THE move to restrict foreign buyers from purchasing land zoned as “commercial and residential” without government approval may result in a diversion of foreign investment to other asset classes, analysts said. 

In an announcement late on Wednesday (Jul 19) night, the Ministry of Law and Singapore Land Authority said that developments on land zoned for “commercial and residential” use will now be deemed residential property and regulated as such under the Residential Property Act (RPA). 

This follows changes to the RPA – namely the removal of “commercial and residential” properties from the list of land-use zones that have been designated non-residential property. The government highlighted that this is to “better reflect the intent of the RPA to safeguard residential land” for locals.