A highly popular question by many immigrants to Singapore is whether a permanent resident, or a PR can buy landed property in Singapore. Well, for the exact answer, it depends largely on each individual person’s profile, and definition of landed houses. If you want more details on buying property as a permanent resident, you can look for an immigration consultant in Singapore or also read the following for more information.
Many new permanent residents in Singapore may come from countries where land is abundant, and therefore, are used to staying in a landed property, rather than a shoebox studio unit. Many feel those are absolutely claustrophobia inducing and want a landed property in Singapore with back yard and front yard and more.
Quick answer to whether PR can buy landed property in Singapore
The answer is generally speaking – yes. However, there is more than meets the eye, and you need to know the terms regarding different types of landed residential homes in Singapore, and the requirements to purchase them. While all houses may look similar to the eye, it can be classified differently locally.
Landed homes that permanent residents cannot purchase – good class bungalows
For instance, there are designated areas in Singapore, where the houses are all at least 15,070 square feet in land size and called Good Class Bungalows (GCB). Not only are these strictly for purchase for Singapore citizens only, they have way more building regulations regarding how you can design the house. For example, the height of the building cannot exceed that of 2 stories, among many other regulations.
However, what if you are a wealthy businessman or investor permanent resident who wants to live the luxury life in Singapore?
No worries. Keep in mind that not all homes larger than 15,070 square feet in land size in Singapore are actually classified under GCB. In fact, so many of them are not!
In fact, you will be surprised to find out that many of the large and modern mansions in Singapore are actually not classified under Good Class Bungalows at all. Most of these GCBs are extremely old looking, and literally looks like a house in a Kampong. What you usually see as being modern mansions in Singapore are actually just large residential plots of land combined in areas outside of these designated GCB spots.
Landed property that a permanent resident can purchase – subject to approval by Singapore Land Authority
I am very sure you know people, or know of people who are just permanent residents, and not Singaporean citizens who have bought landed properties in SG. That is because it is allowed for purchase by permanent residents.
However, the main caveat is that you will need manual approval through the Singapore Land Authority. If you have been a permanent resident for several years now, living in Singapore for the long term as well as showing financial contribution in the form of steady taxes or building incredible local companies, then chances of approval are high so long as you have a strong financial position to prove too.