Foreign developers – Factory for sale in Singapore
The Residential Property Act (RPA) mandates that ‘foreign’ housing developers– Foreign developers – that is, developers with overseas shareholders and/or foreign directors – must obtain approval to buy private residential land. Factory for sale in Singapore.
They are not allowed to sell undeveloped residential land, and are required to develop and sell units in a ‘timely’ manner. The foreign housing developers must complete residential developments within 5 years (the specified project completion period). They must also sell all units within 2 years from the time the project receives its temporary occupation permit. If they fail to do so, their banker’s guarantee, which is pegged at 10% of land price, may be forfeited. Extension charge may be levied for any request for extension of time beyond the original completion timeframe. Factory for sale in Singapore.
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