—(1) Notwithstanding section 4 of the Residential Property Act (Cap. 274), no housing accommodation under the executive condominium scheme shall be transferred to any person who is not a citizen of Singapore except in the following circumstances:
to any permanent resident on the expiry of the minimum occupation period; and
to any person 5 years after the expiry of the minimum occupation period.
(2) Any transfer made in contravention of subsection (1) shall be null and void.
(3) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.