Sept 11, 1973: The Government imposes curbs on foreign ownership of residential properties and land zoned for residential development, to curb specula

Sept 11, 1973: The Government imposes curbs on foreign ownership of residential properties and land zoned for residential development, to curb speculation.

With immediate effect, foreigners wishing to buy such real estate have to first obtain written permission.

Explaining the move, the Government said in a statement that it has ‘observed with great concern the recent steep rise of property values, particularly of residential and vacant lands’.

‘Unless dampened, middle-income groups, who are not eligible for Housing and Development Board flats, will find suitable housing beyond their means,’ the Government added.

October 1976: Enactment of the Residential Property Act, under which foreigners can buy private apartments in buildings of six levels or more, or flats in condominiums where ownership is by strata title.

Only permanent residents (PRs) can apply to the Law Minister to buy landed property.

August 1989: Rules on public housing are eased to allow PRs to buy resale HDB and HUDC flats. But they have to get clearance from two authorities: the HDB and the Law Ministry.

September 1991: Rules are liberalised to allow foreigners to buy HUDC flats built under phases one and two.

The requirement for PRs buying HDB resale flats to seek approval from the Law Ministry is removed. Thereafter, they need permission only from the HDB.

October 2003: Rules on foreign ownership are eased for Sentosa Cove, to allow foreigners who are not PRs to buy landed homes and land parcels.

They still need permission from the Government, but a fast-track process slashes the approval time in stages from weeks to just two days.

July 2005: Foreigners are allowed to buy apartments in developments of fewer than six levels, without the need for government approval.

National Development Minister Mah Bow Tan said the changes are to encourage foreigners to invest in property, to ‘complement our efforts to attract and anchor foreign talent in Singapore’.

Source: The Straits Times, 14 July 2007