Policy before and after · Foreign ownership
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 recordCompare with another policyCreate research brief
Comparison window
Comparison anchored to effective date: 29 June 2021. Before: 29 June 2020 to 28 June 2021. After: 29 June 2021 to 28 June 2022. The same 365 days on each side; the anchor day counts as after.
Before · 29 Jun 2020 to 28 Jun 2021
5 land-sales awards
- 18 land-sales steps in all
- 1 other archive event
- Singapore private residential transactions, all types of sale: 22,076 (Q1 2021)
The event
Announced 29 Jun 2021
Effective 29 Jun 2021
The effective date is the anchor.
After · 29 Jun 2021 to 28 Jun 2022
11 land-sales awards
- 38 land-sales steps in all
- All 365 days observable
- Singapore private residential transactions, all types of sale: 22,351 (Q1 2022)
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.
- 5 land-sales awards in the 365 days before the effective date, and 11 in the 365 observable days after.
- 2 of 2 tracked series have a whole period on both sides, so a before and after figure is stated for them.
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
In brief
- Singapore private residential transactions, all types of sale totalled 22,076 in the whole periods inside the 365 days before the effective date (Q3 2020, Q4 2020, Q1 2021) and 22,351 in those inside the 365 days after (Q3 2021, Q4 2021, Q1 2022).
- Private Residential Property Price Index, All Residential was 162.2 in Q1 2021, the latest whole period before the effective date, and 174.8 in Q1 2022, the latest whole period in the 365 days after.
- 5 GLS site awards were recorded in the before window and 12 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 outcomesThe same statistic over the 365 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 365-day window
Before
22,076
Q3 2020, Q4 2020, Q1 2021
Coverage 274/365 days
After
22,351
Q3 2021, Q4 2021, Q1 2022
Coverage 274/365 days
Difference
+275
+1.2%
Qualified: whole periods cover 274/365 days before and 274/365 days after. Days outside a whole period are not counted and are not treated as zero.
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 365-day window
Before
162.2
Q3 2020, Q4 2020, Q1 2021
Coverage 274/365 days
After
174.8
Q3 2021, Q4 2021, Q1 2022
Coverage 274/365 days
Difference
+12.6
+7.8%
Qualified: whole periods cover 274/365 days before and 274/365 days after. Days outside a whole period are not counted and are not treated as zero.
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
19 lines
18 land-sales steps (5 awards) · 1 archive event
From the effective date
42 lines
38 land-sales steps (11 awards) · 4 archive events
Explore concurrent eventsHide concurrent events
Before (19)
29 October 2020 · Land sales
Yishun Avenue 9: Tender closedExecutive Condominium housing · status on 29 October 2020: Tender closed, award pending
29 October 2020 · Land sales
Tanah Merah Kechil Link: Tender closedResidential with Commercial at 1st Storey · status on 29 October 2020: Tender closed, award pending
13 November 2020 · Land sales
Tanah Merah Kechil Link: AwardedResidential with Commercial at 1st Storey · status on 13 November 2020: Awarded · awarded to MCC Land (Singapore) Pte. Ltd. at S$248,990,000
20 November 2020 · Land sales
Yishun Avenue 9: AwardedExecutive Condominium housing · status on 20 November 2020: Awarded · awarded to Sing Holdings Limited at S$373,500,000
26 November 2020 · Land sales
Tengah Garden Walk: Launched for tenderExecutive Condominium housing · status on 26 November 2020: Tender open
15 April 2021 · Land sales
Lentor Central: Launched for tenderResidential with commercial at 1st storey · status on 15 April 2021: Tender open
15 April 2021 · Land sales
Tampines Street 62 (Parcel A): Launched for tenderExecutive Condominium residential · status on 15 April 2021: Tender open
27 April 2021 · Land sales
Northumberland Road: Tender closedResidential with commercial at 1st storey · status on 27 April 2021: Tender closed, award pending
5 May 2021 · Land sales
Northumberland Road: AwardedResidential 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 closedResidential · status on 25 May 2021: Tender closed, award pending
25 May 2021 · Land sales
Tengah Garden Walk: Tender closedExecutive Condominium housing · status on 25 May 2021: Tender closed, award pending
27 May 2021 · Land sales
Jalan Tembusu: Released on the Reserve ListResidential · status on 27 May 2021: On the Reserve List
27 May 2021 · Land sales
Tampines Street 62 (Parcel B): Released on the Reserve ListExecutive Condominium residential · status on 27 May 2021: On the Reserve List
2 June 2021 · Land sales
Ang Mo Kio Avenue 1: AwardedResidential · 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: AwardedExecutive 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 tenderResidential with commercial at 1st storey · status on 15 June 2021: Tender open
15 June 2021 · Land sales
Slim Barracks Rise (Parcel B): Launched for tenderResidential with commercial at 1st storey · status on 15 June 2021: Tender open
28 June 2021 · Land sales
Marina View: Reserve List site launched for tenderWhite 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 2021Announced 28 June 2021
After (42)
29 June 2021 · Land sales
Jalan Anak Bukit: Tender closed, concept stageCommercial and residential integrated transport hub · status on 29 June 2021: Tender closed, award pending
22 July 2021 · Land sales
Lentor Central: Tender closedResidential 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 closedExecutive Condominium residential · status on 22 July 2021: Tender closed, award pending
29 July 2021 · Land sales
Lentor Central: AwardedResidential 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): AwardedExecutive 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 priceCommercial 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 closedWhite site: mixed residential, hotel, commercial and/or serviced apartment · status on 21 September 2021: Tender closed, award pending
28 September 2021 · Land sales
Slim Barracks Rise (Parcel A): Tender closedResidential with commercial at 1st storey · status on 28 September 2021: Tender closed, award pending
28 September 2021 · Land sales
Slim Barracks Rise (Parcel B): Tender closedResidential with commercial at 1st storey · status on 28 September 2021: Tender closed, award pending
29 September 2021 · Land sales
Marina View: AwardedWhite site: mixed residential, hotel, commercial and/or serviced apartment · status on 29 September 2021: Awarded · awarded to Boulevard View Pte Ltd at S$1,508,000,101
30 September 2021 · Land sales
Lentor Hills Road (Parcel A): Launched for tenderResidential · status on 30 September 2021: Tender open
30 September 2021 · Land sales
Lentor Hills Road (Parcel B): Released on the Reserve ListResidential · status on 30 September 2021: On the Reserve List
30 September 2021 · Land sales
Jalan Tembusu: Launched for tenderResidential · status on 30 September 2021: Tender open
11 October 2021 · Land sales
Slim Barracks Rise (Parcel A): AwardedResidential with commercial at 1st storey · status on 11 October 2021: Awarded · awarded to EL Development Pte Ltd at S$320,100,000
11 October 2021 · Land sales
Slim Barracks Rise (Parcel B): AwardedResidential with commercial at 1st storey · status on 11 October 2021: Awarded · awarded to Gao Xiuhua at S$162,388,000
21 October 2021 · Land sales
Dairy Farm Walk: Launched for tenderResidential · status on 21 October 2021: Tender open
27 October 2021 · Archive event
Singapore introduces the Prime Location Public Housing (PLH) model, with a 10-year MOP and resale limited to BTO-eligible buyersAnnounced 27 October 2021
30 November 2021 · Land sales
Pine Grove (Parcel A): Released on the Reserve ListResidential · status on 30 November 2021: On the Reserve List
30 November 2021 · Land sales
Pine Grove (Parcel B): Released on the Reserve ListResidential · status on 30 November 2021: On the Reserve List
15 December 2021 · Archive event
Singapore raises ABSD, tightens TDSR to 55% and lowers HDB loan LTV to 85%Announced 15 December 2021
23 December 2021 · Land sales
Bukit Batok West Avenue 8: Launched for tender, Confirmed ListExecutive Condominium housing · status on 23 December 2021: Tender open
18 January 2022 · Land sales
Jalan Tembusu: Tender closedResidential · status on 18 January 2022: Tender closed, award pending
18 January 2022 · Land sales
Lentor Hills Road (Parcel A): Tender closedResidential · status on 18 January 2022: Tender closed, award pending
26 January 2022 · Land sales
Jalan Tembusu: AwardedResidential · status on 26 January 2022: Awarded · awarded to CDL Triton Pte. Ltd. at S$768,000,000
26 January 2022 · Land sales
Lentor Hills Road (Parcel A): AwardedResidential · status on 26 January 2022: Awarded · awarded to Intrepid Investments Pte. Ltd., GuocoLand (Singapore) Pte. Ltd. and TID Residential Pte. Ltd. at S$586,591,288
24 February 2022 · Land sales
Pine Grove (Parcel A): Launched for tenderResidential · status on 24 February 2022: Tender open
8 March 2022 · Land sales
Dairy Farm Walk: Tender closedResidential · status on 8 March 2022: Tender closed, award pending
8 March 2022 · Land sales
Bukit Batok West Avenue 8: Tender closedExecutive Condominium housing · status on 8 March 2022: Tender closed, award pending
11 March 2022 · Land sales
Dairy Farm Walk: AwardedResidential · status on 11 March 2022: Awarded · awarded to Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd at S$347,001,000
14 March 2022 · Land sales
Dunman Road: Launched for tender, Confirmed ListResidential · status on 14 March 2022: Tender open
14 March 2022 · Land sales
Kampong Bugis: Removed from the Reserve ListWhite site · status on 14 March 2022: Removed from the Reserve List
22 March 2022 · Land sales
Bukit Batok West Avenue 8: AwardedExecutive Condominium housing · status on 22 March 2022: Awarded · awarded to CNQC-OS (2) Pte. Ltd. and SNC Realty Pte. Ltd. at S$266,000,000
4 April 2022 · Planning
URA tightens the conditions on CBD Incentive and Strategic Development Incentive redevelopments, leaving the incentives unchangedAnnounced 4 April 2022
8 May 2022 · Archive event
Singapore imposes 35% ABSD on residential property transferred into a living trustAnnounced 8 May 2022
17 May 2022 · Land sales
Lentor Central (13,444.3 sqm parcel): Launched for tender, Confirmed ListResidential · status on 17 May 2022: Tender open
17 May 2022 · Land sales
Lentor Gardens: Released on the Reserve ListResidential · status on 17 May 2022: On the Reserve List
17 May 2022 · Land sales
Lentor Hills Road (Parcel B): Launched for tender, Confirmed ListResidential · status on 17 May 2022: Tender open
2 June 2022 · Land sales
Pine Grove (Parcel A): Tender closedResidential · status on 2 June 2022: Tender closed, award pending
2 June 2022 · Land sales
Dunman Road: Tender closedResidential · status on 2 June 2022: Tender closed, award pending
14 June 2022 · Land sales
Pine Grove (Parcel A): AwardedResidential · status on 14 June 2022: Awarded · awarded to United Venture Development (No. 5) Pte. Ltd. at S$671,500,800
14 June 2022 · Land sales
Dunman Road: AwardedResidential · status on 14 June 2022: Awarded · awarded to Sing-Haiyi Jade Pte. Ltd. at S$1,283,888,998
28 June 2022 · Land sales
Bukit Batok West Avenue 5: Launched for tender, Confirmed ListResidential (Executive Condominium units) · status on 28 June 2022: Tender open
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
Whitelist of Approved Nominee Companies
Singapore Land Authority · Primary source · Published 29 June 2021
Residential Property Act section 32(1) exemption notification, S 145/2021
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 5 March 2021
Residential Property Act section 32(1) exemption notification, S 143/2021
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 5 March 2021
Residential Property Act 1976, 2020 Revised Edition
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 31 December 2021
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
Residential Property Act section 32(1) exemption notification, S 5/2023
Attorney-General's Chambers (Singapore Statutes Online) · Primary source · Published 9 January 2023
Application for an exemption under section 32 of the Residential Property Act
Singapore Land Authority · Primary source · Published 13 October 2023
Land Dealings Approval Unit e-services FAQs
Singapore Land Authority · Primary source · Publication date not recorded
Foreign ownership of property
Singapore Land Authority · Primary source · Publication date not recorded
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.