Can Singapore PRs and foreigners buy Tembusu Grand condo?

Singapore is known for its thriving real estate market, and many people from all over the world are interested in buying a condominium in the country. However, one question that arises is whether Permanent Residents (PRs) and foreigners can purchase a condo in Singapore. In this article, we will explore the regulations surrounding PRs and foreigners purchasing condos in Singapore like Tembusu Grand.

Permanent Residents (PRs)

Permanent Residents in Singapore are individuals who have been granted permanent residency status in the country. PRs are permitted to purchase a condo in Singapore, subject to certain conditions. These conditions include:

• The purchase of a condo must be for personal occupation, and not for rental or investment purposes.
• The PR must have held their permanent residency status for at least three years before they can purchase a property.
• The PR must obtain approval from the Singapore Land Authority (SLA) before purchasing a condo.
• The PR must pay a Buyer’s Stamp Duty (BSD), which is a tax imposed on the purchase of property in Singapore. The BSD rates vary based on the purchase price of the property.
• The PR must pay Additional Buyer’s Stamp Duty (ABSD) of 5%, the additional tax imposed on the purchase of property in Singapore.

Foreigners

Foreigners who are not Permanent Residents of Singapore are also allowed to purchase a condo in the country, subject to certain conditions. These conditions include:

• The purchase of a condo must be for personal occupation, and not for rental or investment purposes.
• The foreigner must obtain approval from the SLA before purchasing a condo.
• The foreigner must pay a Buyer’s Stamp Duty (BSD), which is a tax imposed on the purchase of property in Singapore. The BSD rates vary based on the purchase price of the property.
• The foreigner must pay Additional Buyer’s Stamp Duty (ABSD) of 30%, the additional tax imposed on the purchase of property in Singapore.

Restrictions on Purchasing Condos

It is important to note that there are certain restrictions on purchasing a condo in Singapore, regardless of whether the buyer is a PR or a foreigner. These restrictions include:

• The condo must be part of a development that has been approved by the government.
• The development must comply with the Housing Developers (Control and Licensing) Act, which regulates the sale of residential properties in Singapore.
• The buyer must be at least 21 years old

In conclusion, both Permanent Residents and foreigners are allowed to purchase Tembusu Grand condo, subject to certain conditions and restrictions. While the regulations surrounding the purchase of property in Singapore may seem complex, it is important to follow them to ensure a smooth and legal property purchase process. It is advisable to consult a professional real estate agent or lawyer who can provide guidance on the legal and financial aspects of purchasing Tembusu Grand condo.