Singapore legislation
Clause 4
Clause 4
Disposal of estate or interest in residential property by foreign companies
(1)
Where, at the date of the coming into operation of this Act, a foreign person is a foreign company which is the owner of an estate or interest in any residential property in Singapore, the foreign company shall be bound to dispose of the same in accordance with the provisions of this section, unless such foreign company is permitted to retain its estate or interest in the residential property by virtue of section 16 of this Act or the residential property is exempted under section 22 of this Act.
(2)
Where, between the 11th day of September 1973 and the 11th day of September 1975, any foreign company was granted approval by the Minister to purchase or acquire any residential property from another foreign company or a local company pursuant to any scheme or arrangement of whatever nature whereby the second mentioned foreign company or local company transfers or agrees to transfer the whole or part of its assets or undertaking to the first mentioned foreign company, including its interests in residential properties in Singapore, whether for consideration or otherwise, the first mentioned foreign company shall, notwithstanding the grant of such approval, be subject to the provisions of this section.
(3)
Every foreign company to which this section applies shall, within such period as the Minister may, by notification in the Gazette, direct, furnish to the Controller a return setting out the size, location and nature of its estate or interest in all its residential properties and such other particulars as the Controller may require.
(4)
The Controller shall, upon receipt of a return from the foreign company under subsection (3) of this section, or in the event that a foreign company fails to furnish a return under that subsection within the period referred to in the notification in the Gazette, give directions in writing that within a period of five years of the date of the coming into operation of this Act (or within such further period as the Minister may, by notification in the Gazette, direct), the foreign company shall transfer all its estate or interest in all its residential properties to any citizen or approved purchaser.
(5)
A direction given by the Minister under subsection (3) of this section shall be served upon the foreign company which is required to transfer its estate or interest in residential properties.
(6)
Where a foreign company which is directed under subsection (4) of this section to dispose of its estate or interest in any residential property does not satisfy the Controller that it has transferred the same within the period (including any extensions) specified in that subsection, the Minister may, by notice in writing, direct the Controller to attach and sell the residential property at any time after three months of the date of the notice, and a copy of such notice shall be served on —
the foreign company which is the owner of the estate or interest in the residential property; and
the Controller.
(7)
Before the Controller attaches and sells the residential property, he shall lodge with the Registrar —
an application for registration, setting out the notice of the Minister empowering him to attach and sell the residential property in the case of lands subject to the provisions of the Land Titles Act (Cap. 276); and
a copy of the notice received in the case of lands subject to the provisions of the Registration of Deeds Act (Cap. 281).
(8)
The Registrar shall, upon receipt of —
the application referred to in paragraph (a) of subsection (7) of this section, register the application in the relevant volume and folio of the land-register and enter the appropriate memorial that the Controller has attached the residential property and is empowered to transfer the registered estate or interest in such residential property referred to in the application; or
the copy of the notice referred to in paragraph (b) of subsection (7) of this section, enter a note in the books and other records maintained at the Registry of Deeds that the residential property referred to in the notice has been attached by the Controller.
(9)
Upon lodgment of the application and the copy of the notice with the Registrar pursuant to subsection (7) of this section, the Controller shall have the power to transfer any registered estate or interest in the residential property described in the application and notice as if the Controller is the registered proprietor of such residential property and to execute any instrument to effect a transfer of the same.