Residential Property Act 1976 · 2020 Revised Edition · Part 2 · Prohibition on Purchase or Acquisition of Residential Property by Foreign Persons
14. Singapore company becoming foreign company
Feedback & supportLast amended by an amending law of 2010.
Despite anything in any written law, a Singapore company must not become a foreign company unless —
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;
in the case of a Singapore company which owns any residential property that is not non‑restricted residential property — it has obtained the prior approval of the Controller to become a converted foreign company pursuant to section 26; or
in the case of a Singapore company which claims that it does not own any residential property apart from non‑restricted residential property — it has obtained the prior approval of the Controller under subsection (2) to become a foreign company.
For the purposes of subsection (1)(b), the Controller must grant the approval for the Singapore company to become a foreign company if he or she is satisfied that the Singapore company does not own any residential property apart from non‑restricted residential property.
Controller
“Controller” means the Controller of Residential Property and includes a Deputy and an Assistant Controller of Residential Property appointed under section 29;
Upon a Singapore company being granted an approval under subsection (1)(a) or (b), the Controller must cancel the certificate issued to the Singapore company under section 10(2).
Despite any approval given by the Minister or the Controller for the purposes of subsection (1)(a) or (b), as the case may be, the Controller may —
if the Controller subsequently discovers that the company owns any residential property in respect of which the Minister or the Controller (as the case may be) has not granted any approval under section 25 or 26 for the company to purchase, acquire or retain the residential property and the residential property is not non‑restricted residential property; or
if the Controller subsequently discovers that the company had made a misrepresentation to the Controller,obtain the Minister’s direction to require the company to dispose of the residential property.
Where any residential property is to be disposed of pursuant to the Minister’s direction obtained under subsection (4), section 9(8) to (14) applies, with the necessary modifications, to the manner of disposal of the residential property and the rights of a mortgagee or chargee (if any) of the 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;