Conditions for approval to purchase restricted residential property – Shop for sale in Singapore
- Upon approval from LDAU, foreigners can only own 1 restricted residential property for his own occupation and that of his family members as dwelling houses, not for investment (i.e. cannot rent out).
- Non-disposal condition: 3 years after the date of purchase of the property, or (if reconstruction or addition and alteration works done to the property) after the date of issue of the Temporary Occupation Permit or Certificate of Statutory Completion, whichever is the earlier. Non-disposal condition will not be imposed for landed property at Sentosa Cove.
- Breach the above rules – subject to a fine of S$2000 per day up to S$200,000.
- Land area must not exceed 15,000 sq ft.
- Foreigner who has gotten LDAU approval to own a restricted residential property must not own a HDB flat or must sell it if they own one.
- Foreigner who inherited a restricted property without LDAU approval will need to sell it within 5 years from date of inheritance.
- Owners who give up their PR status/ Citizenship will have to sell their restricted residential properties within 2 years. Otherwise they are subjected to pay a fine not exceeding S$20K or 3-year jail term or both.
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