Singapore legislation
Regulation 11
Regulation 11
Validity of option
Subregulation 1
Where a housing developer has granted to a person (referred to in this rule as the option holder) an option to purchase a unit in a housing project, he shall not grant to any other person an option to purchase the same unit until after the first-mentioned option has lapsed.
Subregulation 2
Subject to paragraphs (3), (4) and (5), an option granted by a housing developer to any person who wishes to purchase a unit in a housing project shall be valid for a period (referred to in this rule as the validity period) of 3 weeks commencing from the date immediately after the delivery to the option holder, or to the option holder’s solicitors, of —
the title deeds, or copies of the title deeds to the unit; and
the execution copies of the agreement for the sale and purchase of the unit.
Subregulation 3
The Controller may, on the application of the housing developer made before the grant of the option, by writing permit a housing developer to grant any option with a different validity period.
Subregulation 4
The Controller may, on the application of the housing developer or the option holder, by writing permit a variation of the validity period if the housing developer and the option holder agree.
Subregulation 5
Where, before the expiry of the validity period, the option holder serves the housing developer with a written notice stating that he does not wish to exercise the option, the option shall lapse immediately upon the receipt by the housing developer of the written notice.