Singapore legislation
Regulation 13
of Central Provident Fund (Revised Retirement Sum Scheme) Regulations 1995
Regulation 13
Assessing value of immovable property
Subregulation 1
For the purposes of these Regulations, in assessing the value of any immovable property in respect of which —
a charge is to be created or constituted, or subsists, under section 15AB(1), (2), (10), (11) or (13), 21, 21A or 21B of the Act or a former provision or there subsists any section 21C(1) charge A or section 21C(1) charge B; or
an undertaking is to be given or subsists under section 15AB(3) or (4) of the Act or a former provision or there subsists any section 21C(2) undertaking A or section 21D(1) undertaking A,the Board may appoint a Government valuer or a licensed valuer to value the immovable property and the expenses of the valuation are to be borne by the member concerned.
Subregulation 2
Where a member is the spouse of any relevant person —
the Board may appoint a Government valuer or licensed valuer to value any immovable property in respect of which the relevant person has transferred (other than by way of sale) his or her estate or interest to the member, and in respect of which there subsists a charge under section 27C(1)(i), 27D(1)(j)(ii), 27DA(1)(i), 27DB(2)(e), 27E(1)(h) or 27F(1)(h) of the Act, an undertaking under section 27D(1)(j)(i) of the Act, or any section 21C(1) charge C, section 21C(1) charge D, section 21C(2) undertaking B or section 21D(1) undertaking B; and
the expenses of such valuation are to be borne by the member.
Subregulation 3
In this regulation —
Definition
“relevant person” means any member of the Fund, regardless of when the member has attained or will attain 55 years of age, who has transferred (other than by way of sale) the member’s estate or interest in an immovable property to his or her spouse pursuant to an order of court (as defined in section 27A of the Act);
Definition
“spouse” includes a former spouse.