No change to landed home curbs
SINGAPORE has no plans to open up its landed property market to foreigners, Minister for National Development Mah Bow Tan said yesterday.
He rejected a suggestion from investment bank Goldman Sachs, which was reported in the Singapore media earlier this week, that there was a high chance the Government would soon ease curbs on foreigners buying landed homes.
Speaking to reporters during a four-day visit to the north-eastern Chinese city of Tianjin, Mr Mah said any change to the rules would deny Singaporeans a chance to own such homes, which are in short supply in the land-scarce country. ‘Landed property has to be treated as a special category. It is important for us to maintain certain privileges for our citizens.’
Under the Residential Property Act, foreigners and permanent residents are barred from buying landed properties without government approval. Those who get the nod can own only one landed property at a time and they must occupy the home, not rent it out.
Source : Straits Times - 28 Jun 2007
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