If it's about Nation and Rarity...

RE: Landed property: Fewer foreigners to get approval

"Mr Shanmugam added: "We have kept foreign ownership of landed property in Singapore to under 5 per cent... It's actually closer to 3.5 per cent."

What's more important, but not made clear, is the following:

140 such approvals given per year (in past 3 years) = How many % of the total number of transactions for landed properties in the past 3 years?

While the foreign ownership approval criteria is tightened, who or what's effectively stopping the non-citizen from  buying landed properties in Singapore via locally-registered commercial entities (e.g. an investment firm)?
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Apart from landed housing, I've wondered why non-citizens are allowed to own CONSERVED PROPERTIES (e.g. shophouses), coz those are even rarer than landed properties, and are an intrinsic part of Singapore's history.

While non-citizens cannot buy conserved properties zoned Residential, they can buy those zoned otherwise (e.g. mixed uses, commercial etc).

We must remember that there is no match for the infinite supply of non-citizen investment capital out there, and conserved properties are attractive exotic assets.

Better do something about this before these gems of Singapore get eroded even further.