Wednesday, February 29, 2012

PRs buy fewer landed homes

Straits Times: Wed, Feb 29
SALES of landed homes to permanent residents (PRs) plunged last year as tough new rules deterred them from entering that segment of the property market.

PRs bought 109 landed homes last year - down 53.6 per cent from the 235 transactions inked in 2010, DTZ Research said.

That took their share of the landed housing market transactions to 3.4 per cent, from 5.4 per cent the previous year. In 2006, their transactions formed 6.8 per cent of the private landed market.

It has already been hard for PRs to buy landed property. There are strict criteria under the Residential Property Act that do not apply when they buy condominiums.

They must apply to the Singapore Land Authority's Land Dealings (Approval) Unit, which considers factors such as the person's professional qualifications, work experience and investment in Singapore.

Foreign citizens who are not PRs can buy landed property only at Sentosa Cove. They can also buy townhouses within condo developments...

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Martin Koh/ Sherry Tang
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