Riverfront Residences, a upcoming residential area at Hougang Avenue 7, located in the northeastern part of Singapore
The main document of ownership in a true condominium is the unit title deed issued and administrated by the local Land Office. The local Land Office is responsible for the transfer of ownership and registration of ownership of the individual units in the condominium building. The apartment unit title deed is proof of ownership. Proof of ownership should not be confused with a 'house book' in Thailand or Ta.Bian.Baan, which is an official document issued by the local Administrative Office and contains the full address and the occupants of an apartment (not necessarily the owner of the building or apartment). Apartments in a building not registered under the Condominium Act the units may have a separate Thai 'house books', however this should not be confused with an ownership document. Riverfront Residences, a upcoming residential area at Hougang Avenue 7, located in the northeastern part of Singapore was successfully acquired by Oxley-Lian Beng Venture Pte Ltd for S$575 million. The old Rio Casa is a 286 unit development that not only features seven residential towers but also enjoys 200m of the Singapore riverfront.A consortium led by Oxley, Lian Beng and KSH has won the tender for the collective purchase of the property known as Rio Casa for $575 million. The tender was submitted by Oxley-Lian Beng Venture on Wednesday and has been duly accepted by the owners of the property located at Hougang Avenue 7.
Oxley-Lian Beng Venture is 35% owed by Oxley, 35% owned by KSH, 20% owned by Lian Beng and 10% owned by Apricot Capital. The property is a former HUDC estate which has been privatised. The site area is 36,811.1 sqm.
Freehold ownership of condominiums by foreigners is restricted under the Condominium Act and the main restrictions / requirements for foreign ownership are:
1. Not more than 49% of the total floor area of all units in a condominium building added together may be foreign owned. In case of 100 equal apartments in a complex 49 can be foreign-owned, the remaining 51 must be owned by Thai nationals.
In case the 49% quota for foreign freehold ownership in a condominium project is 'sold out', the remaining units may be leased under a registered 30 year lease agreement. There are no lease restrictions and normal 'hire of property' laws (as for land or house) apply on condominiums.
2. To be eligible to register ownership the foreigner who buys a unit under the Condominium Act must bring foreign currency into Thailand, at least to an amount equal to the total purchase price.
The handling bank in Thailand must exchange the currency into Thai baht and will issue a (FET-form) Foreign Exchange Transaction form or Credit Note for smaller amounts. Without proof of remittance of foreign currency into Thailand the Land Office will not register the apartment unit into the foreigner's name (unless you are a resident in Thailand).
As in all property investments (especially in a foreign country) it is important to hire the service of a reputable lawyer or trusted real estate agent who can advice and assist you in the purchase and who makes sure that everything is checked out, the condominium is registered under the Condominium Act and to ensure the unit is correctly registered into your name.
The units in an apartment building which is not registered under the Condominium Act the units can only be leased as 'part of the building' or jointly owned by all the purchasers. Both in case of a long term rent (over 3 years) over such units or joint ownership over the building as a whole by the unit purchasers this must be registered at the local Land Office where the property is located. Unregistered apartments require extra caution.
Article Source: http://singnewhomes.com/riverfront-residences-showflat-location-hougang/
Oxley-Lian Beng Venture is 35% owed by Oxley, 35% owned by KSH, 20% owned by Lian Beng and 10% owned by Apricot Capital. The property is a former HUDC estate which has been privatised. The site area is 36,811.1 sqm.
Freehold ownership of condominiums by foreigners is restricted under the Condominium Act and the main restrictions / requirements for foreign ownership are:
1. Not more than 49% of the total floor area of all units in a condominium building added together may be foreign owned. In case of 100 equal apartments in a complex 49 can be foreign-owned, the remaining 51 must be owned by Thai nationals.
In case the 49% quota for foreign freehold ownership in a condominium project is 'sold out', the remaining units may be leased under a registered 30 year lease agreement. There are no lease restrictions and normal 'hire of property' laws (as for land or house) apply on condominiums.
2. To be eligible to register ownership the foreigner who buys a unit under the Condominium Act must bring foreign currency into Thailand, at least to an amount equal to the total purchase price.
The handling bank in Thailand must exchange the currency into Thai baht and will issue a (FET-form) Foreign Exchange Transaction form or Credit Note for smaller amounts. Without proof of remittance of foreign currency into Thailand the Land Office will not register the apartment unit into the foreigner's name (unless you are a resident in Thailand).
As in all property investments (especially in a foreign country) it is important to hire the service of a reputable lawyer or trusted real estate agent who can advice and assist you in the purchase and who makes sure that everything is checked out, the condominium is registered under the Condominium Act and to ensure the unit is correctly registered into your name.
The units in an apartment building which is not registered under the Condominium Act the units can only be leased as 'part of the building' or jointly owned by all the purchasers. Both in case of a long term rent (over 3 years) over such units or joint ownership over the building as a whole by the unit purchasers this must be registered at the local Land Office where the property is located. Unregistered apartments require extra caution.
Article Source: http://singnewhomes.com/riverfront-residences-showflat-location-hougang/