LANDED home owners may have to dispose of their property within two years if they lose their permanent residency or citizenship status.

Failure to do so could see them fined up to $20,000 and/or jailed up to three years.

This tougher new rule is part of the proposed changes set out in the Residential Property (Amendment) Bill, introduced in Parliament on Monday.
If passed, the new bill will also increase a range of other penalties outlined under the Act.

The Act was introduced in 1973 and imposes restrictions on foreign ownership of restricted properties, namely landed homes, strata-landed housing and vacant residential land.

Foreigners, in this case referring to PRs, must get approval from the Singapore Land Authority before buying. The penalties have not been revised since 1974, despite significant increases in residential property prices.

New rules for landed owners