If you own a land in Singapore, you should be aware of the different land rights that you have. This is very important to both citizens and foreigners who own any type of property in this country. It serves as a protection as well as a guide to anyone who would like to purchase land in the future. Below is a general idea of the different land rights in Singapore:
- The land acquisition act or LAA is a vital legislation because it enables the procurement of private land that is compulsory to support a lot of major infrastructure projects such as road and rail. If you own a land that is acquired, under the LAA it is considered as paid market value compensation. You can appeal to the appeal’s board for land acquisition if you are not satisfied with the statutory compensation.
- The residential property act or RPA balances between making sure that the landed house in Singapore that has limited supply will remain the citizen’s preserve while it allows selected foreigners that have great contributions to the economy of Singapore to also own landed houses, this is to attract and retail talent. If you are a foreigner who would like to buy landed houses, you have to submit an application to the land dealings approval unit located at the Singapore Land Authority or SLA.
- The land titles (strata) act governs the procedures in completing an en bloc sale. The private strata development sale an en bloc sale, or facilities redevelopment, and collective sale support urban rejuvenation.
- Commercial leases for retail and office premises generally have 3-5 years with the same length of renewal right.
- Residential leases usually have 1-3 years terms.
- In the market place, leases are commonly short term since less than 7 years leases duration are not obligated to be registered on the title.
- Foreigners can buy condominiums and are not allowed to own apartments in buildings that are less than 6 storeys or detached homes. One may apply an exception to this rule in the Minister of Law. This is usually granted to people who have special circumstances such as a foreign-owned corporation who would like to buy housing for their executives that are Singapore-based.
This is a general idea on the land rights in Singapore that you can take note. If you want more detailed information, you can always talk to legal counsels in Singapore, especially if you have plans in purchasing a land. It is best for you to know them first before closing any deal so that you’ll know what you should have as a land owner.