Sale of Commercial Properties Rules

In these Rules, unless the context otherwise requires —

A person is said to own land if he holds, or is entitled to dispose of an estate, whether legal or equitable, in the land on which any commercial property is being or will be erected, which is —

A developer of commercial properties shall maintain a register as shown in Form A in the Schedule showing the particulars of those persons who have obtained options for the purchase of his commercial properties.

The Controller or any officer authorised by him may require a developer to produce the register referred to in paragraph (1) for his inspection.

A developer of commercial properties shall give to a prospective purchaser of any of the commercial properties an option to purchase the commercial property which shall be in Form B in the Schedule.

The option granted by the developer shall not be assignable or transferable.

No amendment, deletion or alteration to the option referred to in paragraph (1) shall be made except with the approval in writing of the Controller.

A developer shall, before accepting a booking fee from a prospective purchaser for an option to purchase any commercial property —

Where a developer has granted a person an option to purchase any commercial property, he shall not grant to any other person an option to purchase the same property until after the first-mentioned option granted by him has lapsed.

An option to purchase any commercial property shall remain in force for a period of 3 weeks from the date of delivery to the option holder’s solicitors of the title deeds or copies thereof and the draft agreement for the sale and purchase of the property.

An agreement made between a developer and a purchaser for the sale and purchase of any commercial property to which the Act applies shall be in Form D in the Schedule.

No amendment, deletion or alteration shall be made to the agreement referred to in paragraph (1) without the prior approval in writing of the Controller.

Any amendment, deletion or alteration made to the agreement referred to in paragraph (1) without the prior approval in writing of the Controller shall be null and void.

The Singapore Academy of Law established under the Singapore Academy of Law Act (Cap. 294A) shall act as stakeholder under the agreement referred to in paragraph (1).

Subject to this rule and rules 4(3), 8(3) and 14 of the Sale of Commercial Properties (Anti-Money Laundering and Terrorism Financing) Rules 2023 (G.N. No. S 121/2023), where a purchaser of a commercial property intends to assign or has assigned all his right, title and interest under an agreement made between him and a developer for the sale and purchase of the commercial property, the developer shall, within 3 weeks of being so required in writing by the assignee, enter into a new agreement with the assignee for the sale and purchase of the commercial property containing terms and conditions as shall place the developer and the assignee in the same position as regards their respective rights and obligations as if the assignee were substituted for the purchaser in the original agreement.

Where the new agreement requires or contains any amendment or alteration to or deletion of any term or condition in the original agreement for the sale and purchase of the commercial property, the developer shall submit an application to the Controller for approval of such amendment, alteration or deletion within one week of being required by an assignee to enter into a new agreement for the sale and purchase of the commercial property under paragraph (1), and the Controller may approve (wholly or partly and with or without modifications) or disapprove such an application.

The developer shall forthwith deliver to the assignee for the assignee’s signature the new agreement containing any amendment or alteration to or deletion of the terms and conditions in the original agreement only after the Controller has approved the amendment, alteration or deletion.

The developer shall be entitled to charge the assignee a fee not exceeding $200 (exclusive of goods and services tax) and to require the assignee to reimburse him up to the amount of $200 for costs payable by the developer to his solicitor.

An option which has been granted by a developer before 1st October 1997 to any person for the purchase of a commercial property shall continue to be in force as if the Sale of Commercial Properties (Amendment) Rules 1997 (G.N. No. S 394/97) had not been made until the option has lapsed or has been exercised by the intending purchaser.

Where a purchaser of any commercial property under an agreement made before 1st October 1997 assigns on or after that date all his right, title or interest under that agreement, the new agreement with the assignee for the sale and purchase of that property shall be in the new form prescribed by the Sale of Commercial Properties (Amendment) Rules 1997 notwithstanding anything to the contrary in these Rules.

Nothing in these Rules shall require the Singapore Academy of Law established under the Singapore Academy of Law Act (Cap. 294A) to act as stakeholder under any agreement for the sale and purchase of any commercial property if it was made before 1st October 1997.