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Contents

Long Title

Part I PRELIMINARY

Part II PROHIBITION ON PURCHASE OR ACQUISITION OF RESIDENTIAL PROPERTY BY FOREIGN PERSONS

Part III APPROVAL TO PURCHASE, ACQUIRE OR RETAIN RESIDENTIAL PROPERTY

Part IV MISCELLANEOUS

FIRST SCHEDULE Description of Subdivided Buildings

SECOND SCHEDULE Description of Flats

Legislative History

 
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On 18/04/2014, you requested the version in force on 18/04/2014 incorporating all amendments published on or before 18/04/2014. The closest version currently available is that of 17/01/2011.
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PART III
APPROVAL TO PURCHASE, ACQUIRE OR RETAIN RESIDENTIAL PROPERTY
Application by foreign person for approval to purchase, acquire or retain residential property
25.
—(1)  For the purposes of this Act, there shall be a committee to be known as the Residential Property Advisory Committee which shall consist of a Chairman and such number of other members as the Minister may, from time to time, appoint for such period as he may think fit. Any member so appointed who ceases to be a member shall be eligible for reappointment.
(2)  Subject to subsection (14), any foreign person who desires to purchase, acquire or retain any estate or interest in any residential property other than non-restricted residential property shall apply to the Minister through the Controller for the grant of the Minister’s approval to acquire or to retain residential property, as the case may be.
[9/2006]
(3)  Every such application shall be in such form and shall state such particulars as the Controller may require.
[9/2006]
(4)  The Controller shall forward every such application to the Committee; and after consideration thereof, the Committee shall make recommendations thereon to the Minister who may, in his discretion, grant, with or without conditions (or refuse to grant), approval —
(a)
for the purchase or acquisition of the estate or interest in the residential property in respect of which the application was made or for the retention of such estate or interest; or
(b)
for the purchase or acquisition of the estate or interest in residential property of such class or nature as the applicant may desire to purchase or acquire.
(5)  Without prejudice to the generality of the powers of the Minister under subsection (4), he may, in his discretion, grant approval, with or without conditions, to any applicant, being a natural person, who intends to purchase or acquire residential property for the purpose of his own occupation and that of his family as a dwelling-house and not for the purpose of rental or any other purpose; and for the purposes of this subsection “an applicant” means one —
(a)
who is a permanent resident;
(b)
who, in the opinion of the Minister, is of economic benefit to Singapore or who, in the opinion of the Minister, makes or is able to make an adequate economic contribution to Singapore; or
(c)
who, not being a citizen, possesses professional or other qualifications or experience which, in the opinion of the Minister, are of value or of benefit or advantageous to Singapore.
(6)  Without prejudice to the generality of the powers of the Minister under subsection (4), he may grant approval, with or without conditions, to an applicant, being a foreign company or a foreign limited liability partnership which —
(a)
in the opinion of the Minister —
(i)
is of economic benefit to Singapore; or
(ii)
makes or is able to make an adequate economic contribution to Singapore; and
(b)
intends to purchase or acquire, or retain any interest in, residential property for the purpose of occupation as a dwelling-house by its executives, managers, partners, employees or other personnel and their families and not for any other purpose.
[17/2005]
(7)  The conditions that the Minister may impose under subsection (4), (5) or (6) shall include all or any of the following:
(a)
that the applicant —
(i)
being a natural person, shall use the residential property for his own occupation and that of his family as a dwelling-house and not for any other purpose; or
(ii)
being a foreign company or a foreign limited liability partnership, shall use the residential property for occupation as a dwelling-house by its executives, managers, partners, employees or other personnel and their families and not for any other purpose;
(aa)
that the applicant shall not sell, assign, transfer or otherwise dispose of his or its estate or interest in the residential property within such period as may be specified by the Minister;
(b)
that the applicant shall provide such security as may be determined by the Minister for the purposes of complying with any condition imposed by the Minister;
(c)
that the applicant shall give an undertaking in writing to comply with the conditions imposed by the Minister.
[9/2006]
(7A)  Where an applicant has failed to comply with any of the conditions imposed by the Minister under this section, the Minister may forfeit (in part or whole) the security provided by the applicant under this section after giving 21 days’ notice in writing to the applicant of his intention to forfeit the security and the grounds thereof.
[9/2006]
(7B)  An applicant may, upon receipt of the notice under subsection (7A), appeal to the Minister within 3 months from the date of that notice.
[9/2006]
(7C)  The decision of the Minister on any appeal made under subsection (7B) shall be final and shall not be called in question in any court.
[9/2006]
(8)  [Deleted by Act 35/2010 wef 14/01/2011 wef 17/01/2011]
(9)  (a)  Every applicant referred to in subsection (5) shall furnish a declaration as to whether the applicant or the applicant’s spouse or any of their children owns residential property in Singapore, and if so shall state full particulars thereof.
[9/2006]
(b)
Every applicant referred to in subsection (6) shall furnish a declaration as to whether the applicant owns residential property in Singapore, and if so shall state full particulars thereof; and such declaration shall —
(i)
where the applicant is a foreign company, be made by a director, manager or secretary thereof or a person holding an analogous position; and
(ii)
where the applicant is a foreign limited liability partnership, be made by a manager or partner thereof or a person holding an analogous position.
[17/2005; 9/2006]
(10)  Nothing in this section shall be construed as detracting from or prejudicing in any way the power conferred on the Minister by subsection (4) to approve or to refuse to approve any application.
(11)  The decision of the Minister to approve or to refuse to approve any application shall be conveyed to the applicant by the Controller by notice in writing.
(12)  Where the Minister has refused an application and the Controller has conveyed the Minister’s decision by notice in writing to the applicant, the applicant may, within a period of 3 months of the date of the notice (or such later period as the Minister may allow in the circumstances of any particular case), make representations to the Minister against his decision; and if the applicant makes representations within that period (including any extension which may be allowed), the Minister, having considered those representations, shall direct the Controller to convey to the applicant his decision to accept or to reject the representations.
(13)  The decision of the Minister to approve or to refuse to approve any application or, if any representations are made pursuant to subsection (12), his decision to accept or reject the representations, shall be final and shall not be called in question in any court.
(14)  Where a foreign person is a natural person or a society, he or it shall not be required to make application for the retention of any estate or interest in any residential property vested in him or it immediately before 11th September 1973.
Minister may direct Controller to lodge caveat
25A.
—(1)  Where the Minister has granted his approval under section 25 to any foreign person to purchase, acquire or retain any estate or interest in any residential property (other than non-restricted residential property) subject to the condition that the foreign person shall not sell, assign, transfer or otherwise dispose of that estate or interest in that residential property within the period specified by the Minister, the Minister may direct the Controller to lodge a caveat, on the relevant volume and folio of the land-register in the Land Titles Registry of the Authority, forbidding the registration under the Land Titles Act (Cap. 157) during that period of any dealing affecting that residential property against which the caveat is directed unless the Controller, or some person nominated by him in the caveat, has consented in writing to such registration.
(2)  The Controller shall withdraw the caveat referred to in subsection (1) upon the expiry of the period specified by the Minister, unless the Minister directs that the caveat be withdrawn at any time earlier.
Penalty for contravening condition referred to in section 25(7)(a)
25B.
—(1)  Where an approved purchaser, by lease or agreement, grants to another the right to occupy any residential property (other than non-restricted residential property) in contravention of any condition referred to in section 25(7)(a), the Controller may, by notice in writing, require the approved purchaser to pay, within a specified period, a financial penalty of such amount (as the Controller thinks fit) not exceeding the highest of one of the following amounts:
(a)
$10,000;
(b)
3 times the amount of rental payable and collected —
(i)
in any case where the lease or agreement was made before the date of commencement of section 12 of the Residential Property (Amendment) Act 2010 — during the period of contravention falling on or after that date; or
(ii)
in any other case — during the period of contravention; or
(c)
3 times the assessed rental reasonably expected to be collected for that residential property —
(i)
in any case where the lease or agreement was made before the date of commencement of section 12 of the Residential Property (Amendment) Act 2010 — during the period of contravention falling on or after that date; or
(ii)
in any other case — during the period of contravention.
(2)  The quantum of the financial penalty referred to in subsection (1) shall take into account any security provided by the approved purchaser under section 25(7)(b) and which has been forfeited under section 25(7A) in respect of the same contravention of any condition referred to in section 25(7)(a).
(3)  Where an approved purchaser is a company or a limited liability partnership, and the Controller is of the opinion that the failure of the approved purchaser to comply with any condition referred to in section 25(7)(a) was committed with the consent or connivance of, or was attributable to any neglect on the part of, any person who is a director of the company or a partner of the limited liability partnership, as the case may be, the Controller shall, together with the notice under subsection (1) to the approved purchaser, inform the person concerned of the Controller’s opinion, and that person shall then be jointly and severally liable with the company or limited liability partnership to pay the financial penalty imposed under subsection (1).
(4)  Any financial penalty payable by any approved purchaser or other person under subsection (1) or (3) shall be recoverable by the Controller as a debt due to the Controller from that approved purchaser or other person.
(5)  In this section, “assessed rental”, in relation to any residential property, means the market rental for that residential property as assessed by an independent valuer appointed by the Controller.
Penalty for failure to comply with other conditions imposed by Minister
25C.  Where —
(a)
the Minister grants his approval under section 25 for an approved purchaser to purchase, acquire or retain any estate or interest in any residential property (other than non-restricted residential property), subject to any condition; and
(b)
the approved purchaser fails to comply with any such condition, other than a condition referred to in section 25(7)(a),
the approved purchaser shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day or part thereof during which the offence continues after conviction.
Application for approval by Singapore entity with residential properties to become converted entity and for retention of its residential properties
26.
—(1)  Any Singapore entity which, pursuant to section 9, intends to seek the prior written approval of the Controller for its conversion to a converted entity, and for the retention of all its estate or interest in all or in one or more of its residential properties, not being non-restricted residential properties, which the Singapore entity intends should remain vested in the converted entity upon such conversion, shall make application to the Controller, in such form as he may require, for the grant of approval for such conversion and for such retention.
[17/2005; 9/2006]
(2)  Every such application shall state such particulars as the Controller may require.
(3)  The Controller shall forward every such application to the Committee; and after consideration thereof, the Committee shall make recommendations thereon to the Controller who may, with the approval of the Minister, grant, with or without conditions (or refuse to grant), approval for —
(a)
the conversion of the Singapore entity to a converted entity; and
(b)
the retention of all or one or more of its residential properties in respect of which it has made application therefor.
[17/2005]
(3A)  The conditions that the Controller may impose under subsection (3) shall include all or any of the following:
(a)
that the applicant shall carry out and complete the development of any residential property retained by the applicant within such period as may be determined by the Controller;
(b)
that the applicant —
(i)
shall not sell, assign, transfer, sublease or otherwise dispose of such residential property or any part thereof in its vacant or undeveloped state without the prior approval of the Controller, which may be granted with or without conditions; or
(ii)
shall sell all the flats or dwelling-houses in the development or, where the residential property comprises one or more buildings which have not been subdivided into units for sale, shall sell the whole development, to citizens or approved purchasers within a period of 2 years from the date of the issue by the relevant authority of a Temporary Occupation Permit or Certificate of Statutory Completion, whichever is the earlier, in respect of such flats, dwelling-houses or any of the buildings;
(c)
that, where the applicant is a company, limited liability partnership or society, no person who holds any shares in the company or who is a partner in the limited liability partnership or member of the society shall, without the approval of the Controller (which may be granted with or without conditions), sell, assign, transfer or otherwise dispose of any of his shares or any interest in such shares to any other person, or resign as such partner or member, as the case may be;
(d)
that the applicant shall provide such security as may be determined by the Controller for the purposes of complying with any condition imposed by the Controller;
(e)
that the applicant shall give an undertaking in writing to comply with the conditions imposed by the Controller.
(3B)  Subject to subsections (3C) and (3D), the Controller may extend any period referred to in subsection (3A)(a) or (b)(ii) and may, in his discretion, dispense with the requirement to provide security referred to in subsection (3A)(d).
(3C)  The Controller may, when extending any period referred to in subsection (3A)(a) or (b)(ii), require the applicant to pay an extension charge of such amount as may be determined by the Controller.
(3D)  Any extension charge payable under subsection (3C) need not bear any relationship to the cost of considering an application for and granting an extension of any period referred to in subsection (3A)(a) or (b)(ii).
(3E)  Where an applicant has failed to comply with any condition imposed by the Controller, the Controller may do all or any of the following:
(a)
in the case of a condition the compliance with which security has been provided under subsection (3A)(d), the Controller may forfeit (in part or whole) the security provided by the applicant after giving 21 days’ notice in writing to the applicant of his intention to forfeit the security and the grounds thereof;
(b)
in the case of any condition referred to in subsection (3A)(b)(i) relating to residential property or in subsection (3A)(c) relating to shares in a company, the Controller may, by notice in writing, require the applicant to pay, within a specified period, a financial penalty of such amount (as the Controller thinks fit) not exceeding 50% of the market value of the residential property or shares concerned.
(3F)  The quantum of the financial penalty required to be paid under subsection (3E)(b) shall take into account any security provided by the applicant under subsection (3A)(d) and which has been forfeited under subsection (3E)(a) in respect of the same contravention of any condition referred to in subsection (3A)(b) or (c).
(3G)  Where the Controller is of the opinion that the failure of the applicant to comply with any condition referred to in subsection (3A)(b)(i) or (c) was committed with the consent or connivance of, or was attributable to any neglect on the part of any person who is a director, partner or member of the governing body or board of trustees of the applicant, as the case may be, the Controller shall, together with the notice under subsection (3E)(b) to the applicant, inform the person concerned of the Controller’s opinion, and that person shall then be jointly and severally liable with the applicant to pay the financial penalty imposed under subsection (3E)(b).
(3H)  Any financial penalty payable by any applicant or any other person under subsection (3E)(b) or (3G) shall be recoverable by the Controller as a debt due to the Controller from that applicant or other person.
(4)  The Minister may direct that all the residential properties that are not non-restricted residential properties in respect of which approval was not granted under subsection (3)(b) shall be transferred to any citizen or approved purchaser.
[9/2006]
(4A)  Upon approving under subsection (3) the retention by an applicant of all or one or more of its residential properties subject to the condition referred to in subsection (3A)(b)(i), the Controller shall immediately inform the Registrar who shall enter —
(a)
on the relevant volume and folio of the land-register in the Land Titles Registry of the Authority; or
(b)
in the books or other records maintained at the Registry of Deeds of the Authority,
as the case may be, a notice warning persons dealing with the registered proprietor named therein that the registered proprietor is prohibited from selling, assigning, transferring, subleasing or otherwise disposing of the residential property comprised therein in its vacant or undeveloped state.
(4B)  The Registrar shall cancel the notice of warning referred to in subsection (4A) if the Controller directs that the notice be cancelled; and the Controller shall make such a direction if he is satisfied that the Temporary Occupation Permit or the Certificate of Statutory Completion for the whole of the development has been issued by the relevant authority.
(4C)  No claim shall be made by any person against the Registrar for any loss or damage suffered if the notice referred to in subsection (4A) is not entered on the land-register in the Land Titles Registry of the Authority or in the books or other records maintained at the Registry of Deeds of the Authority, as the case may be, or is cancelled pursuant to subsection (4B).
(5)  Section 25(6) to (13) shall apply, with the necessary modifications, to every application made under subsection (1) for the retention of any estate or interest in such residential property.
[9/2006]
(6)  For the purpose of determining under subsection (3E) the financial penalty for contravening a condition, “market value” —
(a)
in relation to residential property, means the market value of the residential property at the date of the contravention of the condition as assessed by an independent valuer appointed by the Controller; and
(b)
in relation to shares in a company, means the market value of the shares at the date of the contravention of the condition.
Minister may issue direction for sale of residential property
27.
—(1)  Where the Minister or the Controller, as the case may be, has at any time before or after 1st October 1982 —
(a)
granted his approval under section 25, 26 or 31 to any foreign person to purchase, acquire or retain any estate or interest in any residential property that is not non-restricted residential property;
(b)
exempted, pursuant to section 32, any foreign person from all or any of the provisions of this Act;
(c)
granted his approval under section 28 to any foreign person for a change of use of any land owned by that foreign person; or
(d)
granted his approval under section 28A to any foreign person for the development of any land,
subject to any condition and the Minister is satisfied that that person has failed to comply with the condition, the Minister may, by direction in writing, require the person named therein to dispose of his estate or interest in the residential property by transferring his estate or interest to any citizen or approved purchaser within a period of not less than 6 months of the date of service of the direction by the Minister.
[9/2006]
(2)  A direction given by the Minister under subsection (1) shall be served on the Controller and the person named therein and the subsisting mortgagees and chargees (if any) of the residential property who appear as such on the relevant records in the Land Titles Registry or the Registry of Deeds of the Authority, as the case may be.
[9/2006]
(3)  Where a person who has been directed under subsection (1) to dispose of his estate or interest in any residential property or land fails to satisfy the Controller that he has transferred his estate or interest within the period specified in subsection (1) or within any further period extended by the Minister, the Minister may issue to the Controller a notice to attach and sell the estate or interest in that residential property or land, and a copy of that notice shall be served on —
(a)
the owner of the residential property or land; and
(b)
each subsisting mortgagee or chargee (if any) who appears as such in the relevant records in the Land Titles Registry or the Registry of Deeds of the Authority, as the case may be.
[9/2006]
Change of existing use to use for residential purposes
28.
—(1)  Where any foreign person is the owner or purchaser of any land other than residential property prior to 11th September 1973, or has after that date acquired or purchased any such land, that foreign person shall be required to make application to the Controller for the grant of approval to change the existing use of such land (whether it is land, a house, a building or other premises or part thereof) to use for any purpose other than industrial or commercial, prior to his making an application to the competent authority, appointed under the Planning Act (Cap. 232), for such change; and such foreign person shall not be granted permission under that Act for such change of use unless he has been granted approval by the Controller for the change.
[9/2006]
(2)  The Controller may, with the approval of the Minister, grant approval under subsection (1) subject to such conditions as the Controller thinks fit, including all or any of the following:
(a)
that the applicant shall carry out and complete the development of the land within such period as may be determined by the Controller;
(b)
that the applicant —
(i)
shall not sell, assign, transfer, sublease or otherwise dispose of the land or any part thereof in its vacant or undeveloped state without the prior approval of the Controller, which may be granted with or without conditions; or
(ii)
shall sell all the flats or dwelling-houses in the development or, where the land comprises one or more buildings which have not been subdivided into units for sale, shall sell the whole development, to citizens or approved purchasers within a period of 2 years from the date of the issue by the relevant authority of a Temporary Occupation Permit or Certificate of Statutory Completion, whichever is the earlier, in respect of such flats, dwelling-houses or any of the buildings;
(c)
that, where the applicant is a company, limited liability partnership or society, no person who holds any shares in the company or who is a partner in the limited liability partnership or member of the society shall, without the approval of the Controller (which may be granted with or without conditions), sell, assign, transfer or otherwise dispose of any of his shares or any interest in such shares to any other person, or resign as such partner or member, as the case may be;
(d)
that the applicant shall provide such security as may be determined by the Controller for the purposes of complying with any condition imposed by the Controller;
(e)
that the applicant shall give an undertaking in writing to comply with the conditions imposed by the Controller.
(3)  Subject to subsections (4) and (5), the Controller may extend any period referred to in subsection (2)(a) or (b)(ii) and may, in his discretion, dispense with the requirement to provide security referred to in subsection (2)(d).
(4)  The Controller may, when extending any period referred to in subsection (2)(a) or (b)(ii), require the applicant to pay an extension charge of such amount as may be determined by the Controller.
(5)  Any extension charge payable under subsection (4) need not bear any relationship to the cost of considering an application for and of granting an extension of any period referred to in subsection (2)(a) or (b)(ii).
(6)  Where an applicant has failed to comply with any condition imposed by the Controller, the Controller may do all or any of the following:
(a)
in the case of a condition the compliance with which security has been provided under subsection (2)(d), the Controller may forfeit (in part or whole) the security provided by the applicant after giving 21 days’ notice in writing to the applicant of his intention to forfeit the security and the grounds thereof;
(b)
in the case of any condition referred to in subsection (2)(b)(i) relating to land or in subsection (2)(c) relating to shares in a company, the Controller may, by notice in writing, require the applicant to pay, within a specified period, a financial penalty of such amount (as the Controller thinks fit) not exceeding 50% of the market value of the land or shares concerned.
(7)  The quantum of the financial penalty required to be paid under subsection (6)(b) shall take into account any security provided by the applicant under subsection (2)(d) and which has been forfeited under subsection (6)(a) in respect of the same contravention of any condition referred to in subsection (2)(b) or (c).
(8)  Where an applicant is a company, limited liability partnership or society and the Controller is of the opinion that the failure of the applicant to comply with any condition referred to in subsection (2)(b)(i) or (c) was committed with the consent or connivance of, or was attributable to any neglect on the part of any person who is a director of the company, a partner of the limited liability partnership or a member of the governing body or board of trustees of the society, as the case may be, the Controller shall, together with the notice under subsection (6)(b) to the applicant, inform the person concerned of the Controller’s opinion, and that person shall then be jointly and severally liable with the company, limited liability partnership or society to pay the financial penalty imposed under subsection (6)(b).
(9)  Any financial penalty payable by any applicant or any person under subsection (6)(b) or (8) shall be recoverable by the Controller as a debt due to the Controller from that applicant or person.
(10)  Upon approving under subsection (1) a change of use by an applicant of its land subject to the condition referred to in subsection (2)(b)(i), the Controller shall immediately inform the Registrar who shall enter —
(a)
on the relevant volume and folio of the land-register in the Land Titles Registry of the Authority; or
(b)
in the books or other records maintained at the Registry of Deeds of the Authority,
as the case may be, a notice warning persons dealing with the registered proprietor named therein that the registered proprietor is prohibited from selling, assigning, transferring, subleasing or otherwise disposing of the land in its vacant or undeveloped state.
(11)  The Registrar shall cancel the notice of warning referred to in subsection (10) if the Controller directs that the notice be cancelled; and the Controller shall make such a direction if he is satisfied that the Temporary Occupation Permit or the Certificate of Statutory Completion for the whole of the development has been issued by the relevant authority.
(12)  No claim shall be made by any person against the Registrar for any loss or damage suffered if the notice referred to in subsection (10) is not entered on the land-register in the Land Titles Registry of the Authority or in the books or other records maintained at the Registry of Deeds of the Authority, as the case may be, or is cancelled pursuant to subsection (11).
(13)  For the purpose of determining under subsection (6) the financial penalty for contravening a condition, “market value” —
(a)
in relation to land, means the market value of the land at the date of the contravention of the condition as assessed by an independent valuer appointed by the Controller; and
(b)
in relation to shares in a company, means the market value of the shares at the date of the contravention of the condition.
Approval for residential development on land deemed non-residential
28A.
—(1)  Where any foreign person is the owner of any vacant land (whether or not with a vacant or disused building or structure thereon) which has been —
(a)
zoned for any of the purposes declared to be industrial, commercial or non-residential by the Minister under paragraph (iv) of the definition of “residential property” in section 2(1); and
(b)
rezoned at any time on or after 1st April 1998 pursuant to any alteration to the Master Plan (other than an alteration made in relation to any application for permission to develop under the Planning Act (Cap. 232)) and is still zoned for a purpose other than that declared under that paragraph (iv) by the Minister,
that foreign person —
(i)
shall be required to make an application to the Controller for the grant of approval to develop the land for that purpose prior to his making an application to the competent authority appointed under the Planning Act for permission to develop; and
(ii)
shall not be granted planning permission or conservation permission unless he has been granted prior approval by the Controller in accordance with this section.
[3/98; 9/2006]
(2)  A certification by the competent authority appointed under the Planning Act certifying that an alteration to the Master Plan was approved by the Minister in relation to an application for planning permission or conservation permission under that Act shall be conclusive evidence of the matters stated therein.
(3)  The Controller may, with the approval of the Minister, grant approval under subsection (1) subject to such conditions as the Controller thinks fit, including all or any of the following:
(a)
that the applicant shall carry out and complete the development of the land within such period as may be determined by the Controller;
(b)
that the applicant —
(i)
shall not sell, assign, transfer, sublease or otherwise dispose of the land or any part thereof in its vacant or undeveloped state without the prior approval of the Controller, which may be granted with or without conditions; or
(ii)
shall sell all the flats or dwelling-houses in the development or, where the land comprises one or more buildings which have not been subdivided into units for sale, shall sell the whole development, to citizens or approved purchasers within a period of 2 years from the date of the issue by the relevant authority of a Temporary Occupation Permit or Certificate of Statutory Completion, whichever is the earlier, in respect of such flats, dwelling-houses or any of the buildings;
(c)
that, where the applicant is a company, limited liability partnership or society, no person who holds any shares in the company or who is a partner in the limited liability partnership or member of the society shall, without the approval of the Controller (which may be granted with or without conditions), sell, assign, transfer or otherwise dispose of any of his shares or any interest in such shares to any other person, or resign as such partner or member, as the case may be;
(d)
that the applicant shall provide such security as may be determined by the Controller for the purposes of complying with any condition imposed by the Controller;
(e)
that the applicant shall give an undertaking in writing to comply with the conditions imposed by the Controller.
(4)  Subject to subsections (5) and (6), the Controller may extend any period referred to in subsection (3)(a) or (b)(ii) and may, in his discretion, dispense with the requirement to provide security referred to in subsection (3)(d).
(5)  The Controller may, when extending any period referred to in subsection (3)(a) or (b)(ii), require the applicant to pay an extension charge of such amount as may be determined by the Controller.
(6)  Any extension charge payable under subsection (5) need not bear any relationship to the cost incurred in considering an application for and granting an extension of any period referred to in subsection (3)(a) or (b)(ii).
(7)  Where an applicant has failed to comply with any condition imposed by the Controller, the Controller may do all or any of the following:
(a)
in the case of a condition the compliance with which security has been provided under subsection (3)(d), the Controller may forfeit (in part or whole) the security provided by the applicant after giving 21 days’ notice in writing to the applicant of his intention to forfeit the security and the grounds thereof;
(b)
in the case of any condition referred to in subsection (3)(b)(i) relating to land or in subsection (3)(c) relating to shares in a company, the Controller may, by notice in writing, require the applicant to pay, within a specified period, a financial penalty of such amount (as the Controller thinks fit) not exceeding 50% of the market value of the land or shares concerned.
(8)  The quantum of the financial penalty required to be paid under subsection (7)(b) shall take into account any security provided by the applicant under subsection (3)(d) and which has been forfeited under subsection (7)(a) in respect of the same contravention of any condition referred to in subsection (3)(b) or (c).
(9)  Where an applicant is a company, limited liability partnership or society and the Controller is of the opinion that the failure of the applicant to comply with any condition referred to in subsection (3)(b)(i) or (c) was committed with the consent or connivance of, or was attributable to any neglect on the part of any person who is a director of the company, a partner of the limited liability partnership or a member of the governing body or board of trustees of the society, as the case may be, the Controller shall, together with the notice under subsection (7)(b) to the applicant, inform the person concerned of the Controller’s opinion, and that person shall then be jointly and severally liable with the company, limited liability partnership or society to pay the financial penalty imposed under subsection (7)(b).
(10)  Any financial penalty payable by any applicant or any person under subsection (7)(b) or (9) shall be recoverable by the Controller as a debt due to the Controller from that applicant or person.
(11)  Upon granting approval under subsection (1) to develop land subject to the condition referred to in subsection (3)(b)(i), the Controller shall immediately inform the Registrar who shall enter —
(a)
on the relevant volume and folio of the land-register in the Land Titles Registry of the Authority; or
(b)
in the books or other records maintained at the Registry of Deeds of the Authority,
as the case may be, a notice warning persons dealing with the registered proprietor named therein that the registered proprietor is prohibited from selling, assigning, transferring, subleasing or otherwise disposing of the land in its vacant or undeveloped state.
(12)  The Registrar shall cancel the notice of warning referred to in subsection (11) if the Controller directs that the notice be cancelled; and the Controller shall make such a direction if he is satisfied that the Temporary Occupation Permit or the Certificate of Statutory Completion for the whole of the development has been issued by the relevant authority.
(13)  No claim shall be made by any person against the Registrar for any loss or damage suffered if the notice referred to in subsection (11) is not entered on the land-register in the Land Titles Registry of the Authority or in the books or other records maintained at the Registry of Deeds of the Authority, as the case may be, or is cancelled pursuant to subsection (12).
(14)  For the purpose of determining under subsection (7) the financial penalty for contravening a condition, “market value” —
(a)
in relation to land, means the market value of the land at the date of the contravention of the condition as assessed by an independent valuer appointed by the Controller; and
(b)
in relation to shares in a company, means the market value of the shares at the date of the contravention of the condition.