Tag Archives: Permanent residents

Rental market largely unaffected by foreigner quotas

It has been six months since authorities imposed quotas on subletting HDB flats to foreigners and only about one percent of Housing Board neighbourhoods have reached the limit as of June, according to HDB in media reports.

Notably, this is about the same proportion affected by the policy when it was implemented in January.

Since then, only 11 percent of the flats in a block or eight percent of the flats in a neighbourhood can be wholly sublet to foreigners or Permanent Residents (PRs). However, Malaysians are exempt from the restrictions due to cultural similarities.

Additionally, the rule does not apply to renting out rooms.

The measure is aimed at preventing the “formation of foreigner enclaves in HDB estates, and maintain the Singaporean character of our HDB heartland,” said HDB.

Property agents noted although the overall rental market has been cool, it has been largely unaffected by the new measure unless they are focusing on desirable areas, such as near MRT stations in the west.

“Most of the blocks that are more popular near the MRT are affected,” said Dennis Wee Realty agent Jimmy Chua.

Century 21’s CEO Ku Swee Yong expects the quotas to affect Jurong East, where two hospitals, with over 4,000 healthcare workers, are set to be completed in a year.


Only 6 PR applications allowed for landed homes in first half

The number of permanent residents (PRs) granted approval to buy landed homes in mainland Singapore has dropped significantly on the back of government efforts to set aside more of these types of properties for Singaporeans, media reports said.

The government further tightened the eligibility criteria for PRs in 2011 to ensure that Singapore citizens receive priority for such homes.

According to the Singapore Land Authority (SLA), the number of approvals granted to PRs looking to purchase landed homes fell from 145 in 2010 to 117 in 2011 and to just 31 last year.

In fact, only six applications were approved during the first half of 2013.

Back in October 2011, Law Minister K Shanmugam revealed that the number of approvals given to PRs buying landed homes would decline by over 50 percent to not more than 50 approvals each year.