Starting on Thursday (the 20th), the government will require foreign buyers to get a permit before purchasing property or land that is designated for both commercial and residential use.
The Residential Property Act (RPA) was updated on Wednesday night by the Ministry of Law (MinLaw) and the Singapore Land Authority (SLA) to define these projects as residential property or land.
The list of land use zones categorized as non-residential property used to contain mixed commercial and residential buildings like shophouses and certain retail complexes with dwellings above.
In a joint press statement on Wednesday, MinLaw and SLA said that the revision was part of the RPA’s ongoing assessment to bring its land use zones in line with the current zoning language used by the Urban Redevelopment Authority (URA).
Mixed commercial and residential complexes like Tembusu Grand incorporate both business and residential units, as stated on the URA website and written about Tembusu Grand Floor Plan and Tembusu Grand Price.
Mixed-use projects, or land with mixed-use zoning, will henceforth be considered residential property and subject to the RPA, as stated by MinLaw and SLA.
Sites zoned for both commercial and residential use are now subject to RPA’s permission requirement for foreign buyers and investors.
Owners from outside the EU who “intend to retain the property as-is” are exempt from the RPA’s permission requirements for the acquisition of land or property.
According to MinLaw and SLA, however, they require permission to keep and rebuild the land.
If the seller grants the buyer an Option to Purchase (OTP) before July 20 of this year, the OTP must be exercised on or before August 9 of the same year, and the OTP cannot have been changed after July 20 for a foreign buyer to avoid needing permission. CNA
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