31 Jan '13, 9pm
@MayorofLondon - Singaporeans are buying 23% of new build in London, yet have foreign ownership property controls
Foreign Ownership of Properties Since 1973, the Singapore Government has imposed restrictions on foreign ownership of private residential property in Singapore. Such ownership is governed by the Residential Property Act (the Act). The Act seeks to strike a balance between giving Singaporeans a stake in the country by being able to buy and own residential properties at affordable prices, while attracting foreign talent by allowing permanent residents, foreign companies and limited liability partnerships that make an economic contribution to Singapore to purchase such properties for their occupation. The Land Dealings (Approval) Unit administers the provisions of the Act and its rules by: processing applications from foreign persons for approval to acquire or retain restricted residential property; issuing clearance certificates to Singapore companies, limited liability part...