Yes! You can setup a company to invest in commercial property. In order to claim back the GST, you will need to register the company as GST-Voluntary before the commercial property be rented out or sold off.
Kindly take note the GST registration will be approved if one of the following criteria is fulfilled:
1) First taxable rental income will be made within two years’ time, or
2) The property is to be actively marketed and will be ready for sale once a buyer is found (purchase the property with intention of trading), or
3) The company is generating other types of taxable income (like service income or trading income)
Kindly take note that the GST on commercial property can normally be claimed and refunded when the first taxable income of the property is certain — when the rental agreement or sales and purchase agreement is signed.
We are highly recommend not to register GST with the option 2 as your gain on disposal of the investment property will have high chances be subject to income tax when you sold it. For more information for the tax planning of investment property, please refer to Tax Planning for Investment Property in Singapore