Restriction On Buying a New Condo in Singapore

At the year of 1973, the Singapore government has announced some restriction on the ownership of all private residential properties in Singapore. This ownership is governed under the act of residential property act.

The act focus to give a Singaporeans a stake within the country by being able to buy and process their own residential property at a reasonable rate. This act also encourages the people from the other country to enter the country by permitting them to get a permanent resident.

Most of the foreign companies are focused to the Singapore to build their business to make their business next stage growth. In addition to the high population, Singapore has billions of tourists on every day, so that the need of people get increased on each day.  Foreign companies are using this fact to get a profit.

Singapore government welcomes all foreign companies who are entering to the Singapore and give them maximum flexibility to get a living space within the country.  The residential property act which is known as RPA is announced on 19 July 2005, permit the foreigners to buy apartments in non-condo developments of less than 6 levels of the process without the need of any previous approval.

Some of the restricted properties like vacant land, landed properties such as bungalows, semi-detached and terrace houses are needed a prior approval to buy by the foreigners. Especially the lande3d properties are categorized under the special class of residential property which is own by the Singaporeans aspirins and that should remain still restricted.

If a foreigner wants to buy a residential property, they need to download an application form the official website of Singapore government and fill it then submit to get a prior approval from the government to purchase a land.

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