Do you plan to buy property in Singapore? Click here to get in touch with an experienced agent Singapore has one of the most expensive real estate markets in the world and was placed only second behind Hong Kong in 2020, with prices averaging at USD 874,372 per protect its middle class and locals in general, a series of new regulations have been imposed on foreign buyers and speculators. Truth be told, Singapore is not the easiest place to buy land as a foreigner, but it is this article, we cover the most important information for land covered Can foreigners buy land in Singapore? Regulations to Foreign Property Ownership Buying Property on Sentosa Cove How much does it cost to buy property in Sentosa Cove? Is Sentosa Cove freehold? Restrictions to Foreign Ownership of Property How can I contact the SLA for land purchases? Who owns the most land in Singapore? What taxes do I have to pay when buying land? Land Sale ProceduresCan foreigners buy land in Singapore?Singapore might have a transparent system and the ease of doing business is significantly high compared to other regional due to its small size and the great influx of foreign investors, there are protectionary measures in place to prevent foreigners from acquiring certain types of real types that foreigners generally don’t have any issues to buy include Condominium units and apartments Strata-landed houses in approved condominium developments Landed properties on Sentosa Cove Leasehold units in landed residential property with a leasehold term that does not exceed 7 years. You can also be granted an option for renewalTo encourage foreigners to invest in real estate, the exclusive island of Sentosa Cove was launched where it’s comparably easy to get access to residential to Foreign Property OwnershipBuying land in Singapore is tricky in the sense that you have to fulfill the following two requirements as a foreigner You should be a permanent resident of Singapore for at least 5 years Make significant economic contributions to SingaporeThese two requirements are assessed by looking at your employment income assessable for tax in Singapore. As mentioned, each purchase is scrutinized on a case-by-case the second requirement is always a gray area and it’s, of course, generally easier to get hold of real estate if you have decent that said, many foreigners decide to incorporate a company to invest in real become classified as a local, incorporating a local company or private fund are two of the most popular this requires that you work with an experienced partner that is reliable and sufficient knowledge of local you fit into this category, feel free to send us a message through the form or write a comment below, and then we will review your Property on Sentosa CoveSentosa Cove is a high-end and established waterfront development located right at the oceanfront in a residential community and the only area where foreigners can freely buy landed properties, without the need of going through lengthy approvals can sometimes be done in as little as 48 Sentosa Cove is managed by Sentosa Cove Pte Ltd SCPL that belongs to Sentosa Development a government statutory board that manages the infrastructure development, project management, planning, and all the land sales at Sentosa first land plot was sold as late as 2001 and the first residential development finalized in 2003. Not surprisingly, real estate prices are in the upper range and some of the most expensive in the city much does it cost to buy property in Sentosa Cove?To give you a better understanding of how expensive Sentosa Cove is, I have randomly selected a handful of landed properties that are up for sale on you can find the units listed, including details and the listing 1 Price SGD 17,790,000 USD 13,276,119 Size 2,092 Tenure 99-year Leasehold Rooms 6 bedrooms, 5 bathrooms Facilities & Amenities Audio System, Balcony, Bathtub, Private Garden, Lake View, Furniture, Outdoor Patio, Private Pool, Walk-in-wardrobeUnit 2 Price SGD 30,000,000 USD 22,388,059 Size 9,500 Tenure 99-year Leasehold Rooms 5 bedrooms, 7 bathrooms Facilities & Amenities Balcony, Bombshelter, Garage, Private Garden, Jacuzzi, Maids Room, Outdoor Patio, Private Pool, Roof Terrace, Sea View, Terrace/Roof terrace, Walk-in-wardrobeEven if prices are still some of the most expensive, we’ve seen major drops in the past decade. Since 2011, prices have been reduced by as much as 30%. Instead, the interest has shifted towards the island has suffered greatly from the great increases of the buyer’s stamp duties, which are primarily targeted at foreign investors. This is a measure taken by the government to cool down the market and to prevent Sentosa Cove freehold?On the contrary in the mainland in Singapore Sentosa Island and Sentosa Cove only have leasehold is the reason why many wealthy locals have turned to the mainland instead and to get access to freehold property, which is widely available to Foreign Ownership of PropertyThe Singapore Land Authority SLA was founded as late as 2001 and succeeded the Land Office, Singapore Land Registry, Survey Department, and Land Systems Support short, they primarily work with development and regulatory issues related to land resource to the SLA, have to get approval from the Land Dealings Approval Unit before you buy any of the following property types Vacant residential land Semi-detached houses Terraced houses Bungalow/detached houses Shophouses for non-commercial use Strata-landed houses that are not part of a condominium development under the Planning ActWorth mentioning is that each case is reviewed on a case-by-case scenario and foreigners who can secure “significant financial contributions” will see a greater chance of getting can I contact the SLA for land purchases?It’s easiest if you send them an email through their website with more information about your request. There’s also plenty of information available about regulations and land purchases in can also visit them in person, but if you’re located overseas that might not be an option. Besides, it’s always good to give them a call before showing up owns the most land in Singapore?On the contrary to Hong Kong where all land is controlled by the state, more than 3/4 of all land is owned by the Singaporean state and controlled by the Singapore Land Authority SLA mentioned remaining 1/4 is owned by other government authorities and private actors who possess freehold taxes do I have to pay when buying land?The Inland Revenue Authority of Singapore IRAS has written a short guide that explains what taxes you have to pay when buying vacant or development important to mention that once you have received the Notice of Transfer from the IRAS, the record of ownership will be changed. This will allow you to pay the taxes TaxIRAS has property tax calculators available on the website. The tax is simply calculated by multiplying the Annual Value AV of your land by the property tax rate is currently 10% and for freehold property, the annual value is assessed at 5% of the tax is calculated by multiplying the Annual Value AV of your land with the prevailing property tax AV is assessed at 5% of the estimated freehold land value. The current tax rate is 10%. You can use this calculator to calculate your tax can differ for en-bloc sale and where an actor sells two or more units to one buyer. This is sometimes referred to as collective sales. For more information on the specific rates, visit IRAS’ website or send them an DutyAs mentioned, the stamp duties differ depending on if you buy real estate as a foreigner or as a local. Foreigners are subject to significantly higher rates, a reason why many incorporate a local company before are three different stamp duties available Buyer’s Stamp Duty BSD Additional Buyer’s Stamp Duty ABSD Mortgage DutyThe stamp duty should be paid within 14 days of the Contract/Agreement Sale ProceduresSo-called Land Sale Procedures starts with the Government Land Sales GLS program. The program includes the sites on the confirmed and Reserve Lists and is published every sixth purpose behind the Land Sale Procedures is to streamline and make the supply of land more flexible and to the high level of digitization in Singapore, developers can apply their interest for specific land plots when the government has provided detailed sales conditions in the eDeveloper’s document includes information such as Conditions of the tender Technical conditions of the tender Application form/ Form of the tender Additional documents related to the tender and the Land ParcelThat’s it for today. I hope that you found this article interesting and useful. If you have any questions about land acquisitions in Singapore, feel free to send us a message through the form below or write a in other Asian land guides? Check these articles How to Buy Land in Australia A Complete Guide How to Buy Land in Indonesia A Complete Guide How to Buy Land in the Philippines The Ultimate Guide