Mr Speaker, Sir, I beg to move, "That the Bill be now read a Third time." In moving the Third Reading of the Housing Developers (Control and Licensing) Bill, I wish to inform the House that in Select Committee we have considered a number of representations in respect of various provisions of the Bill. I would like now to touch on the main points of these representations. In the Bill presented earlier, housing development was defined to include the financing for development. It has been agreed in Select Committee that banks and insurance companies, in so far as they provide money for housing development, will be exempted from the provisions of the Bill. A suggestion has been made that the new law should be made to apply only to houses under construction and for sale, and should not apply to houses built for investment which should not be construed as housing development coming within the provisions of the Bill. To this suggestion, it must be emphasised that making provisions for such exemption would create loopholes in the Bill leading eventually to evasion and defeating the objects of the Bill. The best recourse, therefore, Mr Speaker, Sir, would be that in respect of the developer building for investment, he should apply for exemption from the provisions of the Bill. The purpose of this Bill is not to stifle private enterprise in the provision of housing for the middle and higher income sections of the population. If development is clearly intended for investment and an application is made to the Minister, it is unlikely that exemption will be withheld. But in providing for legislation of this nature we have to ensure that there should be no loopholes whereby speculators, on the pretext of building houses ostensibly for investment but with the real purpose of sale, can remain outside the scope of this law. Objections have been raised against the penalties imposed under the Ordinance, particularly regarding a prison sentence in addition to a fine. I must emphasise, however, that in laying down the scale of punishment under the Bill, the main objective is to serve a warning on unscrupulous developers and to deter them. Those who carry out their business in accordance with the law will have nothing to fear. Hence, where a developer attempts to carry out his business without a licence, he deserves to be punished by both a fine and imprisonment. If notwithstanding our efforts to regulate proper practice a housing developer defies the law, then he does not deserve sympathy and only a term of imprisonment will be sufficient to discourage this. Although imprisonment has been laid down in the Bill, the length of the prison term will be a matter for the court to decide, depending on the gravity of the offence. Sir, the sorry plight of so many purchasers having been cheated without any redress or remedy warrants the imposition of a prison sentence for any person who undertakes the business of a housing developer without a licence. In other cases of offences committed after a licence has been issued, the imprisonment sentence is not mandatory. One important point which was raised in the Select Committee, Mr Speaker, Sir, was the condition under the Bill requiring that the company doing housing development must have a paid-up capital of half a million dollars. It was suggested that the requirement of such a large amount of capital would stifle development. The Select Committee, after consideration of their representation, agreed to reduce this sum to $100,000. I should further like to point out, Mr Speaker, Sir, that there is provision in the Bill whereby the Minister in his discretion can waive or vary the amount of the deposit in order that reputable persons or companies with smaller capital but desirous of carrying out housing development on a modest scale may still be able to contribute towards housing development in the State. Representations have also been made for appeals against the decision of the Controller to be referred to the High Court and not to the Minister as intended in the Bill. The Select Committee has agreed that appeals against the decision of the Controller in regard to the grant of a licence shall be made to the High Court. But if a housing developer is aggrieved by the decision of the Controller in regard to the varying or revocation of any existing conditions of the licence, or impose conditions or additional conditions, such appeals shall be referred to the Minister whose decision shall be final. Mr Speaker, Sir, various minor amendments have also been incorporated into the Bill. The provision requiring a housing developer to exhibit his audited accounts, balance sheet and particulars of officers managing the business in the office, is substituted by the requirement that the audited accounts shall be forwarded to the Controller and published in the Gazette within three months of the close of the financial year. Mr Speaker, Sir, the Select Committee, having considered both the oral and written representations received on this Bill, has agreed to make the amendments which I have indicated above. The Bill as now amended is a piece of legislation which at this stage of Singapore's development is clearly desirable in order to promote a class of housing developers who besides making a profit would ensure a square deal for purchasers of housing accommodation. The Bill also seeks to ensure that buyers will not be cheated or forced into one-sided agreements or saddled with sub-standard houses. This Bill is also timely because of the rapid urbanisation and the re-development of the central areas of the City whereby large areas will be re-developed to make way for well planned and properly constructed flats, housing estates, business districts complete with social and public amenities. The process of large-scale urban redevelopment is a task which the Government cannot handle adequately by itself. Private enterprise would be invited or induced to participate. Thus, Mr Speaker, Sir, it is desirable that there should be established by licensing and control a new generation of private housing developers with sufficient financial resources and organisational ability to help the Government in urban re-development to make Singapore a better and more prosperous city. Mr Speaker, Sir, I beg to move.