Residential Property Act 1976 · 2020 Revised Edition · Part 2 · Prohibition on Purchase or Acquisition of Residential Property by Foreign Persons
6A. Reserve price
Feedback & supportWhere the Minister has issued a notice to attach and sell an estate or interest in any residential property or land specified in the notice, the following persons may, subject to subsection (3), apply to the Controller to fix a reserve price for that estate or interest in the residential property or land:
any foreign person who is the owner of that estate or interest in the residential property or land, or the foreign person’s legal personal representatives if he or she is deceased;
the mortgagee or chargee of that residential property or land first entitled in priority (called in this section the first mortgagee or chargee); or
any mortgagee or chargee of that residential property or land next or subsequently entitled in priority (called in this section the subsequent mortgagee or chargee).
Any application under subsection (1) by a foreign person must be made no later than 28 days after the foreign person receives a copy of the notice to attach and sell.
foreign person
“foreign person” means any person who is not any of the following:(a)a citizen of Singapore;(b)a Singapore company;(c)a Singapore limited liability partnership;(d)a Singapore society;
An application under subsection (1) by a mortgagee or chargee of any residential property or land must be made as follows:
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;
in the case of the first mortgagee or chargee —
if and only if there is no application under subsection (1) by the owner of the same residential property or land, or the owner’s legal personal representative if he or she is deceased; and
no later than 45 days after the expiry of the period limited under subsection (2) for the owner or the owner’s legal personal representative to make such an application; or
in the case of a subsequent mortgagee or chargee —
if and only if there is no application under subsection (1) by the owner of the same residential property or land, or the owner’s legal personal representative if he or she is deceased, and there is no application under this subsection by the first mortgagee or chargee; and
no later than 45 days after the expiration of the period limited under paragraph (a)(ii) for the first mortgagee or chargee to make such an application.
The reserve price for any estate or interest in any residential property or land is the mean average of 2 valuations of that property or land, namely, one submitted by a valuer appointed by the Controller and the other by a licensed valuer appointed by the foreign person or the mortgagee or chargee (as the case may be), applying to fix the reserve price.
The expenses of any valuation made under this section must be borne by the foreign person (or by the foreign person’s estate if he or she is deceased) or the mortgagee or chargee applying to fix a reserve price under subsection (1), as the case may be.