Singapore's Residential Property Regulations For Foreigners

Expats posted to Singapore for work or other reasons may find themselves having to choose the most ideal type of accommodation for the long-term. While a hotel may suffice for short trips, many rent a space to save on costs. There is a third solution - purchasing property.

There are no prevailing laws in Singapore which prevents foreign nationals from purchasing or acquiring residential properties in the country. The Residential Property Act of Singapore primarily assists Singapore nationals in their acquisition of their own home by providing reasonable prices. Also, the Act encourages foreigners who have made a significant contribution to Singapore's economic prosperity to acquire residential properties in the city-state.

Further, an expat may purchase non-restricted residential properties without any permits or approval from Singapore government officials.

A foreign national may desire to buy all units in a property development; however, before he or she can accomplish this, Singapore's Minister of Law must issue an approval. In the same vein, a foreigner without any prior official sanction from Singapore's Minister of Law cannot own residential properties that are classified as restricted.

Property classified as restricted under the Residential Property Act of Singapore means: a vacant residential land - town houses, separate or semi-linked homes, or terraced houses standing on residential lands - lands not authorized for condominium development under the Planning Act.

The expatriate who plans to buy a restricted residential property must fill out a form and then submit this, along with the necessary supporting papers, to the Singapore Land Authority. The bureau is responsible for evaluating the foreigner's eligibility to buy a restricted residential property and for issuing the approval if it finds the expat's qualifications in order.

Residential properties that belong to the non-restricted category: any apartment flat or condo unit included in the Planning Act and leasehold estates zoned under restricted residential properties for terms not exceeding 7 years.

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IPL Heats up Property Prospects of Mohali

The sleepy town of Mohali will soon be on the glam map owing to the Indian Premier League (IPL) Cricket. The city is bracing up to witness new development and world-class infrastructure since it will soon host the IPL matches. This development has brightened up Mohali's property prospects as well.

Mohali real estate is already a very exciting market. Town's proximity to Chandigarh is a booster to its real estate sector. People, who want to escape from the hustle-bustle of Chandigarh find a refuge in Mohali, which offers equally good infrastructure at affordable prices. And IPL will see a further rise in Mohali's property demand.

Ashish from Acres and Acres property firm feels that Mohali and Chandigarh properties are already sought after. He says that all Punjabi NRI s and others who work in Chandigarh and neighbouring areas like Bhatinda, Ludhiana and Amritsar want to settle down in Chandigarh. "Chandigarh is fast becoming a metropolitan. The city has been tagged as the best city to live and also has highest per capital income in India. It has good infrastructure and good facilities. Hence NRI and even people from the cities and villages of Punjab want to buy land here. Now, property is becoming scarce in Chandigarh and this is driving people to neighhbouring areas like Mohali."

The land prices are high there. Presently, the plot values ranges between Rs 27,000 and Rs 32,000 per/sq yards. Ashish predicts that this value will only escalate further. "Land prices will only go up. IPL has added a tinge of glamour to Mohali. Already people wanted to buy land here and now lot of developers and big groups will also pick up land banks here. IPL is good news for the realty segment," he concludes.

Another real estate agent, Sameer Mehan feels that IPL will help boost up the local infrastructure as well. He feels that Mohali is already up-market. The city will spoon have an international airport. He says, "Mohali is what Chandigarh was ten years ago. The local infrastructure and real-estate are undergoing a make-over there. And IPL is just an icing on the cake. It will do wonders for the realty segment there," he asserts.

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