7. Rule 11 of the principal Rules is amended —
by inserting, immediately after the words “a person” in paragraph (1), the words “(referred to in this rule as the option holder)”; and
by deleting paragraph (2) and substituting the following paragraphs:
“(2) Subject to paragraphs (3), (4) and (5), an option granted by a housing developer to any person who wishes to purchase a unit in a housing project shall be valid for a period (referred to in this rule as the validity period) of 3 weeks commencing from the date immediately after the delivery to the option holder, or to the option holder’s solicitors, of —
the title deeds, or copies of the title deeds to the unit; and
the execution copies of the agreement for the sale and purchase of the unit.
(3) The Controller may, on the application of the housing developer made before the grant of the option, by writing permit a housing developer to grant any option with a different validity period.
(4) The Controller may, on the application of the housing developer or the option holder, by writing permit a variation of the validity period if the housing developer and the option holder agree.
(5) Where, before the expiry of the validity period, the option holder serves the housing developer with a written notice stating that he does not wish to exercise the option, the option shall lapse immediately upon the receipt by the housing developer of the written notice.”.