Singapore is a multiracial island city that welcomes foreigners. Also, Singapore's political stability, low crime rate, high efficiency, and minimal natural disasters have made Singapore an ideal place to work, and an investment haven for foreigners.
Hence, they could consider buying residential property in Pullman Showflat here to invest in or borrow from the owner. However, due to limited land in Singapore, the government has to enforce certain rules to limit the acquisition of housing by foreigners.
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Buyer Additional Stamp Fee (ABSD)
Starting December 8, 2011, foreigners who wish to purchase residential property here will have to pay additional stamp duty to the buyer at the purchase price or higher market value. The ABSD percentage was revised from 10% to 15% on 12 January 2013.
Meanwhile, about 80% of Singaporeans live in social housing or what is known as the HDB. Foreigners are not allowed to buy this type of house because it is a subsidized house. The exception is if you have a partner who is a citizen of Singapore.
Single foreign nationals or foreign nationals who are not Singapore citizens only have the option of private housing with freehold title. For this real estate class, they can buy those above ground without any special application.
The land falls within the scope of the Limited Residential Property Act. Foreign nationals who purchase single-family homes, single-family houses, terraced houses, including single-family houses or townhouses, must obtain prior approval from the Minister of Law.