—(1) An option which has been granted by a developer prior to 1st October 1997 to any person for the purchase of any unit in any housing project shall continue to be in force as if the Housing Developers (Amendment) Rules 1997 (G.N. No. S 393/97) had not been made until the option has lapsed or has been exercised by the intending purchaser.
(2) Where a purchaser of any unit in a housing project under an agreement made before 1st October 1997 assigns on or after that date all his right, title or interest under that agreement, the new agreement with the assignee for the sale and purchase of that unit shall be in the new form prescribed by the Housing Developers (Amendment) Rules 1997 notwithstanding anything to the contrary in these Rules.
(3) Nothing in the Housing Developers (Amendment) Rules 1997 shall require the Singapore Academy of Law established under the Singapore Academy of Law Act (Cap. 294A) to act as stakeholder under any agreement for the sale and purchase of any unit in a housing project if it was made before 1st October 1997.