is completed.
There is no restriction for a foreigner to own private apartment and private condominium in Singapore and there is no restriction on a number of private apartment/condominium foreigner can own either.
Foreigners who have the intention to purchase landed house In Singapore must seek government approval. The ownership is restricted to those who make an adequate economic contribution to Singapore. You can apply online at http://www.sla.gov.sg/ldau/
Singapore commercial property includes but not limited to shop house, office, hotel, warehouse, factory, shopping mall, and many more. There is no restriction for a foreigner who wishes to purchase Singapore commercial property.
For more information on property buying in Singapore visit Rivercove Residences.