It is timely that our Government should rescind the strict ruling on foreigners buying landed properties in Singapore.

It is timely that our Government should rescind the strict ruling on foreigners buying landed properties in Singapore. It was imposed decades ago due to abuses and loose regulations then that affected citizens.

Over the years that I have witnessed the development of our property market, there has been no runaway prices seen in the 1960s.

I have been a supporter of conserving old landed properties and, having invested heavily in one, I found that for more than 10 years, I have yet to see any increase in my landed property which is a conservation terrace house, fully modernised at great cost, without expecting any subsidy from the Government.

Now that I have a need to dispose of my conservation property to reduce my costly bank borrowing, I face great hardship in trying to dispose of my conservation property for two main reasons.

I have foreigners keen to buy but they are put off by the need to apply for special permission which takes time. As a result, while condominium prices have gone up since last year, my conservation property of 3,000 sq ft remains stagnant in terms of price increases. Even if I could sell, the price is very low.

I appeal to the Government to rescind this ruling so that those of us who have maintained conservation properties for the good of the nation would not be penalised in this way.

Anna Su-Yin Wang (Ms)

Source: The Straits Times, 28 June 2007