Proposal for Minimum Occupation Period for New Citizens who Buy Landed Residential Property

Mr Murali Pillai asked the Minister for Law with regards to high-net-worth persons who become Singapore Citizens after obtaining Singapore permanent residency through the Global Investor Programme (GIP), whether the Ministry will consider imposing a minimum occupation period of five years on these new citizens for any purchase of landed residential property so as to reduce the risk of a self-reinforcing cycle of price increases in the private landed residential property market.

The Residential Property Act (RPA) prohibits foreigners, including Permanent Residents (PRs), from purchasing landed residential property. Currently, Singapore Citizens are not subject to any restrictions on the purchase or ownership of landed properties under RPA.

There are strict criteria for a foreigner to become a Singapore Citizen. Only a small number have been granted Singapore Citizenship after obtaining Singapore Permanent Residency (PR) through the Global Investor Programme (GIP) since its introduction in 2004. This group of citizens, who first obtained PR status through GIP, accounted for a total of 21 landed property purchases over 18 years from 2004 to 2021. By comparison, over the last seven years, there has been an average of 2,400 landed property transactions annually.

I note the Member's concerns regarding the landed residential property market. This is something we review regularly. We will continue to work with the MND and other relevant agencies to monitor the situation and take the necessary measures.