Singapore legislation

Regulation 21

Prescribed business relating to property management and property enhancement

Amended byS 473/2021 wef 01/07/2021S 473/2021 wef 01/07/2021S 511/2019 wef 01/08/2019S 473/2021 wef 01/07/2021S 473/2021 wef 01/07/2021

For the purposes of section 30(1)(d) of the Act, the Authority hereby prescribes the following property-related businesses as businesses that any bank in Singapore may carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on:

(a)

the business of providing property management services in relation to —

(i)

any investment property that has been acquired or is held by —

(A)

in the case of a bank incorporated in Singapore, any entity in its bank group; or

(B)

in the case of the branches and offices located within Singapore of a bank incorporated outside Singapore, the bank incorporated outside Singapore, where the investment property is reflected as an asset in the balance sheet of those branches and offices;

(ii)

any foreclosed property that has been acquired or is held by —

(A)

in the case of a bank incorporated in Singapore, any entity in its bank group; or

(B)

in the case of the branches and offices located within Singapore of a bank incorporated outside Singapore, the bank incorporated outside Singapore, where the foreclosed property is reflected as an asset in the balance sheet of those branches and offices; or

(iii)

the whole or any part of any building that is occupied and used —

(A)

by the bank for the carrying on of any business or class of business referred to in section 30(1) of the Act; or

(B)

in the case of a bank incorporated in Singapore, by any entity in its bank group for the carrying on of that entity’s business;

(b)

the business of managing and coordinating property enhancement works in relation to —

(i)

any property referred to in paragraph (a)(i) or (ii) that is a building; or

(ii)

any building referred to in paragraph (a)(iii).

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