Today/CNA-July 20
Foreigners looking to buy property or land currently zoned for mixed commercial and residential use will be required to seek government approval from Thursday (July 20).
The Ministry of Law (MinLaw) and the Singapore Land Authority (SLA) on Wednesday night announced that they have refined the Residential Property Act (RPA) to classify these developments as residential property or land. Mixed commercial and residential developments, which include shophouses and some shopping centres with residences above, were previously part of the list of land use zones designated as non-residential property. The update was part of the regular review of the RPA to ensure the land use zones are up to date with the prevailing zoning terminology used by the Urban Redevelopment Authority (URA), said MinLaw and SLA in a joint press release on Wednesday.
According to URA’s website, mixed commercial and residential developments include a combination of commercial uses and residential flats. As land zoned or developments permitted for mixed-use are predominantly for residential use, such developments will now be deemed as residential property and regulated under the RPA, said MinLaw and SLA. “This is to better reflect the intent of the RPA to safeguard residential land for Singaporeans,” the authorities added. Foreigners who plan to purchase or acquire an interest in sites permitted for mixed commercial and residential use will now need to apply for approval under RPA. Foreigners who are existing owners of such land or property are not required to obtain approval under the RPA if they “intend to retain the property as-is”. However, approval is needed should they wish to retain and redevelop the property, said MinLaw and SLA. Read more at: https://www.todayonline.com/singapore/foreigners-need-approval-buy-mixed-commercial-and-residential-properties-land-singapore-2215216
