Singapore legislation

Regulation 8A

of Central Provident Fund (Residential Properties Scheme) Regulations 1982

Regulation 8A

Use of money paid to special account upon compulsory acquisition of immovable property

Subregulation 1

This regulation applies in respect of a member where —

(a)

the member has withdrawn any part of the amount standing to the member’s credit in the member’s special account under the relevant regulations in respect of an immovable property (called in this regulation the original property);

(b)

the original property is compulsorily acquired under the Land Acquisition Act 1966, and an amount is paid to the member’s special account in accordance with the relevant regulations;

(c)

the member enters into an agreement to purchase or acquire a residential property (called in this regulation the replacement property), or the purchase or acquisition of the replacement property is completed, after a notification under section 5 of the Land Acquisition Act 1966 is published in respect of the original property; and

(d)

the replacement property, the purchase or acquisition of the replacement property, and the agreement mentioned in sub‑paragraph (c) satisfy such criteria as the Board may impose in any particular case.

Subregulation 2

Where this regulation applies in respect of a member, the Board, with the approval of the Minister, may, on the application of the member and subject to such terms and conditions as the Board may impose, authorise the withdrawal by the member of an amount (not exceeding the quantum of the relevant amount) standing to the member’s credit in the member’s special account for the payment of all or any of the following:

(a)

the purchase price (or any part of the purchase price) for the replacement property;

(b)

any costs, fees, stamp duties or other incidental expenses for, or in connection with, the purchase or acquisition of the replacement property.

Subregulation 3

In this regulation —

Definition

“relevant amount” means the amount mentioned in paragraph (1)(b) that is paid to the member’s special account;

Definition

“relevant regulations” means such of the following regulations as may be applicable in any particular case:

(a)

these Regulations;

(b)

the Central Provident Fund (Approved HDB‑HUDC Housing Scheme) Regulations 1987;

(c)

the Central Provident Fund (Approved Middle‑Income Housing Scheme) Regulations 1975;

(d)

the Central Provident Fund (Ministry of Defence Housing Scheme) Regulations.

Read in full context — Central Provident Fund (Residential Properties Scheme) Regulations 1982 →