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Contents

Long Title

Part I PRELIMINARY

Part II PROHIBITION ON PURCHASE OR ACQUISITION OF RESIDENTIAL PROPERTY BY FOREIGN PERSONS

Part III APPROVAL TO PURCHASE, ACQUIRE OR RETAIN RESIDENTIAL PROPERTY

Part IV MISCELLANEOUS

FIRST SCHEDULE Description of subdivided buildings

SECOND SCHEDULE Description of flats

Legislative History

 
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Print   Link to In-Force Version
On 22/11/2014, you requested the version in force on 22/11/2014 incorporating all amendments published on or before 22/11/2014. The closest version currently available is that of 17/01/2011.
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Reserve price
6A.
—(1)  Where the Minister has issued a notice to attach and sell an estate or interest in any residential property or land specified in the notice, the following persons may, subject to subsection (3), apply to the Controller to fix a reserve price for that estate or interest in the residential property or land:
(a)
any foreign person who is the owner of that estate or interest in the residential property or land, or his legal personal representatives if he is deceased;
(b)
the mortgagee or chargee of that residential property or land first entitled in priority (referred to in this section as the first mortgagee or chargee); or
(c)
any mortgagee or chargee of that residential property or land next or subsequently entitled in priority (referred to in this section as the subsequent mortgagee or chargee).
[9/2006]
(2)  Any application under subsection (1) by a foreign person shall be made no later than 28 days after he receives a copy of the notice to attach and sell.
[9/2006]
(3)  An application under subsection (1) by a mortgagee or chargee of any residential property or land shall be made as follows:
(a)
in the case of the first mortgagee or chargee —
(i)
if and only if there is no application under subsection (1) by the owner of the same residential property or land, or his legal personal representative if he is deceased; and
(ii)
no later than 45 days after the expiration of the period limited under subsection (2) for the owner or his legal personal representative to make such an application; or
(b)
in the case of a subsequent mortgagee or chargee —
(i)
if and only if there is no application under subsection (1) by the owner of the same residential property or land, or his legal personal representative if he is deceased, and there is no application under this subsection by the first mortgagee or chargee; and
(ii)
no later than 45 days after the expiration of the period limited under paragraph (a)(ii) for the first mortgagee or chargee to make such an application.
[9/2006]
(4)  The reserve price for any estate or interest in any residential property or land shall be the mean average of 2 valuations of that property or land, namely, one submitted by a valuer appointed by the Controller and the other by a licensed valuer appointed by the foreign person or the mortgagee or chargee, as the case may be, applying to fix the reserve price.
[9/2006]
(5)  The expenses of any valuation made under this section shall be borne by the foreign person (or by his estate if he is deceased) or the mortgagee or chargee applying to fix a reserve price under subsection (1), as the case may be.
[9/2006]