Regulation 3

a contract or agreement for the sale of, or a conveyance, assignment or transfer on sale of, an estate or interest in a single residential property; (b)any instrument chargeable in like manner.

where there is only one buyer under the instrument, that buyer is —

a qualifying person; and

a Singapore citizen owning one property; or

where there are 2 or more joint buyers under the instrument, each buyer is —

a qualifying person;

a Singapore citizen not owning property or a Singapore citizen owning one property; and

an immediate family member of the other buyer or buyers under the instrument.

the estate or interest in the residential property that is the subject of the instrument is not to be held as partnership property of a partnership;

the estate or interest in the residential property that is the subject of the instrument is not to be held by any buyer under the instrument on trust;

the ABSD chargeable on the instrument has been paid to the Commissioner;

every estate or interest in a residential property by virtue of which —

the buyer mentioned in paragraph (2)(a) is a Singapore citizen owning one property; or

any of the joint buyers mentioned in paragraph (2)(b) is a Singapore citizen owning one property,as the case may be, is disposed of —

within 6 months after the date of execution of the instrument; or

if no TOP or CSC has been granted or issued in respect of the residential property that is the subject of the instrument as of the date of execution of the instrument, within 6 months after the date of the grant or issue of the TOP or CSC, whichever is earlier;

every other owner of every estate or interest in a residential property (including one that is owned jointly or in common with another) being disposed of under sub‑paragraph (d) is also a buyer under the instrument;ExampleX is a buyer of an interest in residential property under the instrument in question. X and Y own respectively 10% and 90% of the residential property mentioned in paragraph (3)(d). For the condition in paragraph (3)(e) to be satisfied, both X and Y must be buyers under the instrument in question of the interest in the firstmentioned residential property.(f)no buyer under the instrument has acquired (whether alone or together with another person) any estate or interest in any other residential property between the date of execution of the instrument and the date of the disposal referred to in sub‑paragraph (d);

on the date of the disposal referred to in sub‑paragraph (d) —

the buyer beneficially owns wholly the estate or interest in the residential property that is the subject of the instrument; or

each joint buyer beneficially owns jointly or in common with the other joint buyer or buyers, and with no other person, the estate or interest in the residential property that is the subject of the instrument; (h)the value of the estate or interest of the residential property that is the subject of the instrument is less than —

the value of the estate or interest in the residential property disposed of under sub‑paragraph (d); or

if estates or interests in 2 or more residential properties are disposed of under sub‑paragraph (d), the lower or lowest of the values of those estates or interests; and

a claim for a refund of the ABSD paid to the Commissioner is made to the Commissioner within 6 months after the date of the disposal referred to in sub‑paragraph (d) or any longer period that the Commissioner may allow in a particular case.

the value of the estate or interest in the residential property that is the subject of the instrument is the higher of —

the consideration under the instrument for that estate or interest; and

the market value of that estate or interest on the date of the instrument; and

the value of the estate or interest in any residential property being disposed of under paragraph (3)(d) is the higher of —

the consideration under the instrument of disposal, for that estate or interest; and

the market value of that estate or interest on the date of the disposal.