3 GCB at Nassim Road sold for $206.7m to Singapore family not Foreigners

 

On the day of the new cooling measures, there was another controversy.

It was reported on a few popular websites that an Indonesian family had bought 3 GCBs for $ 206.7 million.

This created some anxiety among Singaporeans. GCB and landed properties are only allowed to be purchased by Singapore Citizens and, in some cases, Permanent Residents on a case-by-case basis. The criteria for approval include but are not limited to the following factors as per Singapore Land Authority.

Each applicant is assessed on a case-by-case basis, taking into consideration, including but not limited to, the following factors:

1. You should be a permanent resident of Singapore for at least five years; and
2. You must make an exceptional economic contribution to Singapore. This is assessed taking into consideration factors such as your employment income assessable for tax in Singapore.

(Source: SLA)

The exception to this rule is landed properties in Sentosa Cove.

The initial report implied that the buyers were Indonesians. There was no mention of Singapore Citizens or PR status. Moreover, there is no indication of who the buyers were. This painted the picture that any foreigners who can afford it can simply buy landed properties in Singapore.

The scarcity of land in Singapore and the limited landed supply had bought new concerns that Singaporeans would be priced out of the most prized residential asset. Naturally, the response had been of disbelief.

With the cooling measures announced on the same day, many even thought that the 'foreign' family had a tip-off to purchase it before it was announced.

Thankfully, some of the articles have been updated with an Editor's note that the initial article was incorrect. The actual buyers were Singapore Citizens.  Now, we can all breath a sigh of relief.