Singapore legislation
Regulation 20
Regulation 20
Definitions of this Part
In this Part —“asset” includes any commodity as defined in section 2 of the Securities and Futures Act;“bank group”, in relation to a bank incorporated in Singapore, means a group of entities comprising —
the bank;
every subsidiary of the bank;
every branch of the bank; and
every other entity that is treated as part of the bank’s group of entities for accounting purposes according to the Accounting Standards;“building” means any immovable property that has undergone development as defined in section 3 of the Planning Act (Cap. 232);“foreclosed property”, in relation to a bank in Singapore or major stake entity, means the whole or any part of any residential, commercial or industrial land or building that has been acquired by the bank or entity, as the case may be, acting in its capacity as the mortgagee of the whole or that part of the land or building, as the case may be, pursuant to an action for foreclosure;“investment property”, in relation to a bank in Singapore or major stake entity, means the whole or any part of any residential, commercial or industrial land or building that has been acquired or is held by the bank or entity, as the case may be, as an investment;“land” means any immovable property that has not undergone development as defined in section 3 of the Planning Act (Cap. 232);[Deleted by S 511/2019 wef 01/08/2019]“major stake entity”, in relation to a bank in Singapore, means —
in the case of a bank incorporated in Singapore — any entity in which the bank holds, directly or indirectly, a major stake; and
in the case of branches and offices located within Singapore of a bank incorporated outside Singapore — any entity in which the bank incorporated outside Singapore holds, directly or indirectly, a major stake that is reflected as an investment in the balance sheet of those branches and offices;“property enhancement” means —
in relation to a building, the carrying out of any works for the refurbishment, improvement or alteration of, or addition to, the building which —
do not amount to demolition or reconstruction of the building; and
do not vary the gross floor area of the building by more than 20%; and
in relation to any part of a building, the carrying out of any works for the refurbishment, improvement or alteration of, or addition to, that part of the building which —
do not amount to demolition or reconstruction of that part of the building; and
do not vary the gross floor area of that part of the building by more than 20%;“property management”, in relation to the whole or any part of any land or building, means the maintenance and management of the whole or that part of the land or building, as the case may be, and includes the procurement of security services and lease and tenancy administration in relation to the whole or that part of the land or building, as the case may be, but does not include property enhancement.
Definition
“asset” includes any commodity as defined in section 2 of the Securities and Futures Act;
Definition
“bank group”, in relation to a bank incorporated in Singapore, means a group of entities comprising —
the bank;
every subsidiary of the bank;
every branch of the bank; and
every other entity that is treated as part of the bank’s group of entities for accounting purposes according to the Accounting Standards;
Definition
“building” means any immovable property that has undergone development as defined in section 3 of the Planning Act (Cap. 232);
Definition
“foreclosed property”, in relation to a bank in Singapore or major stake entity, means the whole or any part of any residential, commercial or industrial land or building that has been acquired by the bank or entity, as the case may be, acting in its capacity as the mortgagee of the whole or that part of the land or building, as the case may be, pursuant to an action for foreclosure;
Definition
“investment property”, in relation to a bank in Singapore or major stake entity, means the whole or any part of any residential, commercial or industrial land or building that has been acquired or is held by the bank or entity, as the case may be, as an investment;
Definition
“land” means any immovable property that has not undergone development as defined in section 3 of the Planning Act (Cap. 232);
Definition
“major stake entity”, in relation to a bank in Singapore, means —
in the case of a bank incorporated in Singapore — any entity in which the bank holds, directly or indirectly, a major stake; and
in the case of branches and offices located within Singapore of a bank incorporated outside Singapore — any entity in which the bank incorporated outside Singapore holds, directly or indirectly, a major stake that is reflected as an investment in the balance sheet of those branches and offices;
Definition
“property enhancement” means —
in relation to a building, the carrying out of any works for the refurbishment, improvement or alteration of, or addition to, the building which —
do not amount to demolition or reconstruction of the building; and
do not vary the gross floor area of the building by more than 20%; and
in relation to any part of a building, the carrying out of any works for the refurbishment, improvement or alteration of, or addition to, that part of the building which —
do not amount to demolition or reconstruction of that part of the building; and
do not vary the gross floor area of that part of the building by more than 20%;
Definition
“property management”, in relation to the whole or any part of any land or building, means the maintenance and management of the whole or that part of the land or building, as the case may be, and includes the procurement of security services and lease and tenancy administration in relation to the whole or that part of the land or building, as the case may be, but does not include property enhancement.