FOREIGNERS SHOULD BE ABLE TO OWN LANDED PROPERTIES IN S'PORE, SAYS EXPERT

FOREIGNERS SHOULD BE ABLE TO OWN LANDED PROPERTIES IN S'PORE, SAYS EXPERT

Sep 19, 2011

Landed properties in Singapore should be made available to foreign investors too, said Tim Murphy, Chief Executive Officer of IP Global.

This view was with regards to the government’s strict regulations of making landed properties in Singapore exclusive to Singaporeans.

“I understand they are trying to protect the local market, but they don’t mind selling me other stuff, so it’s kind of not on a level playing field. So, I don’t like that and I don’t like the laws that inhibit me from buying real estate here either,” he said.

He noted that there are other ways of protecting Singaporeans without putting restrictions on landed property.

“It is good to protect HDB and affordable private housing and they should try and protect that type of property and people should be able to buy property at S$300,000 to S$400,000 with an 80 percent loan.”

Only citizens and permanent residents (PRs) can acquire landed properties in Singapore, while those who wish to obtain such properties must obtain approval from the Law Ministry.

“The government takes a strict approach towards ownership of landed property in Singapore by PRs,” said Law Minister K Shanmugam, in a recent Business Times report.

According to the minister, PRs own only 3.5 percent of landed homes in the country. This includes Sentosa Cove properties, where the government has approved acquisition by foreigners.

“The government believes that landed residential properties must remain the primary preserve of Singapore citizens, given their scarcity in Singapore,” Mr Shanmugam noted.

Info courtesy - PropertyGuru.com.sg