Singapore legislation

Clause 13

of Residential Property (Amendment) Bill

Clause 13

Amendment of section 21

Section 21 of the principal Act is amended by deleting paragraph (b) of subsection (3) and substituting the following paragraph: —“(b)that such security may be forfeited if the housing developer —

(i)

does not proceed with or complete the development within such period as may be fixed by the Controller of Housing; or

(ii)

does not sell all the flats or dwelling-houses in the development, or where the development comprises one or more buildings which have not been subdivided into units for sale, does not sell the whole development, to citizens or approved purchasers within a period of two years from the date of the issue by the relevant Government authority of a Temporary Occupation Licence permitting the occupation of such flats, dwelling houses or any of the buildings; and”.

Read in full context — Residential Property (Amendment) Bill →