Singapore legislation
Regulation 7
Regulation 7
Withdrawal of money in Project Account after grant of temporary occupation permit
After the grant of the temporary occupation permit by the Building Authority for all units in a building project, the licensed housing developer may withdraw any surplus money in the Project Account of the building project after deducting —
the amount required to complete the building project with certificate of statutory completion to be issued by the Building Authority for the occupation of the building project and the sale and purchase under all the sale and purchase agreements in respect of the building project, as certified by the qualified person in charge of the building project;
the amount required to redeem in full all loans for the building project;
other fees, charges or expenses incurred on the building project; and
20% of the amounts referred to in paragraphs (a), (b) and (c) for contingencies and inflation.