Residential Property Act 1976 · 2020 Revised Edition · Part 2 · Prohibition on Purchase or Acquisition of Residential Property by Foreign Persons
10. Vesting of residential properties in Singapore companies
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Despite anything in any written law, a Singapore company which intends to acquire any estate or interest in any residential property other than non‑restricted residential property must, prior to the vesting of the estate or interest in that residential property in the company, provide the Controller with a list of its directors and members containing the particulars of their nationality and such other particulars as the Controller may require.
Singapore company
“Singapore company” means any company which satisfies the following requirements:(a)the company is incorporated in Singapore and its directors and members are all citizens;(b)if any member of the company is another company, that other company satisfies the requirements of paragraph (a);(c)if that other company mentioned in paragraph (b) has a member which is a company, which in turn has a member which is also a company and so on, all the members of each such company consist only of any or any combination of the following:(i)citizens; and(ii)companies that satisfy the requirements of paragraphs (a) and (b); and(d)if any member of the company is a limited liability partnership, that limited liability partnership is a Singapore limited liability partnership;
The Controller may, if he or she is satisfied that the requirements of subsection (1) are complied with and that the company is a Singapore company, issue to the company a certificate stating that the company may acquire and retain residential properties subject to the provisions of this Act.
Controller
“Controller” means the Controller of Residential Property and includes a Deputy and an Assistant Controller of Residential Property appointed under section 29;
The Controller may at any time require a Singapore company which has been issued a certificate under subsection (2) to produce its register of members and directors for his or her inspection if the Controller desires to ascertain whether the Singapore company has ceased to be a Singapore company.
The Controller may at any time cancel a certificate issued under subsection (2) if he or she is satisfied that —
in the case of a Singapore company which does not own any residential property that is not non‑restricted residential property — the Singapore company has become a foreign company without obtaining the prior written approval of the Controller under section 14; or
in the case of a Singapore company which owns any residential property that is not non‑restricted residential property — the Singapore company has become a converted foreign company without obtaining the prior written approval of the Controller under section 26.
The Controller must, upon the application by any Singapore company which is a holder of a certificate issued by the Controller under subsection (2), cancel the certificate if the Controller is satisfied that the Singapore company does not own any residential property that is not non‑restricted residential property.
residential property
“residential property” includes —(a)any vacant land upon which no building or other structure exists or any land upon which exists any building or other structure which is constructed or used contrary to any written law;(b)any house, building or other premises or any part thereof which is permitted to be used pursuant to the Planning Act 1998 or any other written law as a dwelling house or which is lawfully so used;(c)any land zoned for residential purposes in the Master Plan; and(d)such other land or building, in whatever manner zoned in the Master Plan, as the Minister may, by notification in the Gazette, declare to be residential property for the purposes of this Act,but does not include —(e)any land, whether or not vacant, which is zoned for industrial or commercial purposes or both such purposes in the Master Plan or which is permitted to be used pursuant to the Planning Act 1998 or any other written law solely for industrial or commercial purposes or both such purposes;(f)any house, building or other premises, or any part thereof, which is permitted to be used pursuant to the Planning Act 1998 or any other written law solely for industrial or commercial purposes or both such purposes or which is lawfully so used;(g)any hotel registered under the provisions of the Hotels Act 1954; and(h)such other land or building, in whatever manner zoned in the Master Plan, as the Minister may, by notification in the Gazette, declare to be industrial, commercial or non‑residential property for the purposes of this Act;
Any Singapore company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.