Starting from July 20, foreigners who want to purchase land designated as "commercial and residential" will need approval from the government. This decision was made to "safeguard residential land for Singaporeans", according to an announcement by the Ministry of Law (MinLaw) and Singapore Land Authority (SLA).
Under this new rule, land that is zoned for "commercial and residential" use will be considered residential property and regulated accordingly under the Residential Property Act (RPA).
This means that places like shopping centers, hotels, offices, and residential properties falling under the "commercial and residential" zone will be treated as residential properties.
Foreigners, both individuals and entities, that already own land or property in the "commercial and residential" zone won't need approval if they plan to keep it as it is. However, approval is necessary if they want to keep the property and redevelop them.
Some exceptions to those seeking approval exist if sellers granted the option-to-purchase (OTP) before July 20, the OTP is exercised on or before Aug 9, and the OTP has not been varied on or after July 20.
These changes are part of regular reviews of the Schedule of Non-Residential Properties under the RPA.
In addition to this, seven new categories for land use zones have been introduced. These are Business 1, Business 2, Business 1 – White, Business 2 – White, Commercial/Institution, Reserve Site and Special Use.
