New rules for landed owners

[mr funny]

http://www.straitstimes.com/Breaking...ry_592194.html

Oct 18, 2010

New rules for landed owners

By Jessica Cheam


LANDED home owners may have to dispose of their property within two years if they lose their permanent residency or citizenship status.

Failure to do so could see them fined up to $20,000 and/or jailed up to three years.

This tougher new rule is part of the proposed changes set out in the Residential Property (Amendment) Bill, introduced in Parliament on Monday.

If passed, the new bill will also increase a range of other penalties outlined under the Act.

The Act was introduced in 1973 and imposes restrictions on foreign ownership of restricted properties, namely landed homes, strata-landed housing and vacant residential land.

Foreigners, in this case referring to PRs, must get approval from the Singapore Land Authority before buying. The penalties have not been revised since 1974, despite significant increases in residential property prices.


Stiffer penalties for foreign owners

One key change will see penalties increased for foreign owners who breach the rules. Under the Act, foreign buyers can only purchase one landed home for owner-occupation and not for rental.

He must also sell his existing property before buying a new one, and is not allowed to sell the property in the first few years of ownership. The exact period depends on whether the property is still under construction or completed.

Owners found to breach the above rules will be fined up to $200,000 - up from $5,000 previously, with an additional fine of $2,000 per day for any continuing offence.

In the past, a foreigner who inherits a landed property must sell off the property within 10 years - the new bill has shortened this to five.

Another key change will affect property developers, who have to complete their developments within a certain timeframe and sell all units within two years of receiving its Temporary Occupation Permit (TOP).

Now, developers will be charged a daily fee for any extension of time beyond the given period, similar to the Urban Redevelopment Authority's (URA's) Government Land Sales programme.

[proud owner]

http://www.straitstimes.com/Breaking...ry_592194.html

Oct 18, 2010

New rules for landed owners

By Jessica Cheam


LANDED home owners may have to dispose of their property within two years if they lose their permanent residency or citizenship status.

Failure to do so could see them fined up to $20,000 and/or jailed up to three years.

This tougher new rule is part of the proposed changes set out in the Residential Property (Amendment) Bill, introduced in Parliament on Monday.

If passed, the new bill will also increase a range of other penalties outlined under the Act.

The Act was introduced in 1973 and imposes restrictions on foreign ownership of restricted properties, namely landed homes, strata-landed housing and vacant residential land.

Foreigners, in this case referring to PRs, must get approval from the Singapore Land Authority before buying. The penalties have not been revised since 1974, despite significant increases in residential property prices.


Stiffer penalties for foreign owners

One key change will see penalties increased for foreign owners who breach the rules. Under the Act, foreign buyers can only purchase one landed home for owner-occupation and not for rental.

He must also sell his existing property before buying a new one, and is not allowed to sell the property in the first few years of ownership. The exact period depends on whether the property is still under construction or completed.

Owners found to breach the above rules will be fined up to $200,000 - up from $5,000 previously, with an additional fine of $2,000 per day for any continuing offence.

In the past, a foreigner who inherits a landed property must sell off the property within 10 years - the new bill has shortened this to five.

Another key change will affect property developers, who have to complete their developments within a certain timeframe and sell all units within two years of receiving its Temporary Occupation Permit (TOP).

Now, developers will be charged a daily fee for any extension of time beyond the given period, similar to the Urban Redevelopment Authority's (URA's) Government Land Sales programme.

i hope this will be passed and approved ...

KNN FEO been holding so many unsold units for so many years

[proud owner]

i hope this will be passed and approved ...

KNN FEO been holding so many unsold units for so many years

in the past those units that FEO couldnt sell they keep for rental ..


hopefully the new bill will demand developer to declare before sales, how many units are for rental ..

otherwise FEO will find loop hole again ...cannot sell say keep for rental

[xebay11]

So if owner give up PR and Citizenship and pay $20k can still keep the landed property, I don't see what is the problem. SG citizenship is worth far less than $20k these days.

[devilplate]

in the past those units that FEO couldnt sell they keep for rental ..


hopefully the new bill will demand developer to declare before sales, how many units are for rental ..

otherwise FEO will find loop hole again ...cannot sell say keep for rental

very funny....hehe.....forcing developers to clear all stocks within 2yrs TOP.....wat if really cannot sell? this will only work during gd times....how about prolonged downturn? govt will surely remove it away

[devilplate]

So if owner give up PR and Citizenship and pay $20k can still keep the landed property, I don't see what is the problem. SG citizenship is worth far less than $20k these days.

i dun tink jus pay 20k fine and can continue to keep the house lah....

anyway, i wud tink fine 20k+force u to sell asap....if not impose JAIL TERM

[jsh]

i dun tink jus pay 20k fine and can continue to keep the house lah....

anyway, i wud tink fine 20k+force u to sell asap....if not impose JAIL TERM

If you fail to sell off the property within 2 years , they can also dispose of it for you through the auction market. You can't fight the gahmen. sure to lose.

[teddybear]

The 2 years rule probably apply only to those properties built on land tendered out by Govt (99LH properties). Don't think they can enforce on FH. Also, what is wrong with them keeping for rental? They already have a rental subsidiary where they can sell all those unsold units to the rental subsidiary and then rent out. Ha ha ha! Business is Business! Can Govt stop this?
Great Eastern had also developed properties & keep or bought most of the units in a condo estate for rental (e.g. Holland Gem(? - If i did not remember wrongly)).

in the past those units that FEO couldnt sell they keep for rental ..


hopefully the new bill will demand developer to declare before sales, how many units are for rental ..

otherwise FEO will find loop hole again ...cannot sell say keep for rental

[Wild Falcon]

This rule has not bite. Out government just have to be more stringent in granting approvals. Looks like any Tom Dick and Harry foreigner or PR can buy landed property - the approval is just a procedural thing that is almost 100% guaranteed of approval. If sure approved, then why bother with such a process?

[Wild Falcon]

All the bro/sis never read properly - it's under the sub-header "Stiffer penalties for FOREIGN owners". Always must read sub-header or else everything will be out of context. FEO not included
======

Another change will affect foreign developers – defined as any company with foreign directors or any amount of foreign ownership, including listed companies since foreigners can buy the shares – which will include firms such as Keppel Land and CapitaLand.

The Government will charge a fee if foreign developers extend the five-year window to complete residential developments after acquiring the land, or take more than two years to sell all units from the date of TOP.

The 2 years rule probably apply only to those properties built on land tendered out by Govt (99LH properties). Don't think they can enforce on FH. Also, what is wrong with them keeping for rental? They already have a rental subsidiary where they can sell all those unsold units to the rental subsidiary and then rent out. Ha ha ha! Business is Business! Can Govt stop this?
Great Eastern had also developed properties & keep or bought most of the units in a condo estate for rental (e.g. Holland Gem(? - If i did not remember wrongly)).

[xebay11]

i dun tink jus pay 20k fine and can continue to keep the house lah....

anyway, i wud tink fine 20k+force u to sell asap....if not impose JAIL TERM

After jail can keep?

[OLY99]

very funny....hehe.....forcing developers to clear all stocks within 2yrs TOP.....wat if really cannot sell? this will only work during gd times....how about prolonged downturn? govt will surely remove it away

so can wait for lelong if developers cannot sell the project after 2 years?? if this is the case, i can wait for interlace liao!!!! can bargain low low from developer??

[kingkong1984]

How abt gov buy in like hdb forced sales. Cant sell, gov buy at valuation, which is lower than mkt val by 20%. How?

[mr funny]

http://www.straitstimes.com/PrimeNew...ry_592350.html

Oct 19, 2010

Foreign landed home owners: new rules

PRs, citizens who give up status have to sell property within 2 years

By Jessica Cheam


HOME owners with that prized landed property address may have to dispose of their property within two years if they give up their Singapore permanent residency or citizenship status.

Failure to do so could see owners faced with a fine not exceeding $20,000 or a three-year jail term, or both.

There is no such requirement currently. This new rule is one of the proposed changes set out in the Residential Property (Amendment) Bill, introduced in Parliament yesterday. If passed, the new Bill will also stiffen penalties.

The Act, first introduced in 1973, imposes restrictions on foreign ownership of restricted properties, namely landed homes, strata-landed housing and vacant residential land.

Foreigners - who must be permanent residents in this case - must get approval from the Singapore Land Authority before buying such 'restricted' properties.

The penalties have not been revised since 1974. The new Bill will introduce harsher penalties for those who breach the rules.

Under the Act, foreign buyers can only purchase one landed home for owner-occupation and cannot rent it out.

He must also sell his existing property before buying a new one, and is not allowed to sell the property in the first few years of ownership. The exact period depends on whether the property is still under construction or completed.

Owners found to breach the above rules will be fined up to $200,000 - up from $5,000 previously, with a new fine introduced of $2,000 per day for any continuing offence.

Another change requires a foreigner who inherits a landed property to sell it off within five years instead of 10 years.

Rules for foreign private developers will also change. A developer is considered 'foreign' if it has any foreign shareholders or directors, so this includes major developers here such as public-listed developers CapitaLand, Keppel Land and City Developments.

Under existing rules, they have to complete their developments within a certain timeframe and sell all units within two years of receiving the Temporary Occupation Permit.

Under the Bill, developers may be charged a fee for any extension of time beyond the given period, similar to rules under the Urban Redevelopment Authority's Government Land Sales programme.

Managing director William Wong of RealStar Premier Property, a landed home specialist, did not think the proposed changes would have a big impact on the landed housing market, noting that 'most PRs who relinquish their status do try and sell their homes when they leave Singapore anyway'.

[email protected]

[xebay11]

so can wait for lelong if developers cannot sell the project after 2 years?? if this is the case, i can wait for interlace liao!!!! can bargain low low from developer??

If any property that cannot be sold after 2 years, you sure you want it?

[Localite]

Foreigners can only buy ppty for own stay. So if they give up PR / Citizenship then what does that mean? Obviously they want to leave the country so the govmt is right to tell them to dispose off ppty. Not right apply PR and then buy landed ppty and then give up PR and leave the country and keep the landed ppty locked, in land scarce Singapore.

[proud owner]

Foreigners can only buy ppty for own stay. So if they give up PR / Citizenship then what does that mean? Obviously they want to leave the country so the govmt is right to tell them to dispose off ppty. Not right apply PR and then buy landed ppty and then give up PR and leave the country and keep the landed ppty locked, in land scarce Singapore.

under what circumstances do PR give up the PRship ?

1. give up on singapore

[devilplate]

under what circumstances do PR give up the PRship ?

1. give up on singapore

or rather they cannot make it in SG...haha

[proud owner]

or rather they cannot make it in SG...haha

i know of PR ...from some high income tax , social wellfare countries ..

come here for many many yrs .. save on tax cos income tax here is low ..

when they become old .. they give up spore PR ..take all the money they have saved and go back to their home countries .. and enjoy the welfare there .. free medical, free accommodation ...and cash rich

and spore becomes the real sucker

[devilplate]

i know of PR ...from some high income tax , social wellfare countries ..

come here for many many yrs .. save on tax cos income tax here is low ..

when they become old .. they give up spore PR ..take all the money they have saved and go back to their home countries .. and enjoy the welfare there .. free medical, free accommodation ...and cash rich

and spore becomes the real sucker

tats y we must buy more ppty and rent out to them!!

with strengthening SGD....more will come??? goodie!!!