—(1) Subject to this section, a person shall, for the purposes of this Act, be said to subdivide land if, by any deed or instrument, he conveys, assigns, demises or otherwise disposes of any part of the land in such a manner that the part so disposed of becomes capable of being registered under the Registration of Deeds Act (Cap. 269) or, in the case of registered land, being included in a separate folio of the land-register under the Land Titles Act (Cap. 157), and “subdivide” and “subdivision” shall be construed accordingly.
(2) Notwithstanding subsection (1), the following leases granted on or after 1st April 1998 shall not be regarded as a disposal of the land or part thereof:
in the case of any development described in Part I of the Schedule, the grant of any lease for any unit in the development for a term not exceeding an aggregate of 14 years;
in the case of any development described in Part II of the Schedule, the grant of any lease for a building or any part of a building comprised in the development for a term not exceeding an aggregate of 14 years; or
in the case of any other land, the grant of any lease of the whole or part of the land for a term not exceeding an aggregate of 7 years.
(3) The Minister may, at any time by order published in the Gazette —
amend, delete or add to the list of leases in subsection (2) which shall not be regarded as a disposal of land or part thereof; or
amend the Schedule.
(4) For the purposes of this section —
the fact that the term of a lease may be extended in pursuance of an option shall be taken into consideration in determining whether the term of the lease exceeds 14 years or 7 years, as the case may be; and
the fact that a lease for a specified period of time is determinable on the happening of an event within that time shall not be taken into consideration in determining the term of the lease.