Singapore legislation
Regulation 2A
Regulation 2A
Prescribed amount of paid-up capital, deposit and security
Subregulation 1
For the purposes of section 5(1)(a) and (b) of the Act, the Controller must not grant a sale licence to a housing developer to carry out or undertake a housing development described in the first column of the Second Schedule unless the housing developer —
if a company —
has at least an issued and paid-up capital of the amount specified in the second column of the Second Schedule opposite the housing development; or (ii)lodges with the Controller a deposit or security of at least the amount specified in the third column of that Schedule opposite the housing development; or
if an individual, a group of persons, a partnership, a society or a limited liability partnership, lodges with the Controller a deposit or security of at least the amount specified in the third column of the Second Schedule opposite the housing development.
Subregulation 2
For the purposes of section 5(1)(a) and (b) of the Act, the Controller must not grant a no-sale licence to a housing developer that is a company, unless the housing developer —
has a paid-up capital of at least $100,000; or
has lodged with the Controller, in such form and manner and on such terms as the Controller may determine, a deposit or security of $100,000.