Regulation 3

A licensed housing developer shall deposit forthwith upon receipt all instalments of purchase money (including the booking fee) payable by a purchaser towards the purchase of a unit in a building project prior to the grant of the temporary occupation permit by the competent authority for the unit, including any instalment of purchase money payable by the purchaser towards the purchase of the unit upon the grant of the temporary occupation permit, into the Project Account of the building project.