Foreigners in Singapore will need government approval to buy land currently zoned as ‘commercial and residential’ from today onwards.
This follows changes to the Residential Property Act (RPA) to “safeguard residential land for Singaporeans”, the Singapore Ministry of Law and Singapore Land Authority (SLA) announced.
According to the new rules, developments on land zoned for ‘commercial and residential’ use will now be deemed residential property and regulated as such under the RPA, as the ‘commercial and residential’ zone is being removed from the list of land-use zones that have been designated as non-residential property.
These changes are among updates being made to the Schedule of Non-Residential Properties under the RPA as part of regular reviews.
‘Commercial and residential’ properties may include shopping centres, hotels as well as office and residential properties. Some examples are Robertson Walk and UE Square.
However, any foreign individuals and entities who currently own land or property zoned or permitted for such use respectively don’t need approval unless they plan to make changes or redevelop the property.
Exemptions from seeking approval include if the foreign persons intending to buy or acquire interest were granted the option-to-purchase (OTP) by sellers before July 20, 2023; the OTP is exercised on or before Aug 9; and the OTP has not been varied on or after July 20.