Policy before and after · Foreign ownership

Event

Singapore adds family and nominee routes to the shareholding test for exempting listed developers from the qualifying certificate regime

Announced 29 June 2021 · Effective 29 June 2021

Read the full event record Compare with another policy Create research brief

Comparison window

Comparison anchored to effective date: 29 June 2021. Before: 31 March 2021 to 28 June 2021. After: 29 June 2021 to 26 September 2021. The same 90 days on each side; the anchor day counts as after.

Before · 31 Mar 2021 to 28 Jun 2021

3 land-sales awards

13 land-sales steps in all
1 other archive event

The event

Announced 29 Jun 2021

Effective 29 Jun 2021

The effective date is the anchor.

After · 29 Jun 2021 to 26 Sep 2021

2 land-sales awards

7 land-sales steps in all
All 90 days observable

What this comparison can and cannot show

Generated from this window's records

Recorded

3 verified claims on this event record a before and an after value.
3 land-sales awards in the 90 days before the effective date, and 2 in the 90 observable days after.
None of the 2 tracked series has a whole period on both sides of a 90-day window, so no market figure is compared.

Cannot be concluded

That this event moved any figure on this page. The comparison is by date; nothing here is attributed to the event.
A reading of the concurrent land sales and events as responses to this one. They are listed by date alone.

About this eventIssuing authority, category, affected market, primary source, summary

Announced: 29 June 2021
Effective: 29 June 2021
Issuing authority: Singapore Land Authority
Category: Foreign ownership
Affected market: Applications to the Controller of Residential Property by publicly listed housing developers seeking exemption from the qualifying certificate regime on the basis of a substantial connection to Singapore, and specifically the assessment of one of the five criteria, a significantly Singaporean substantial shareholding interest. Residential land bought by such a developer other than from the Government is what the regime reaches. Unlisted developers and individual foreign buyers are outside it. ABSD is a stamp duty under a different Act, and the 2021 release does not address it.
Primary source: Refinements to Criteria for Publicly Listed Housing Developers with Substantial Connection to Singapore to be Exempted from Qualifying Certificate Regime

On 29 June 2021, with immediate effect, the Ministry of Law and SLA let a publicly listed housing developer count shares held through a whitelisted nominee company, and a Singaporean family's combined holding of at least 30% subject to conditions, towards the significantly Singaporean shareholding it needs for exemption from the qualifying certificate regime. Nominee-held shares count towards the 50% and 25% limbs, not the family route, where the Singaporean substantial shareholders keep control of the voting rights. The family must together be the largest substantial shareholder, name a substantial shareholder as primary, count no nominee holdings, and face a largest single foreign substantial shareholder of no more than 30%. The 50% and 25% limbs, the other four criteria and the Act did not change. The criteria sit in releases and SLA guidance, not in any Gazette text.

In brief

3 GLS site awards were recorded in the before window and 3 in the after window.

What changed

No policy matrix is recorded for this event. These are its verified claims that store a before and an after value.

As recorded in the claim	Before	After	Change	Source
The criterion continues to be met where substantial shareholders who are Singapore citizens, Singapore companies or Singapore Government entities together hold at least 50% of the voting rights and issued shares.	50%	50%	No change	Claim 9
The criterion also continues to be met where the largest single substantial shareholder is a Singapore citizen, a Singapore company or a Singapore Government entity holding at least 25% of the total voting rights and issued shares, and the largest single foreign substantial shareholder holds no more than 25% of the voting rights and issued shares.	25%	25%	No change	Claim 10
A substantial shareholder is a person or company with an interest in at least 5% of the votes attached to all the voting shares in the company or class of shares.	5%	5%	No change	Claim 11

Observed around this event

View linked outcomes

The same statistic over the 90 days before and after the anchor. Figures describe what was recorded in each window; they do not attribute a change to this event.

Singapore private residential transactions, all types of sale

units · Total over whole quarterly periods inside each 90-day window

Before

None

Coverage 0/90 days

After

None

Coverage 0/90 days

Difference

Not stated

No whole quarterly period of this series falls inside either window, so no comparison is stated. A longer window may contain one.

Provenance

Source: Urban Redevelopment Authority
Series kind: FLOW
Basis: Observation periods wholly inside each window, values as originally recorded.
Origin: Calculated (sum of published period values)
Shown because: Mapped to this kind of event

Private Residential Property Price Index, All Residential

index (2009Q1=100) · Value in the latest whole quarterly period inside each 90-day window

Before

None

Coverage 0/90 days

After

None

Coverage 0/90 days

Difference

Not stated

No whole quarterly period of this series falls inside either window, so no comparison is stated. A longer window may contain one.

Provenance

Source: Urban Redevelopment Authority
Series kind: INDEX
Basis: Observation periods wholly inside each window, values as originally recorded.
Origin: Source fact (latest whole period)
Shown because: Mapped to this kind of event

Concurrent planning and land activity

Land sales and other archive events dated inside the windows, listed by date only. Each land-sales line shows the site as the record stood on that day.

Before the effective date

14 lines

13 land-sales steps (3 awards) · 1 archive event

From the effective date

7 lines

7 land-sales steps (2 awards) · 0 archive events

Explore concurrent events

Before (14)

15 April 2021 · Land sales
Lentor Central: Launched for tender
Residential with commercial at 1st storey · status on 15 April 2021: Tender open
15 April 2021 · Land sales
Tampines Street 62 (Parcel A): Launched for tender
Executive Condominium residential · status on 15 April 2021: Tender open
27 April 2021 · Land sales
Northumberland Road: Tender closed
Residential with commercial at 1st storey · status on 27 April 2021: Tender closed, award pending
5 May 2021 · Land sales
Northumberland Road: Awarded
Residential with commercial at 1st storey · status on 5 May 2021: Awarded · awarded to Maximus Residential SG Pte. Ltd. and Maximus Commercial SG Pte. Ltd. at S$445,888,000
25 May 2021 · Land sales
Ang Mo Kio Avenue 1: Tender closed
Residential · status on 25 May 2021: Tender closed, award pending
25 May 2021 · Land sales
Tengah Garden Walk: Tender closed
Executive Condominium housing · status on 25 May 2021: Tender closed, award pending
27 May 2021 · Land sales
Jalan Tembusu: Released on the Reserve List
Residential · status on 27 May 2021: On the Reserve List
27 May 2021 · Land sales
Tampines Street 62 (Parcel B): Released on the Reserve List
Executive Condominium residential · status on 27 May 2021: On the Reserve List
2 June 2021 · Land sales
Ang Mo Kio Avenue 1: Awarded
Residential · status on 2 June 2021: Awarded · awarded to United Venture Development (2021) Pte. Ltd. at S$381,381,000
3 June 2021 · Land sales
Tengah Garden Walk: Awarded
Executive Condominium housing · status on 3 June 2021: Awarded · awarded to Taurus Properties SG Pte. Ltd. at S$400,318,000
15 June 2021 · Land sales
Slim Barracks Rise (Parcel A): Launched for tender
Residential with commercial at 1st storey · status on 15 June 2021: Tender open
15 June 2021 · Land sales
Slim Barracks Rise (Parcel B): Launched for tender
Residential with commercial at 1st storey · status on 15 June 2021: Tender open
28 June 2021 · Land sales
Marina View: Reserve List site launched for tender
White site: mixed residential, hotel, commercial and/or serviced apartment · status on 28 June 2021: Tender open
28 June 2021 · Archive event
Singapore gives developers an additional six months of COVID-19 relief on ABSD commencement and completion timelines, for land bought up to 7 May 2021
Announced 28 June 2021

After (7)

29 June 2021 · Land sales
Jalan Anak Bukit: Tender closed, concept stage
Commercial and residential integrated transport hub · status on 29 June 2021: Tender closed, award pending
22 July 2021 · Land sales
Lentor Central: Tender closed
Residential with commercial at 1st storey · status on 22 July 2021: Tender closed, award pending
22 July 2021 · Land sales
Tampines Street 62 (Parcel A): Tender closed
Executive Condominium residential · status on 22 July 2021: Tender closed, award pending
29 July 2021 · Land sales
Lentor Central: Awarded
Residential with commercial at 1st storey · status on 29 July 2021: Awarded · awarded to GLL D Pte. Ltd. at S$784,113,000
3 August 2021 · Land sales
Tampines Street 62 (Parcel A): Awarded
Executive Condominium residential · status on 3 August 2021: Awarded · awarded to QJ-OS Pte. Ltd. and Santarli Realty Pte. Ltd. at S$422,000,000
30 August 2021 · Land sales
Jalan Anak Bukit: Awarded, concept and price
Commercial and residential integrated transport hub · status on 30 August 2021: Awarded · awarded to FE Landmark Pte. Ltd., FEC Residences Trustee Pte. Ltd. (in its capacity as Trustee-Manager of FEC Residences Trust) and FEC Retail Trustee Pte. Ltd. (in its capacity as Trustee-Manager of FEC Retail Trust) at S$1,028,333,333
21 September 2021 · Land sales
Marina View: Tender closed
White site: mixed residential, hotel, commercial and/or serviced apartment · status on 21 September 2021: Tender closed, award pending

Methodology5 rules

Comparison anchored to effective date: 29 June 2021. The anchor is the effective date where one is recorded, otherwise the announcement date.
The windows are the same number of days on each side of the anchor, and the anchor day belongs to the after window.
A series counts toward a window only for observation periods wholly inside it, with values as originally recorded, not as later revised.
Where no whole period falls inside a window, no value and no difference is stated; a day no whole period covers is missing, never zero.
Concurrent land sales and archive events are listed by date alone. Nothing on this page is attributed to the event.

Sources

The event's sources (10)

Primary sources10

Refinements to Criteria for Publicly Listed Housing Developers with Substantial Connection to Singapore to be Exempted from Qualifying Certificate Regime
Ministry of Law · Primary source · Published 29 June 2021
Open original source
Whitelist of Approved Nominee Companies
Singapore Land Authority · Primary source · Published 29 June 2021
Open original source
Residential Property Act section 32(1) exemption notification, S 145/2021
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 5 March 2021
Open original source
Residential Property Act section 32(1) exemption notification, S 143/2021
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 5 March 2021
Open original source
Residential Property Act 1976, 2020 Revised Edition
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 31 December 2021
Open original source
Publicly Listed Housing Developers with Substantial Connection to Singapore to be Exempted from Qualifying Certificate Regime
Ministry of Law · Primary source · Published 6 February 2020
Open original source
Residential Property Act section 32(1) exemption notification, S 5/2023
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 9 January 2023
Open original source
Application for an exemption under section 32 of the Residential Property Act
Singapore Land Authority · Primary source · Published 13 October 2023
Open original source
Land Dealings Approval Unit e-services FAQs
Singapore Land Authority · Primary source · Publication date not recorded
Open original source
Foreign ownership of property
Singapore Land Authority · Primary source · Publication date not recorded
Open original source

Event checked against its primary sources on 27 September 2026. Each claim keeps its own verification status.

Observed series come from the published statistics named on each card. Land-sales lines link to the site record and its releases.