—(1) The Minister may establish an executive condominium scheme to provide housing accommodation to such class of persons as he may determine.
(2) The Minister may make regulations for the purposes of carrying out the provisions of this Act, including regulations for or with respect to —
the terms and conditions for the sale of any housing accommodation under the executive condominium scheme;
the persons to whom any housing accommodation may be sold under an executive condominium scheme, including but not limited to the qualifications as to income, the minimum size of the family, citizenship of and ownership of any other properties by all or any such persons; and
prescribing the penalty (such penalty, if unpaid, to constitute a debt due to the Government under the executive condominium scheme and be recoverable as such) to be paid to the Government by any purchaser of a housing accommodation sold under the executive condominium scheme or by any applicant for such housing accommodation for non-observance or non-compliance with any of the restrictions, conditions or requirements of sections 5 and 9 in lieu of any action which may be taken against him under any of those provisions.