—(1) Subject to this section, this Act shall not apply to any transfer to or any purchase or acquisition by any foreign person of any estate or interest in any of the following residential properties:
any flat (including any share in land appurtenant to that flat) that is comprised in any building in a development permitted to be used under the Planning Act (Cap. 232) for residential purposes, and that is not a landed dwelling-house;
any unit comprised in a development which is shown in an approved plan bearing the title “condominium” and issued by the competent authority under the Planning Act;
any unit in a development comprising housing accommodation sold under the executive condominium scheme established under the Executive Condominium Housing Scheme Act (Cap. 99A).
(2) Notwithstanding subsection (1) but subject to subsection (7), no foreign person shall, without the prior approval of the Minister, purchase or acquire (whether in a single transaction or a series of transactions) —
all the flats in every building in a development permitted to be used for residential purposes under the Planning Act;
all the units in a development approved by the competent authority under the Planning Act as a condominium development; or
(3) Any foreign person who contravenes subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.
(4) Where a foreign person is convicted of an offence under subsection (3) in respect of any development, the Minister may direct the Controller to serve a notice on that person to divest and transfer, within a period of 6 months from the date of service of the notice on that person or within any extension of time granted by the Minister under subsection (5), all his estate or interest in the entire development, or any flat or unit in that development as the Minister may specify to another person who is not —
his nominee; or
(5) The Minister may, on an application being made by a foreign person before the expiration of the period of 6 months from the date of service of the notice referred to in subsection (4), grant such extension of time as the Minister thinks fit for the transfer of his estate or interest in the development or any flat or unit therein.
(6) Any foreign person who fails to comply with the Controller’s notice referred to in subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and, in the case of a continuing offence, to a further fine not exceeding $500 for every day during which the offence continues after conviction.
(7) Nothing in subsection (2) shall prevent a foreign person from acquiring any estate or interest in any development under any agreement, lease or assignment for a term not exceeding 7 years, inclusive of any further term which may be granted by way of an option for renewal.
(8) Without prejudice to subsection (6), where a foreign person on whom a notice under subsection (4) has been served fails to satisfy the Controller that he has divested and transferred his estate or interest in the development concerned or any flat or unit therein within the time limited by subsection (4) or any extension thereof, the Minister may issue to the Controller a notice to attach and sell the estate or interest in the development or any flat or unit therein.
(9) The notice to attach and sell referred to in subsection (8) shall specify the estate or interest in the development or any flat or unit therein 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 development or any flat or unit therein to be attached and sold; and
each subsisting mortgagee or chargee thereof (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.
(10) In this section —
“approved plan” means a plan approved by the relevant competent authority;
“competent authority” means a competent authority appointed under the Planning Act (Cap. 232);
“landed dwelling-house” means a detached house, a semi-detached house or a terrace house (including a linked house or a townhouse), whether or not comprised within a strata title plan registered under the Land Titles (Strata) Act (Cap. 158);
“unit” includes a flat or dwelling-house.