Wednesday, April 4, 2012

Tougher rules on strata-landed homes

Straits Times: Wed, Apr 04
AN AVENUE allowing foreigners to buy landed homes without needing official approval has been blocked with new rules governing condominium developments.


Strata-landed homes built in condominium estates have enjoyed condo status, meaning foreigners can buy them without restriction, unlike standard landed homes that require the green light from the Government.


Under the new rule that kicked in yesterday, the Urban Redevelopment Authority (URA) says it will no longer give condominium status to developments comprising strata-landed homes and apartments within the same development.


'Only residential developments comprising purely apartment units and complying with the condominium guidelines will continue to be approved as condominiums,' the URA circular stated.


The move is expected to have an impact on foreign buyers in particular, as they have picked up most of these strata- landed homes...

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