Singapore’s Urban Redevelopment Authority (URA) have launched a public consultation exercise on a proposed regulatory framework for the use of private residential properties as short-term accommodation (STA).
“After studying the issue for some time, we think it is possible to allow such STAs in private residential properties, but subject to appropriate regulations and safeguards,” said minister for national development Lawrence Wong on Facebook, adding that the government has been “very cautious” about allowing STAs in Singapore.
In the proposed regulatory framework for public consultation revealed on April 16, the URA spelt out the qualifying criteria for homes to be used for short-term stays, conditions and requirements for homeowners, as well as the roles and responsibilities of stakeholders, such as management corporations (MCSTs) and STA platforms.
This means that owners of private residential properties could soon be allowed to lease out their apartments for Airbnb-style short-term stays under a new category.
For condominiums governed by management councils, the URA is proposing that owners holding on to at least 80 per cent of the share value agree to the change of use.
The endorsement by the management councils will be valid for two years and needs to be renewed with an updated vote count each time. If the level of consent falls below 80 per cent, the earlier endorsement will not be renewed.
Currently, private residential properties are subject to a minimum stay duration of three consecutive months.
URA welcomes members of the public to review the consultation document and share their views on the proposed framework here.
Members of the public can also share their views on the REACH Portal. The closing date for submission is May 31, 2018.