Michael Wong and Amanda Ng, a couple planning to get married, are interested in purchasing a property in Singapore.
They are considering a landed property in Sentosa Cove, as they have heard that it is one of the few places where foreigners can own landed properties without a minimum occupation period.
They are also exploring the possibility of investing in a commercial property.
To ensure they make informed decisions, they consult with George Lim, a property agent from Lim & Associates Realty, who advises them on the regulations surrounding foreign ownership and the necessary approvals required by the Singapore Land Authority (SLA) and the Land Dealings Approval Unit (LDAU).
George explains the importance of understanding the Residential Property Act (RPA) and the Urban Redevelopment Authority's (URA) guidelines for property use and development.
As they navigate the complexities of the real estate market, Michael and Amanda must consider factors such as restricted properties, temporary permissions, and the implications of the Land Acquisition Act.