—(1) The Minister may, if he considers it to be in the economic interest of Singapore or for any other cause which appears to him necessary or expedient or if in his opinion the circumstances so warrant, from time to time, by regulations or by notification in the Gazette or otherwise, exempt permanently or for such period or periods as he may think fit and subject to such conditions as he may consider necessary, from all or any of the provisions of this Act —
any person, company, limited liability partnership, society, association or other organisation or body, or any class, type or category of any of the same; and
any land or dwelling-house or any part of any land or dwelling-house or any class, type or category of dwelling-houses.
(2) Where the Minister revokes any regulation or notification made under this section (whether made before, on or after 31st March 2006), he may give directions in writing to any person affected by the revocation, being an owner of residential property that is not non-restricted residential property, to transfer all his or its estate or interest in all or any of such residential property to any citizen or approved purchaser within such period as the Minister may specify.
(2A) Where the person directed under subsection (2) does not satisfy the Minister that he has complied with the direction within the time specified in the direction or any extension thereof allowed by the Minister, the Minister may issue to the Controller a notice to attach and sell the estate or interest in the residential property.
(2B) The notice to attach and sell referred to in subsection (2A) shall specify the residential property to be attached and sold by the Controller, and a copy of that notice shall also be served on —
the foreign person who is the owner of the estate or interest in the residential property to be attached and sold; and
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.
(2C) Where the Minister grants (before, on or after the date of commencement of section 19 of the Residential Property (Amendment) Act 2010) an exemption under this section in respect of any person or property referred to in subsection (1)(a) or (b) subject to any condition, any person who fails to comply with any such condition on or after that date shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 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.
(3) In subsection (1)(b), “dwelling-house” includes a flat, whether or not such dwelling-house is completed or proposed to be erected.