Nicholas Wong and Chloe Chia, a couple planning to get married, are exploring options to purchase their first home in Singapore.
They are particularly interested in landed properties but are aware of the restrictions on foreign ownership.
Nicholas, a Singaporean, and Chloe, a Singapore Permanent Resident (SPR), are considering purchasing a terrace house in Sentosa Cove, as they heard it might be an exception to the usual restrictions.
They consult with Jonathan Tan, a property agent from HomeFinders Realty, to understand the legalities and processes involved.
Jonathan explains the Residential Property Act (RPA) and the role of the Land Dealings Approval Unit (LDAU) in approving foreign ownership of restricted properties.
He also discusses the importance of obtaining the necessary permissions and approvals from the Urban Redevelopment Authority (URA) for any property development or changes in use.
As they navigate the complexities of the real estate market, Nicholas and Chloe must consider their eligibility, the approval process, and the financial implications of their potential purchase.