Foreigners and permanent residents will not be able to rent more than 8 per cent of flats in each public housing neighbourhood in Singapore and no more than 11 percent of units in each block of apartments under the state Housing & Development Board (HDB), the Straits Times reported.
The caps, the first of their kind, are “to prevent the formation of foreigner enclaves in HDB estates, and maintain the Singaporean character of our HDB heartlands,” the Housing Board said in a statement.
Malaysians are exempt as they can better integrate due to their cultural and historical similarities with Singaporeans.
Singapore, a major Asian hub for banks and multinationals, is facing pressure from citizens to tighten immigration and cap the number of foreigners, who now make up one-third of the island’s population of 5.2 million.
NOTE: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 1.2731 Singapore dollars) (Compiled by Singapore Newsroom; Editing by Subhranshu Sahu)