singapore residential act (part ii)

7/25/2019 Singapore Residential Act (Part II)

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PART II

PROHIBITION ON PURCHASE OR ACQUISITION OF RESIDENTIAL

PROPERTY BY FOREIGN PERSONS

Prohibition on transfer to or !"r#hase or a#$"isition b% forei&n !ersons of resi'entia(

!ro!ert%

)*(1) Except as provided in this Act (a) no person shall, whether for consideration or by way of gift inter vivos or otherwise, transferany residential property or any estate or interest therein to any foreign person;(b) no person shall create any trust for sale in respect of any residential property or any estate orinterest therein in favour of any foreign person; and(c) no foreign person shall purchase or acquire any residential property or any estate or interesttherein except by way of a ortgage, charge or reconveyance!(") Any

(a) transfer of any residential property or of any estate or interest therein by any person to aforeign person ade in contravention of subsection (1)(a);(b) trust for sale in respect of any residential property or any estate or interest therein created byany person in favour of any foreign person in contravention of subsection (1)(b); and(c) purchase or acquisition of any residential property or of any estate or interest therein by anyforeign person, except by way of a ortgage, charge or reconveyance, ade in contravention ofsubsection (1)(c),shall be null and void!(#) $o estate or interest in any residential property belonging to a deceased person who dies onor after 11th %epteber 1&'# shall pass by bequest, succession or inheritance to any foreignperson who is beneficially entitled under a will or under any written law governing intestate

succession!() here a foreign person would, but for subsection (#), be beneficially entitled to an estate orinterest in residential property, the legal personal representatives to who probate or letters ofadinistration are granted in respect of such residential property shall, sub*ect to subsection (+),be bound to sell such estate or interest in the residential property to a citien or an approvedpurchaser within a period of + years fro the date of the death of the deceased person, or withinany extension thereof allowed under subsection (1"), and upon such sale to pay, sub*ect to thelaw of wills and intestate succession, the proceeds thereof, less any expenses necessarily incurredon such sale or by reason of the adinistration of a deceased-s estate, to or for or on behalf of theforeign person so beneficially entitled!(+) here the legal personal representatives have not sold, or have not been able to sell, the

estate or interest in the residential property within the period specified in subsection (), the legalpersonal representatives or the trustees of the will or estate of the deceased person for the tiebeing shall furnish to the .ontroller (within such period not exceeding / onths as the.ontroller ay require) a stateent setting out the particulars of the residential property whichhas not been sold, giving reasons for their failure or oission to sell!(/) 0he .ontroller shall, after receipt of such stateent or where no such stateent has beenreceived within the tie specified, see the direction of the 2inister, and the 2inister ay issue


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to the .ontroller a notice to attach and sell the residential property, and a copy of such noticeshall be served on (a) the legal personal representatives to who probate or letters of adinistration have beengranted in respect of the residential property in question; and(b) the subsisting ortgagees or chargees (if any) of the residential property who appear as such

in the relevant records in the 3and 0itles 4egistry or the 4egistry of 5eeds of the Authority, asthe case ay be![9/2006]

(') (Deleted by Act 9 of 2006)(6) (Deleted by Act 9 of 2006)(&) (Deleted by Act 9 of 2006)(17) here the .ontroller has sold the residential property pursuant to the notice to attach andsell under subsection (/), the .ontroller shall pay the proceeds of the sale less any costs incurredto the legal personal representatives or the trustees of the will or estate of the deceased person forthe tie being and upon the acnowledgent of the receipt of such proceeds of sale by the legalpersonal representatives or the trustees, the .ontroller shall be discharged fro all liability in

respect of the application of the proceeds of sale; or the .ontroller, if he is unable to aepayent of the proceeds of sale and to obtain such acnowledgent as aforesaid, ay aepayent into court of such proceeds of sale less all costs incurred thereby!

[9/2006]

(11) here payent of the proceeds of sale has been ade by the .ontroller as provided insubsection (17), every foreign person beneficially entitled under a will or by intestate successionshall be entitled to receive and shall be paid such proceeds of sale by the legal personalrepresentatives or trustees of the will or estate of the deceased person for the tie being, and inany case where the proceeds of sale have been paid into court, that foreign person shall beentitled to ae application to court for payent out of court of the proceeds of sale to be adeto hi, and the payent of the proceeds of sale in either case shall be in accordance with theters of the will or the law of wills or intestate succession, as the case ay be!(1") $otwithstanding subsections () and (/), the .ontroller ay, after receipt of the stateentreferred to in subsections (+) and (/), with the approval of the 2inister, allow such extension oftie, as the .ontroller ay thin fit, for the sale of the estate or interest in such residentialproperty!(1"A) 0he .ontroller ay, when allowing an extension of tie under subsection (1"), iposesuch conditions as he thins fit, including a condition that the legal personal representatives shallprovide such security as ay be deterined by the .ontroller for the purposes of coplying withany condition iposed by the .ontroller!(1"8) 9f the legal personal representatives fail to coply with any of the conditions iposed bythe .ontroller under subsection (1"A), the .ontroller ay forfeit (in part or whole) the securityprovided by the legal personal representatives under this section, after giving "1 days: notice inwriting to the legal personal representatives of his intention to forfeit the security and thegrounds thereof!(1".) 0he legal personal representatives ay, upon receipt of the notice under subsection(1"8), appeal to the 2inister within # onths fro the date of that notice!(1"5) 0he 2inister ay deterine an appeal under subsection (1".) by confiring or varyingthe .ontroller-s decision to forfeit the security, or by ordering the refund (in part or whole) of


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any security forfeited under subsection (1"8); and the decision of the 2inister on any suchappeal shall be final and shall not be called in question in any court!(1#) 0he provisions of this Act shall not apply to a foreign person who is a surviving *oint tenantof any estate or interest in land!

[9/2006]

(1) 9n this section, letters of adinistration< and probate< have the sae eanings as in the=robate and Adinistration Act (.ap! "+1)!Resi'entia( !ro!ert% he(' b% for+er #iti,ens an' !er+anent resi'ents

)A*(1) here an individual acquires any residential property (other than non>restrictedresidential property) or any estate or interest therein as a citien or peranent resident of%ingapore and subsequently (a) renounces or is deprived of his %ingapore citienship on or after the date of coenceentof section of the 4esidential =roperty (Aendent) Act "717; or(b) cancels his %ingapore peranent residence on or after the date of coenceent of section of the 4esidential =roperty (Aendent) Act "717 other than on the ground of becoing acitien of %ingapore, or has his %ingapore peranent residence terinated by the ?overnent on

or after that date,that individual shall sell that residential property or estate or interest therein to a citien of%ingapore or an approved purchaser within a period of " years fro the date of cessation of his%ingapore citienship or %ingapore peranent residence, as the case ay be, or within suchlonger period as the 2inister ay allow before the end of those " years!(") Any individual who contravenes subsection (1) shall be guilty of an offence and shall beliable on conviction to a fine not exceeding @"7,777 or to iprisonent for a ter not exceeding# years or to both!(#) ithout pre*udice to subsection ("), where any individual referred to in subsection (1) doesnot sell his residential property or his estate or interest therein within the period allowed undersubsection (1), the 2inister ay issue to the .ontroller a notice to attach and sell the residentialproperty, and a copy of that notice shall be served on (a) the individual concerned and every other owner of the residential property; and(b) each subsisting ortgagee or chargee (if any) who appears as such in the relevant records inthe 3and 0itles 4egistry or the 4egistry of 5eeds of the Authority, as the case ay be!F(ats in b"i('in&s an' #on'o+ini"+s

-*(1) %ub*ect to this section, this Act shall not apply to any transfer to or any purchase oracquisition by any foreign person of any estate or interest in any of the following residentialproperties(a) any flat (including any share in land appurtenant to that flat) that is coprised in any buildingin a developent peritted to be used under the =lanning Act (.ap! "#") for residentialpurposes, and that is not a landed dwelling>house;(b) any unit coprised in a developent which is shown in an approved plan bearing the titlecondoiniu< and issued by the copetent authority under the =lanning Act;(c) any unit in a developent coprising housing accoodation sold under the executivecondoiniu schee established under the Executive .ondoiniu Bousing %chee Act (.ap!&&A)!

[9/2006]


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(") $otwithstanding subsection (1) but sub*ect to subsection ('), no foreign person shall, withoutthe prior approval of the 2inister, purchase or acquire (whether in a single transaction or a seriesof transactions) (a) all the flats in every building in a developent peritted to be used for residential purposesunder the =lanning Act;

(b) all the units in a developent approved by the copetent authority under the =lanning Act asa condoiniu developent; or(c) all the units in a developent sold under the executive condoiniu schee establishedunder the Executive .ondoiniu Bousing %chee Act!

[9/2006]

(#) Any foreign person who contravenes subsection (") shall be guilty of an offence and shall beliable on conviction to a fine not exceeding @177,777!

[9/2006]() here a foreign person is convicted of an offence under subsection (#) in respect of anydevelopent, the 2inister ay direct the .ontroller to serve a notice on that person to divest andtransfer, within a period of / onths fro the date of service of the notice on that person or

within any extension of tie granted by the 2inister under subsection (+), all his estate orinterest in the entire developent, or any flat or unit in that developent as the 2inister ayspecify to another person who is not (a) his noinee; or(b) if the foreign person is a copany, a related copany within the eaning of the .opaniesAct (.ap! +7)!

[9/2006](+) 0he 2inister ay, on an application being ade by a foreign person before the expiration ofthe period of / onths fro the date of service of the notice referred to in subsection (), grantsuch extension of tie as the 2inister thins fit for the transfer of his estate or interest in thedevelopent or any flat or unit therein!

[9/2006]

(/) Any foreign person who fails to coply with the .ontroller:s notice referred to insubsection () shall be guilty of an offence and shall be liable on conviction (a) to a fine not exceeding @177,777; and(b) in respect of a continuing contravention, to an additional fine not exceeding @+77 for everyday or part thereof the contravention continues,and if the contravention continues after the conviction, the person shall be guilty of a furtheroffence and shall be liable on conviction of this further offence to a further fine not exceeding@1,777 for every day or part thereof during which the contravention continues after conviction!(/A) Cor the purposes of subsection (/), where (a) an act or thing is required or directed to be done within a particular period specified insubsection () or any extension thereof granted under subsection (+);(b) the failure to do that act or thing within the period or extension referred to in paragraph (a)constitutes an offence; and(c) that act or thing is not done within the period or extension referred to in paragraph (a),the obligation to do that act or thing shall continue, notwithstanding that that period or extensionhas expired, until that act or thing is done; and a person shall be guilty of a separate offence inrespect of each day (including the day of a conviction for any such offence or any later day) or


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part thereof during which the person continues to refuse or fail to coply with that requireentor direction!(/8) 0he court shall, in respect of any defendant charged with coitting any offence undersubsection (/) (a) tae into account any confiscation order ade under section A before iposing any fine on

the defendant; and(b) sub*ect to paragraph (a), leave the confiscation order out of account in deterining theappropriate sentence or other anner of dealing with the defendant!(') $othing in subsection (") shall prevent a foreign person fro acquiring any estate or interestin any developent under any agreeent, lease or assignent for a ter not exceeding ' years,inclusive of any further ter which ay be granted by way of an option for renewal!

[9/2006]

(6) ithout pre*udice to subsection (/), where a foreign person on who a notice undersubsection () has been served fails to satisfy the .ontroller that he has divested and transferredhis estate or interest in the developent concerned or any flat or unit therein within the tieliited by subsection () or any extension thereof, the 2inister ay issue to the .ontroller a

notice to attach and sell the estate or interest in the developent or any flat or unit therein![9/2006](&) 0he notice to attach and sell referred to in subsection (6) shall specify the estate or interest inthe developent or any flat or unit therein to be attached and sold by the .ontroller, and a copyof that notice shall also be served on (a) the foreign person who is the owner of the estate or interest in the developent or any flat orunit therein to be attached and sold; and(b) each subsisting ortgagee or chargee thereof (if any) who appears as such in the relevantrecords in the 3and 0itles 4egistry or the 4egistry of 5eeds of the Authority, as the case ay be!

[9/2006](17) 9n this section :approved plan: eans a plan approved by the relevant copetent authority;:copetent authority: eans a copetent authority appointed under the =lanning Act (.ap!"#");:landed dwelling>house: eans a detached house, a sei>detached house or a terrace house(including a lined house or a townhouse), whether or not coprised within a strata title planregistered under the 3and 0itles (%trata) Act (.ap! 1+6);:unit: includes a flat or dwelling>house!

[9/2006]

Confis#ation of benefits of offen#e "n'er se#tion -./0

-A*(1) here a defendant is convicted of any offence under section (/), the court shall, onthe application of the =ublic =rosecutor, ae a confiscation order against the defendant inrespect of benefits derived by hi fro the coission of the offence, if the court is satisfiedthat such benefits have been so derived!(") here the court is satisfied that benefits have been derived by the defendant fro thecoission of any offence under section (/), the court shall, before sentencing or otherwisedealing with hi in respect of the offence concerned, deterine in accordance with subsections() to (6) the aount to be recovered in his case by virtue of this section!(#) %ub*ect to subsection ('), the benefits derived by a defendant fro the coission of anyoffence under section (/) shall be


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(a) any estate or interest in the developent (including any incoe accruing fro that estate orinterest) held by the defendant in contravention of section (/); or(b) where that estate or interest is disposed of before conviction, the difference between (i) the sale price or aret value of that estate or interest, whichever is the higher; and(ii) the price paid by the defendant for the purchase or acquisition of that estate or interest!

() 0he aount to be recovered fro the defendant under a confiscation order under thissection shall be the aount the court assesses to be the value of the benefits derived by thedefendant fro the coission of any offence under section (/)!(+) Cor the purposes of this section (a) the value of the benefits derived by a defendant fro the coission of any offence undersection (/) shall be the aggregate of the properties, estates and interests referred to in subsection(#)(a) or (b), as the case ay be, relating to that defendant;(b) the value of the estate or interest in the developent referred to in subsection (#)(a) shall bethe aret value of the estate or interest at the date of the conviction or the date of thecoission of the offence, whichever is the higher;(c) the aret value of the estate or interest in the developent referred to in subsection (#)(b)(i)

shall be the aret value of the estate or interest at the date of disposal; and(d) in calculating the value of benefits derived by a defendant fro the coission of anyoffence under section (/), any expenses or outgoings of the defendant in connection with thecoission of the offence shall be disregarded!(/) Any question of fact to be decided by a court in proceedings under this section shall bedecided on a balance of probabilities!(') A benefit derived by a defendant convicted of any offence under section (/) shall not betaen into account if (a) a confiscation order against the defendant has been ade in respect of that benefit under the.orruption, 5rug 0rafficing and Dther %erious .ries (.onfiscation of 8enefits) Act (.ap!/+A);(b) a confiscation order against the defendant has previously been ade under this section andthat benefit is shown to the court to have been taen into account in deterining the aount tobe recovered under that order; or(c) a confiscation order against any other defendant has previously been ade under this sectionin relation to an offence coitted in the sae transaction as the offence by the first>entioneddefendant and that benefit (being an estate or interest referred to in subsection (#)(a)) is shown tothe court to have been taen into account in deterining the aount to be recovered under theorder against that other defendant!(6) Any relevant evidence aditted in the proceedings against the defendant for any offenceunder section (/) shall, if the court thins fit, be taen into account in deterining the aountto be recovered under subsection (")!(&) %ub*ect to subsection (1), where a court orders the defendant to pay any aount under aconfiscation order ade under this section (a) section #1& of the .riinal =rocedure .ode "717 (Act 1+ of "717) shall have effect as if thataount were a fine iposed on hi by the court; and(b) for the purposes of section #1&(1)(b)(iv) of the .riinal =rocedure .ode "717, the ter forwhich the court ay direct the defendant to be iprisoned in default of payent of any aountunder the confiscation order shall be as follows


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(i) if the aount does not exceed @" illion iprisonent for a ter not exceeding + years;and(ii) if the aount exceeds @" illion iprisonent for a ter not exceeding 17 years!(17) here (a) a warrant to coit the defendant to prison is issued for a default in payent of an aount

ordered to be paid under a confiscation order in respect of any offence under section (/); and(b) at the tie the warrant is issued, the defendant is liable to serve any ter of iprisonent inrespect of the offence,the ter of iprisonent to be served in default of payent of the aount shall not begin to rununtil after the ter entioned in paragraph (b)!(11) 0his section shall not apply in respect of any offence coitted before the date ofcoenceent of section / of the 4esidential =roperty (Aendent) Act "717!Dis!osa( of estate or interest in resi'entia( !ro!ert% b% forei&n #o+!anies

1*(1) here, on 11th %epteber 1&'#, a foreign copany is the owner of an estate or interestin any residential property in %ingapore, the foreign copany shall be bound to dispose of thesae in accordance with this section, unless such foreign copany is peritted to retain its

estate or interest in the residential property by virtue of section "+ or the residential property orsuch foreign copany is exepted under section #"![9/2006]

(") here, between 11th %epteber 1&'# and 1st Dctober 1&'/, any foreign copany wasgranted approval by the 2inister to purchase or acquire any residential property fro anotherforeign copany or a %ingapore copany pursuant to any schee or arrangeent of whatevernature whereby the second entioned foreign copany or %ingapore copany transfers oragrees to transfer the whole or part of its assets or undertaing to the first>entioned foreigncopany, including its interests in residential properties in %ingapore, whether for considerationor otherwise, the first>entioned foreign copany shall, notwithstanding the grant of suchapproval, be sub*ect to this section!(#) Every foreign copany to which this section applies shall, within such period as the 2inisteray, by notification in the Gazette, direct, furnish to the .ontroller a return setting out the sie,location and nature of its estate or interest in all its residential properties and such otherparticulars as the .ontroller ay require!() here the .ontroller is satisfied that a foreign copany which is required by subsection (1)to dispose of an estate or interest in any residential property in %ingapore has failed to dispose ofthe sae on or before 11th %epteber 1&6# (or within such further period as the 2inister ay,by notification in the Gazette, appoint), the .ontroller ay give directions in writing to theforeign copany to transfer all its estate or interest in its residential property to any citien orapproved purchaser within such period as the .ontroller ay specify being a period of not lessthan &7 days and not ore than / onths of the date of service of the direction on the foreigncopany!?!$! $o! % "6+F6#!(+) A direction given by the .ontroller under subsection () shall be served upon the foreigncopany which is required to transfer its estate or interest in any residential property and itssubsisting ortgagees or chargees (if any) who appear as such in the relevant records in the 3and0itles 4egistry or the 4egistry of 5eeds of the Authority, as the case ay be!

[9/2006]


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(/) A foreign copany which is directed by the .ontroller to transfer its estate or interest in anyresidential property and its subsisting ortgagees or chargees who appear as such in the relevantrecords in the 3and 0itles 4egistry or the 4egistry of 5eeds of the Authority, as the case ay be,ay apply within /7 days of the date of service of the .ontroller-s direction to the 2inister foran extension of the tie specified by the .ontroller under subsection () to dispose of the estate

or interest in the residential property owned by the foreign copany and the 2inister ay, in hisdiscretion, refuse to grant any extension or ay grant such an extension of tie as he ay thinfit for the transfer of the estate or interest in the residential property owned by the foreigncopany to any citien or approved purchaser!

[9/2006]

(') here a foreign copany which is directed under subsection () to dispose of its estate orinterest in any residential property does not satisfy the .ontroller that it has transferred its estateor interest within the period or within any extension of tie granted under subsection (/), the2inister ay issue to the .ontroller a notice to attach and sell the estate or interest in thatresidential property, and a copy of the notice shall be served on (a) the foreign copany which is the owner of the estate or interest in the residential property;

and(b) each subsisting ortgagee or chargee (if any) who appears as such in the relevant records inthe 3and 0itles 4egistry or the 4egistry of 5eeds of the Authority, as the case ay be!

[9/2006]

Atta#h+ent an' sa(e of resi'entia( !ro!ert% b% Contro((er

/*(1) 0he .ontroller shall, on receipt of any notice to attach and sell, sell by public auction orotherwise to either a citien or an approved purchaser the estate or interest in the residentialproperty or land specified in the notice at the following tie(a) where any application is ade to the .ontroller within the tie liited under section /A(")or (#) to fix the reserve price for that estate or interest in the residential property or land, at anytie after the reserve price is fixed in accordance with section /A; or(b) where no such application to fix the reserve price is ade, at any tie after the expiration ofthe tie period allowed for any application to fix the reserve price under section /A(#)(b)(ii)!

[9/2006]

(") 9n order to attach and sell any estate or interest in any residential property or land specified inany notice to attach and sell, the .ontroller shall lodge with the 4egistrar (a) in the case of any residential property or land which is registered land, an application in theapproved for to register the notice to attach and sell that property or land; or(b) in the case of any other residential property or land, a copy of the notice to attach and sellrelating to that property or land!

[9/2006]

(#) 0he 4egistrar shall (a) on receipt of the application referred to in subsection (")(a), register the application in therelevant volue and folio of the land>register in the 3and 0itles 4egistry of the Authority andenter the appropriate eorial that the .ontroller has attached the residential property or landconcerned and is epowered to transfer the registered estate or interest in that property or land;or(b) on receipt of the copy of the notice to attach and sell referred to in subsection (")(b), enter anote in the boos and other records aintained at the 4egistry of 5eeds of the Authority that theresidential property or land concerned has been attached by the .ontroller!


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[9/2006]

() Dn lodgent of an application or a copy of the notice to attach and sell in accordance withsubsection ("), the .ontroller shall have the power (a) to sell the estate or interest in the residential property or land described in the application orcopy, as the case ay be, and all other powers relating or incidental thereto as if the .ontroller

were the proprietor of that estate or interest in the residential property or land; and(b) to execute any instruent to effect a transfer of that estate or interest in the residentialproperty or land,and any such transfer executed by the .ontroller shall be conclusive and shall not be challengedor called in question in any court!

[9/2006]

(+) 0he foreign person whose estate or interest in the residential property or land reains thesub*ect of any notice to attach and sell, or its subsisting ortgagee or chargee (if any) shall (a) within a period of "1 days after the reserve price for that estate or interest is fixed undersection /A; or(b) if no application to fix the reserve price is ade under section /A, within a period of "1 days

beginning on the date iediately following the expiration of the period specified in subsection(1)(b),deliver to the .ontroller the title deed or certificate of title of the residential property or land, asthe case ay be, and in default of such delivery, the .ontroller shall not be obliged to produce tothe purchaser of such estate or interest in the residential property or land any other title apartfro the certified true copy of the title deed or a replaceent certificate of title thereto!

[9/2006](/) here the .ontroller is unable to sell any estate or interest in the residential property or landat or above the reserve price fixed under section /A for that estate or interest, the .ontroller shallpostpone the sale for a period of " years, and thereafter shall proceed to sell that estate or interestin the residential property or land, as the case ay be, by public auction or otherwise at anyprice, whether that price is higher or lower than the reserve price!

[9/2006](') here the .ontroller has sold an estate or interest in any residential property or land underthis section, the .ontroller shall without delay apply those proceeds of sale (a) firstly, in payent of all costs (such as legal costs, survey costs and valuation costs), chargesand expenses properly incurred incidentally to or in connection with the sale of the property orland (including any previous unsuccessful sale under this section) between the date of the noticeto attach and sell that property or land and the date of the sale (both dates inclusive);(b) secondly, in payent of all financial penalties payable under this Act in respect of theresidential property or land sold; and(c) thirdly, in payent of the balance, in order of priority, to the foreign person who was theowner of the estate or interest in the residential property or land sold and any person having aprior interest to such owner or representative as shown in the relevant records in the 3and 0itles4egistry or the 4egistry of 5eeds of the Authority, as the case ay be,except that where there is any dispute as to the apportionent of these proceeds between thepersons referred to in paragraph (c), the .ontroller shall pay the balance into court!

[9/2006]


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(6) $othing in this section shall prevent a foreign person on who a copy of a notice to attachand sell is served fro selling on his own accord his estate or interest in the residential propertyor land concerned to a citien or an approved purchaser!

[9/2006]

(&) here a foreign person has sold on his own accord his estate or interest in the residential

property or land concerned under subsection (6), the foreign person shall be liable to reibursethe .ontroller for all legal costs, survey costs, valuation costs and any other costs, charges andexpenses incurred by the .ontroller with a view to a sale (including any previous unsuccessfulsale) under this section of the property or land between the date of that notice to attach and selland the date the .ontroller is infored by the foreign person that the property or land has beensold by the foreign person (both dates inclusive)!

[9/2006]

(17) here the .ontroller is of the opinion that circustances have arisen since the lodgent ofthe application or copy of the notice referred to in subsection (") which renders the sale of anyestate or interest in any residential property or land concerned ipracticable, whether on accountof an earlier sale by a person peritted under subsection (6) or the occurrence of an event, such

as the winding up of a foreign copany, the issue of an order of attachent for the saeproperty or land by any court or otherwise, the .ontroller shall refer the relevant particulars ofthe residential property or land to the 2inister with a stateent setting out his reasons as to whyit is ipracticable to sell the property or land!

[9/2006]

(11) 0he 2inister ay, on receipt of the .ontroller-s stateent under subsection (17),counterand his direction to the .ontroller to attach and sell the estate or interest in theresidential property or land in question by cancelling his notice to attach and sell that residentialproperty or land!

[9/2006](1") here the 2inister has, under subsection (11), counteranded his direction to the.ontroller to attach and sell any residential property or land, the 4egistrar shall (a) in the case of any residential property or land which is registered land, cancel the registrationof the notice to attach and sell that property or land on receipt fro the .ontroller of anapplication for that purpose ade in the approved for; or(b) in the case of any other residential property or land, register a eorial of discharge of thenotice to attach and sell that property or land,and thereafter, the .ontroller shall not have any power referred to in subsection () in relation toany estate or interest in that residential property or land!

[9/2006](1#) 9n this section and section /A, any reference to a foreign person includes (a) a reference to a ortgagee or chargee; or(b) a reference to the person-s legal personal representatives if he is deceased and a notice hasbeen issued by the 2inister under section #(/) in relation to any estate or interest of the foreignperson in residential property or land!

[9/2006]

Reser2e !ri#e

/A*(1) here the 2inister has issued a notice to attach and sell an estate or interest in anyresidential property or land specified in the notice, the following persons ay, sub*ect to


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subsection (#), apply to the .ontroller to fix a reserve price for that estate or interest in theresidential property or land(a) any foreign person who is the owner of that estate or interest in the residential property orland, or his legal personal representatives if he is deceased;(b) the ortgagee or chargee of that residential property or land first entitled in priority (referred

to in this section as the first ortgagee or chargee); or(c) any ortgagee or chargee of that residential property or land next or subsequently entitled inpriority (referred to in this section as the subsequent ortgagee or chargee)!

[9/2006](") Any application under subsection (1) by a foreign person shall be ade no later than "6 daysafter he receives a copy of the notice to attach and sell!

[9/2006]

(#) An application under subsection (1) by a ortgagee or chargee of any residential property orland shall be ade as follows(a) in the case of the first ortgagee or chargee (i) if and only if there is no application under subsection (1) by the owner of the sae residential

property or land, or his legal personal representative if he is deceased; and(ii) no later than + days after the expiration of the period liited under subsection (") for theowner or his legal personal representative to ae such an application; or(b) in the case of a subsequent ortgagee or chargee (i) if and only if there is no application under subsection (1) by the owner of the sae residentialproperty or land, or his legal personal representative if he is deceased, and there is no applicationunder this subsection by the first ortgagee or chargee; and(ii) no later than + days after the expiration of the period liited under paragraph (a)(ii) for thefirst ortgagee or chargee to ae such an application!

[9/2006]() 0he reserve price for any estate or interest in any residential property or land shall be theean average of " valuations of that property or land, naely, one subitted by a valuerappointed by the .ontroller and the other by a licensed valuer appointed by the foreign person orthe ortgagee or chargee, as the case ay be, applying to fix the reserve price!

[9/2006]

(+) 0he expenses of any valuation ade under this section shall be borne by the foreign person(or by his estate if he is deceased) or the ortgagee or chargee applying to fix a reserve priceunder subsection (1), as the case ay be!

[9/2006]

Forei&n #o+!anies to fi(e 'e#(arations 3ith Contro((er

4*(1) %ub*ect to subsection ("), where, on 11th %epteber 1&'#, a foreign copany was theowner of an estate or interest in any land in %ingapore, the foreign copany shall, within theperiod of / onths of 1st Dctober 1&6", file with the .ontroller a declaration ade by itsdirector or secretary or its representative in %ingapore setting out (a) the location and ?overnent survey lot nuber of the land which has been disposed of bysale or otherwise; and(b) in respect of any land which has not been disposed of (i) the sie, location, ?overnent survey lot nuber, nature of its estate or interest in such land;(ii) the purpose for which the land is currently used; and(iii) such further particulars as the .ontroller ay require!


12/26

[22/82;9/2006]

(") %ubsection (1) shall not apply to a foreign copany which is exepted under section #"![22/82]

Se#tion 1 not a!!(i#ab(e to forei&n nat"ra( !ersons or so#ieties

5*%ection + shall not require any foreign person who is a natural person or a society to dispose of

any estate or interest in any residential property vested in hi or, in the case of a society, vestedin its trustees, iediately before 11th %epteber 1&'#![9/2006]

Position of Sin&a!ore entities 3ith resi'entia( !ro!erties 3ishin& to be#o+e or be#o+in&

#on2erte' entities

6*(1) $o %ingapore copany which is the owner of any estate or interest in any residentialproperty that is not non>restricted residential property, whether purchased or acquired before, onor after 11th %epteber 1&'# shall, on or after 1st Dctober 1&'/, becoe a converted foreigncopany without first seeing and obtaining the written approval of the .ontroller, in theanner provided in section "/, for such conversion and for the retention of all its estate orinterest in all or in one or ore of those residential properties which such %ingapore copany

intends should reain vested in the converted foreign copany upon such conversion! [9/2006](") $o %ingapore liited liability partnership which is the owner of any estate or interest in anyresidential property that is not non>restricted residential property, whether purchased or acquiredbefore, on or after 11th April "77+ shall becoe a converted foreign liited liability partnershipwithout first seeing and obtaining the written approval of the .ontroller, in the anner providedin section "/, for such conversion and for the retention of all its estate or interest in all or in oneor ore of those residential properties which such %ingapore liited liability partnership intendsshould reain vested in the converted foreign liited liability partnership upon such conversion!

[9/2006](#) $o %ingapore society which is the owner of any estate or interest in any residential propertythat is not non>restricted residential property purchased or acquired on or after 11th %epteber1&'# shall, on or after 1st Dctober 1&'/, becoe a converted society without first seeing andobtaining the written approval of the .ontroller, in the anner provided in section "/, for suchconversion and for the retention of all its estate or interest in all or in one or ore of thoseresidential properties which such %ingapore society intends to retain after conversion!

[9/2006]

() 9f the written approval sought under subsection (1), (") or (#) is granted in respect of suchconversion and for the retention of all or one or ore of the residential properties in respect ofwhich the %ingapore entity sought approval, it shall, either before it becoes a converted entityor within a period of " years fro the date on which it becae a converted entity, transfer to anycitien or approved purchaser all its estate or interest (a) in such of its residential properties that are not non>restricted residential properties in respectof which it has not been granted approval for retention under section "/; and(b) in all its other residential properties that are not non>restricted residential properties, if any, inrespect of which it did not see approval for such retention!

[9/2006]

(+) 9f the written approval sought under subsection (1), (") or (#) is not granted in respect of suchconversion or for the retention of all of the residential properties in respect of which the%ingapore entity sought approval, the %ingapore entity shall not becoe a converted entity!


13/26

[9/2006]

(/) 9f any %ingapore entity becoes a converted entity in contravention of subsection (+) (a) the converted entity shall be guilty of an offence and shall be liable on conviction to a fine notexceeding @177,777;(b) any person who, by virtue of section #/(#), is guilty of that offence shall be liable on

conviction to a fine not exceeding @177,777 or to iprisonent for a ter not exceeding # yearsor to both; and(c) the converted entity shall, within a period of one year fro the date on which it becae aconverted entity, transfer to any citien or approved purchaser all its estate or interest in everyresidential property that is not non>restricted residential property owned by it!

[9/2006]

(') 9f any %ingapore entity becoes a converted entity, without first seeing and obtaining thewritten approval required under subsection (1), (") or (#) (a) the converted entity shall be guilty of an offence and shall be liable on conviction to a fine notexceeding @+7,777;(b) any person who, by virtue of section #/(#), is guilty of that offence shall be liable on

conviction to a fine not exceeding @+7,777 or to iprisonent for a ter not exceeding # yearsor to both; and(c) the converted entity shall, within a period of one year fro the date on which it becae aconverted entity (i) transfer all its estate or interest in all its residential properties that are not non>restrictedresidential properties to any citien or approved purchaser, other than such part of its estate orinterest in respect of which it has been granted approval for retention as provided in sub>paragraph (ii); and(ii) see and obtain the approval of the 2inister under section "+ for the retention of such part ofits estate or interest in its residential properties that are not non>restricted residential properties asare not transferred as provided in sub>paragraph (i)!

[9/2006]

(6) here (a) a converted foreign copany to which subsection () applies has not, at the expiration of aperiod of " years fro the date on which it becae a converted foreign copany, transferred toany citien or approved purchaser all its estate or interest in the residential properties (that arenot non>restricted residential properties) still reaining vested in it and in respect of whichapproval for retention was not sought or, if sought, was not granted under section "+ or "/; or(b) a converted foreign copany to which subsection (/) or (') applies has not, at the expirationof a period of one year fro the date on which it becae a converted foreign copany,transferred to any citien or approved purchaser all its estate or interest in the residentialproperties (that are not non> restricted residential properties) still reaining vested in it and inrespect of which approval for retention was not sought or, if sought, was not granted undersection "+ or "/,the 2inister ay, by a direction in writing, require such converted foreign copany to dispose ofall its estate or interest in such reaining residential properties by transferring the sae to anycitien or approved purchaser within a period of not less than / onths fro the date of serviceof such direction by the 2inister!

[9/2006]


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(&) A direction given by the 2inister under subsection (6) shall be served on the .ontroller andon such converted foreign copany and its subsisting ortgagees or chargees (if any) whoappear as such in the relevant records in the 3and 0itles 4egistry or the 4egistry of 5eeds of theAuthority, as the case ay be!

[9/2006]

(17) At the expiration of the period of / onths entioned in subsection (6), the 2inister ay, inhis discretion, upon application (with reasons or grounds in support) being ade (not later than#7 days of such expiration) by a converted foreign copany or any of its ortgagees or chargeeswho appear as such in the relevant records in the 3and 0itles 4egistry or the 4egistry of 5eeds ofthe Authority, as the case ay be, grant such extension of tie as he ay consider fit, for thetransfer to any citien or approved purchaser of all its estate or interest in such residentialproperties that are not non>restricted residential properties and in respect of which approval wasnot sought for the retention thereof or, if sought, was not obtained under section "+ or "/!

[9/2006]

(11) here a converted foreign copany which is directed under subsection (6) to dispose of itsestate or interest in any residential property does not satisfy the .ontroller that it has transferred

the sae within the period of / onths specified in that subsection or any extended periodspecified in subsection (17), the 2inister ay issue to the .ontroller a notice to attach and sellthe estate or interest in that property, and a copy of such notice shall be served on the convertedforeign copany which is the owner of the estate or interest in the residential property and itssubsisting ortgagees or chargees (if any) who appear as such in the relevant records in the 3and0itles 4egistry or the 4egistry of 5eeds of the Authority, as the case ay be!

[9/2006](1") %ubsections (6) to (11) shall apply, with the necessary odifications, to the procedure forthe disposal of any estate or interest in residential property owned by a converted foreign liitedliability partnership or a converted society as those subsections apply to the procedure for thedisposal of any estate or interest in residential property owned by a converted foreign copany!

[9/2006]

(1#) A ortgagee or chargee who, on or after 1st Dctober 1&'/, grants a loan or advance on acurrent account for a fixed ter exceeding / onths, secured by a ortgage or charge of anyestate or interest in any residential property that is not non>restricted residential property ownedby a %ingapore entity ay, notwithstanding any prior agreeent ade between the ortgagee orchargee and his respective ortgagor or chargor for the repayent of that loan or advance, callfor the earlier repayent of such loan or advance or any part thereof, by giving # onths- priornotice in writing to his ortgagor or chargor, if such ortgagor or chargor, having representeditself as a %ingapore entity, to the ortgagee or chargee at the date of the creation of suchortgage or charge, thereafter, without the written consent of the ortgagee or chargee, becoesa converted entity!

[9/2006](1) 9f the repayent of the loan or advance entioned in subsection (1#) is not ade on theexpiration of the # onths- notice given by the ortgagee or chargee under that subsection, suchloan or advance shall be deeed to be due, and thereupon the ortgagee or chargee ay exercise(a) any power expressly provided in the ortgage or charge;(b) any statutory power conferred on a ortgagee or chargee under the .onveyancing and 3awof =roperty Act (.ap! /1), the 3and 0itles Act (.ap! 1+') or any other written law; or


15/26

(c) any power iplied by law![9/2006]

7estin& of resi'entia( !ro!erties in Sin&a!ore #o+!anies

89*(1) $otwithstanding anything in any written law, a %ingapore copany which intends toacquire any estate or interest in any residential property other than non>restricted residential

property shall, prior to the vesting of the estate or interest in that residential property in thecopany, furnish the .ontroller with a list of its directors and ebers containing theparticulars of their nationality and such other particulars as the .ontroller ay require!

[9/2006](") 0he .ontroller ay, if he is satisfied that the requireents of subsection (1) are copliedwith and that the copany is a %ingapore copany, issue to the copany a certificate stating thatthe copany ay acquire and retain residential properties sub*ect to the provisions of this Act!

[9/2006](#) 0he .ontroller ay at any tie require a %ingapore copany which has been issued acertificate under subsection (") to produce its register of ebers and directors for his inspectionif the .ontroller desires to ascertain whether the %ingapore copany has ceased to be a

%ingapore copany! [9/2006]() 0he .ontroller ay at any tie cancel a certificate issued under subsection (") if he issatisfied that (a) in the case of a %ingapore copany which does not own any residential property that is notnon>restricted residential property, the %ingapore copany has becoe a foreign copanywithout obtaining the prior written approval of the .ontroller under section 1; or(b) in the case of a %ingapore copany which owns any residential property that is not non>restricted residential property, the %ingapore copany has becoe a converted foreign copanywithout obtaining the prior written approval of the .ontroller under section "/!

[9/2006]

(+) 0he .ontroller shall, upon the application by any %ingapore copany which is a holder of acertificate issued by the .ontroller under subsection ("), cancel the certificate if the .ontroller issatisfied that the %ingapore copany does not own any residential property that is not non>restricted residential property!

[9/2006](/) Any %ingapore copany which contravenes subsection (1) shall be guilty of an offence andshall be liable on conviction to a fine not exceeding @17,777!

[9/2006]

7estin& of resi'entia( !ro!erties in Sin&a!ore (i+ite' (iabi(it% !artnershi!s

88*(1) $otwithstanding anything in any written law, a %ingapore liited liability partnershipwhich intends to acquire any estate or interest in any residential property other than non>restricted residential property shall, prior to the vesting of the estate or interest in that residentialproperty in the liited liability partnership, furnish the .ontroller with a list of its partnerscontaining the particulars of their nationality and such other particulars as the .ontroller ayrequire!

[9/2006]

(") 0he .ontroller ay, if he is satisfied that the requireents of subsection (1) are copliedwith and that the liited liability partnership is a %ingapore liited liability partnership, issue to


16/26

the liited liability partnership a certificate stating that the liited liability partnership ayacquire and retain residential properties sub*ect to the provisions of this Act!

[9/2006](#) 0he .ontroller ay at any tie require a %ingapore liited liability partnership which hasbeen issued a certificate under subsection (") to produce its register of partners for his inspection

if the .ontroller desires to ascertain whether the %ingapore liited liability partnership hasceased to be a %ingapore liited liability partnership![9/2006]

() 0he .ontroller ay at any tie cancel a certificate issued under subsection (") if he issatisfied that (a) in the case of a %ingapore liited liability partnership which does not own any residentialproperty that is not non>restricted residential property, the %ingapore liited liability partnershiphas becoe a foreign liited liability partnership without obtaining the prior written approval ofthe .ontroller under section 1A; or(b) in the case of a %ingapore liited liability partnership which owns any residential propertythat is not non>restricted residential property, the %ingapore liited liability partnership has

becoe a converted foreign liited liability partnership without obtaining the prior writtenapproval of the .ontroller under section "/![9/2006]

(+) 0he .ontroller shall, upon the application by any %ingapore liited liability partnershipwhich is a holder of a certificate issued by the .ontroller under subsection ("), cancel thecertificate if the .ontroller is satisfied that the %ingapore liited liability partnership does notown any residential property that is not non>restricted residential property!

[9/2006]

(/) Any %ingapore liited liability partnership which contravenes subsection (1) shall be guiltyof an offence and shall be liable on conviction to a fine not exceeding @17,777!

[9/2006]

Re&istrar +a% ref"se to re&ister instr"+ent of transfer in fa2o"r of Sin&a!ore #o+!an%

8:*0he 4egistrar ay refuse to register an instruent of transfer of an estate or interest in anyresidential property that is not non> restricted residential property in favour of a %ingaporecopany unless he is satisfied that (a) all the directors of the copany are citiens; and(b) all the ebers of the copany are either citiens, %ingapore liited liability partnerships or%ingapore copanies!

[9/2006]

Re&istrar +a% ref"se to re&ister instr"+ent of transfer in fa2o"r of Sin&a!ore (i+ite'

(iabi(it% !artnershi!

8)*0he 4egistrar ay refuse to register an instruent of transfer of an estate or interest in anyresidential property that is not non>restricted residential property in favour of a %ingapore liitedliability partnership unless he is satisfied that all the partners of the liited liability partnershipare either citiens, %ingapore liited liability partnerships or %ingapore copanies!

[9/2006]

Sin&a!ore #o+!an% be#o+in& forei&n #o+!an%

8-*(1) $otwithstanding anything in any written law, a %ingapore copany shall not becoe aforeign copany unless


17/26

(a) in the case of a %ingapore copany which owns any residential property that is not non>restricted residential property, it has obtained the prior approval of the .ontroller to becoe aconverted foreign copany pursuant to section "/; or(b) in the case of a %ingapore copany which clais that it does not own any residentialproperty apart fro non>restricted residential property, it has obtained the prior approval of the

.ontroller under subsection (") to becoe a foreign copany! [9/2006](") Cor the purposes of subsection (1)(b), the .ontroller shall grant the approval for the%ingapore copany to becoe a foreign copany if he is satisfied that the %ingapore copanydoes not own any residential property apart fro non>restricted residential property!

[9/2006]

(#) Gpon a %ingapore copany being granted an approval under subsection (1)(a) or (b), the.ontroller shall cancel the certificate issued to the %ingapore copany under section 17(")!

[9/2006]

() $otwithstanding any approval given by the 2inister or the .ontroller for the purposes ofsubsection (1)(a) or (b), as the case ay be, the .ontroller ay

(a) if he subsequently discovers that the copany owns any residential property in respect ofwhich the 2inister or the .ontroller, as the case ay be, has not granted any approval undersection "+ or "/ for the copany to purchase, acquire or retain the residential property and theresidential property is not non>restricted residential property; or(b) if he subsequently discovers that the copany had ade a isrepresentation to the.ontroller,obtain the 2inister-s direction to require the copany to dispose of the residential property!

[9/2006]

(+) here any residential property is to be disposed of pursuant to the 2inister-s directionobtained under subsection (), section &(6) to (1) shall apply, with the necessary odifications,to the anner of disposal of the residential property and the rights of a ortgagee or chargee (ifany) of the residential property!

[9/2006]

Sin&a!ore (i+ite' (iabi(it% !artnershi! be#o+in& forei&n (i+ite' (iabi(it% !artnershi!

8-A*(1) $otwithstanding anything in any written law, a %ingapore liited liability partnershipshall not becoe a foreign liited liability partnership unless (a) in the case of a %ingapore liited liability partnership which owns any residential propertythat is not non>restricted residential property, it has obtained the prior approval of the .ontrollerto becoe a converted foreign liited liability partnership pursuant to section "/; or(b) in the case of a %ingapore liited liability partnership which clais that it does not own anyresidential property apart fro non>restricted residential property, it has obtained the priorapproval of the .ontroller under subsection (") to becoe a foreign liited liability partnership!

[9/2006](") Cor the purposes of subsection (1)(b), the .ontroller shall grant the approval for the%ingapore liited liability partnership to becoe a foreign liited liability partnership if he issatisfied that the %ingapore liited liability partnership does not own any residential propertyapart fro non>restricted residential property!

[9/2006]


18/26

(#) Gpon a %ingapore liited liability partnership being granted an approval under subsection (1)(a) or (b), the .ontroller shall cancel the certificate issued to the %ingapore liited liabilitypartnership under section 11(")!

[9/2006]

() $otwithstanding any approval given by the 2inister or the .ontroller for the purposes of

subsection (1)(a) or (b), as the case ay be, the .ontroller ay (a) if he subsequently discovers that the liited liability partnership owns any residentialproperty in respect of which the 2inister or the .ontroller, as the case ay be, has not grantedany approval under section "+ or "/ for the liited liability partnership to purchase, acquire orretain the residential property and the residential property is not non>restricted residentialproperty; or(b) if he subsequently discovers that the liited liability partnership had ade aisrepresentation to the .ontroller,obtain the 2inister:s direction to require the liited liability partnership to dispose of theresidential property!

[9/2006]

(+) here any residential property is to be disposed of pursuant to the 2inister:s directionobtained under subsection (), section &(6) to (1) shall apply, with the necessary odifications,to the anner of disposal of the residential property and the rights of a ortgagee or chargee (ifany) of the residential property!

[9/2006]

Con2ersion of Sin&a!ore #o+!an% to Sin&a!ore (i+ite' (iabi(it% !artnershi!

8-B*(1) Any certificate issued by the .ontroller under section 17 to a %ingapore copany andwhich is in force iediately before the date of registration of the conversion of the %ingaporecopany to a %ingapore liited liability partnership shall continue in force on and after that dateas if it were a certificate issued by the .ontroller to the %ingapore liited liability partnershipunder section 11(")!

[17/2005;9/2006]

(") 0he %ingapore liited liability partnership referred to in subsection (1) shall, as soon aspracticable after the date of registration of the conversion thereto, notify the .ontroller of theconversion and of the particulars of the %ingapore liited liability partnership, including thenationality of its partners and such other particulars as the .ontroller ay require!

[17/2005]

(#) 0he .ontroller ay, if he is satisfied that the requireents of subsection (") are copliedwith and that liited liability partnership is a %ingapore liited liability partnership, issue to the%ingapore liited liability partnership a fresh certificate stating that the liited liabilitypartnership ay acquire and retain residential properties sub*ect to the provisions of this Act andupon the issuance of the fresh certificate to the %ingapore liited liability partnership, thecertificate referred to in subsection (1) shall be deeed cancelled!

[17/2005;9/2006]

Con2ersion of forei&n #o+!an% or #on2erte' forei&n #o+!an% to forei&n (i+ite' (iabi(it%

!artnershi!

8-C*(1) Any approval granted by the 2inister or the .ontroller, as the case ay be, undersection "+ or "/ to a foreign copany or a converted foreign copany to purchase, acquire orretain residential property that is not non>restricted residential property and which is validiediately before the date of registration of the conversion of the foreign copany or the


19/26

converted foreign copany to a foreign liited liability partnership shall continue in force onand after that date as if it were an approval granted by the 2inister or the .ontroller, as the caseay be, to the foreign liited liability partnership; and (a) if the approval was granted sub*ect to conditions, the foreign liited liability partnership shallcoply with all the conditions iposed as if the approval had been granted to the foreign liited

liability partnership instead of the foreign copany or the converted foreign copany; and(b) if any undertaing in writing was given by the foreign copany or the converted foreigncopany, such undertaing in writing shall be deeed to be an undertaing in writing given bythe foreign liited liability partnership and shall be enforceable against the foreign liitedliability partnership as if it had been given by the foreign liited liability partnership instead ofthe foreign copany or the converted foreign copany!

[17/2005;9/2006]

(") 0he foreign liited liability partnership referred to in subsection (1) shall, as soon aspracticable after the date of registration of the conversion thereto, notify the .ontroller of theconversion and of the particulars of the foreign liited liability partnership, including thenationality of its partners and such other particulars as the .ontroller ay require!

[17/2005]Sin&a!ore #o+!an% to fi(e a+en'e' +e+oran'"+ or arti#(es of asso#iation81*(Repealed by Act 9 of 2006)7estin& of resi'entia( !ro!erties in Sin&a!ore so#ieties

8/*(1) $otwithstanding anything in any written law, a %ingapore society which intends toacquire any estate or interest in any residential property other than non>restricted residentialproperty shall, prior to the vesting of the estate or interest in that residential property in thetrustees of the society, furnish the .ontroller with a list of its trustees and ebers containingthe particulars of their nationality and such other particulars as the .ontroller ay require!

[9/2006](") 0he .ontroller ay, if he is satisfied that the requireents of subsection (1) are copliedwith and that the society is a %ingapore society, issue to the society a certificate stating that thesociety ay acquire and retain residential properties in accordance with the provisions of thisAct!

[9/2006]

(#) 0he .ontroller ay at any tie require a %ingapore society which has been issued acertificate under subsection (") to produce its list of ebers and trustees for his inspection ifthe .ontroller desires to ascertain whether the %ingapore society has ceased to be a %ingaporesociety!

[9/2006]() 0he .ontroller ay at any tie cancel a certificate issued under subsection (") if he issatisfied that (a) in the case of a %ingapore society which does not own any residential property that is notnon>restricted residential property, the %ingapore society has becoe a foreign society withoutobtaining the prior written approval of the .ontroller under section 1'; or(b) in the case of a %ingapore society which owns any residential property that is not non>restricted residential property, the %ingapore society has becoe a converted society withoutobtaining the prior written approval of the .ontroller under section "/!

[9/2006]


20/26

(+) 0he .ontroller shall, upon the application by any %ingapore society which is a holder of acertificate issued by the .ontroller under subsection ("), cancel the certificate if the .ontroller issatisfied that the %ingapore society does not own any residential property that is not non>restricted residential property!

[9/2006]

(/) Any %ingapore society which contravenes subsection (1) shall be guilty of an offence andshall be liable on conviction to a fine not exceeding @17,777![9/2006]

Sin&a!ore so#iet% be#o+in& forei&n so#iet%

84*(1) $otwithstanding anything in any written law, a %ingapore society shall not becoe aforeign society unless (a) in the case of a %ingapore society which owns any residential property that is not non>restricted residential property, it has obtained the prior approval of the .ontroller to becoe aconverted society pursuant to section "/; or(b) in the case of a %ingapore society which clais that it does not own any residential propertyapart fro non>restricted residential property, it has obtained the prior approval of the .ontroller

under subsection (") to becoe a foreign society! [9/2006](") Cor the purposes of subsection (1)(b), the .ontroller shall grant the approval for the%ingapore society to becoe a foreign society if he is satisfied that the %ingapore society doesnot own any residential property apart fro non>restricted residential property!

[9/2006](#) Gpon a %ingapore society being granted an approval under subsection (1)(a) or (b), the.ontroller shall cancel the certificate issued to the %ingapore society under section 1/(")!

[9/2006]

() $otwithstanding any approval given by the 2inister or the .ontroller for the purposes ofsubsection (1)(a) or (b), as the case ay be, the .ontroller ay (a) if he subsequently discovers that the society owns any residential property in respect of whichthe 2inister or the .ontroller, as the case ay be, has not granted any approval under section "+or "/ for the society to purchase, acquire or retain the residential property and the residentialproperty is not non>restricted residential property; or(b) if he subsequently discovers that the society had ade a isrepresentation to the .ontroller,obtain the 2inister-s direction to require the society to dispose of the residential property!

[9/2006]

(+) here any residential property is to be disposed of pursuant to the 2inister-s directionobtained under subsection (), section &(6) to (1) shall apply, with the necessary odifications,to the anner of disposal of the residential property and the rights of a ortgagee or chargee (ifany) of the residential property!

[9/2006]

Re&istrar +a% ref"se to re&ister instr"+ent of transfer in fa2o"r of Sin&a!ore so#iet%

85*0he 4egistrar ay refuse to register an instruent of transfer of any estate or interest in anyresidential property that is not non>restricted residential property in favour of a %ingapore societyunless he is satisfied that (a) all the ebers of the society are citiens; and(b) the trustees of the society are either citiens or a trust copany licensed under the 0rust.opanies Act (.ap! ##/)!


21/26

[9/2006]

E2er% transfer of (an' to s!e#if% #iti,enshi! stat"s of !"r#haser or !(a#e of re&istration or

in#or!oration of bo'% #or!orate

86*(1) 9n every instruent of transfer of land (other than a ortgage, charge or reconveyance)lodged with the 4egistrar on or after 1st Huly 1&'' there shall be specified, after the nae of the

person acquiring an estate or interest in land, the nae of the country of which he is a citien,together with the nuber of the identity card issued to hi under the $ational 4egistration Act(.ap! "71) or other evidence of his citienship if he is a citien of %ingapore and, if he is acitien of any other country, the nuber of his passport and of his identity card (if he has beenissued with one); and where the purchaser is a body corporate there shall be specified its place ofregistration or incorporation!(") Every such person acquiring a title or interest in land under such instruent shall certify onthe instruent that the particulars specified in accordance with subsection (1) are correct, and ifthat person eploys an advocate and solicitor to act for hi, the advocate and solicitor shall socertify in such for as ay be approved by the 4egistrar! Cor the purposes of this subsection, the4egistrar ay require the production of such docuent as he ay thin fit!

(#) 0he 4egistrar has the power to refuse registration of any such transfer wherein the particularsrequired by subsection (1) are not specified or wherein the certification required by subsection(") has not been effected, and where the 4egistrar has accepted any such transfer, he has thepower to cancel the provisional registration of any such transfer or require the person lodging thetransfer to withdraw it fro registration!() here the 4egistrar intends to exercise the power conferred on hi by subsection (#) tocancel the provisional registration of any such transfer or to require the person lodging suchtransfer to withdraw it fro registration, he shall give notice in writing to that effect, and shallnot for a period of / wees of the date of the notice cancel the provisional registration of anysuch transfer; and where any such notice requires the transfer to be withdrawn and if during thatperiod subsection (1) or (") has not been coplied with, the 4egistrar ay cancel the provisionalregistration of such transfer and shall not be bound to give any further notice before effectingsuch cancellation!(+) 0his section shall apply to every instruent of transfer of land irrespective of whether theland is residential property or otherwise!Pres"+!tion b% Re&istrar

:9*(1) 0he 4egistrar ay presue that every instruent of transfer of land (other than aortgage, charge or reconveyance) ade in favour of a foreign person and lodged forregistration with the 4egistrar is in respect of residential property and that any agreeent for saleand purchase of the land was ade after 11th %epteber 1&'# unless evidence to the contrary isproduced to the satisfaction of the 4egistrar!(") here any person acquiring an estate or interest in land under any such instruent of transfereploys an advocate and solicitor to act for hi, the 4egistrar ay require the advocate andsolicitor to furnish an appropriate certificate or certificates in such for or fors as the 4egistraray require! %uch certificates shall be endorsed on the instruent of transfer!(#) 0he 4egistrar has the power to refuse to accept any instruent of transfer for registration orto refuse to coplete registration of such instruent (a) where he is not satisfied with the evidence produced in accordance with subsection (1); or(b) where any certificate required under subsection (") has not been furnished!


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Transfer of estate or interest in resi'entia( !ro!ert% 2este' in forei&n !erson

:8*(1) here any estate or interest in any residential property that is not non>restrictedresidential property is vested in any foreign person and that foreign person is desirous oftransferring the sae, he shall not transfer any estate or interest in that residential property to anyperson other than a citien or an approved purchaser!

[9/2006](") Any transfer ade in contravention of subsection (1) shall be null and void!Sa(e of resi'entia( !ro!ert% b% +ort&a&ee or #har&ee

::*(1) $o ortgagee or chargee, when exercising his power of sale in respect of any estate orinterest in any residential property that is not non>restricted residential property, shall transfer theestate or interest to a foreign person!

[9/2006]

(") Every ortgagee who, in relation to an estate or interest in any residential property that is notnon>restricted residential property, has obtained an order for foreclosure or who becoes vestedby an instruent or otherwise with the entirety of that estate or interest, shall sell to a citien oran approved purchaser that estate or interest within a period of # years of the date of such order

or of the date of the vesting of such estate or interest in the ortgagee; but the 2inister shallhave power to extend the period, fro tie to tie, for such cause as appears to hi to be *ustand reasonable!

[9/2006]

("A) 0he 2inister ay, when extending the period under subsection ("), ipose suchconditions as he thins fit, including a condition that the ortgagee shall provide such security asay be deterined by the 2inister for the purposes of coplying with any condition iposed bythe 2inister!("8) 9f a ortgagee fails to coply with any of the conditions iposed by the 2inister underthis section, the .ontroller ay forfeit (in part or whole) the security provided by the ortgageeunder this section, after giving "1 days- notice in writing to the ortgagee of his intention toforfeit the security and the grounds thereof!(".) A ortgagee ay, upon receipt of the notice under subsection ("8), appeal to the 2inisterwithin # onths fro the date of that notice!("5) 0he 2inister ay deterine an appeal under subsection (".) by confiring or varying the.ontroller-s decision to forfeit the security, or by ordering the refund (in part or whole) of anysecurity forfeited under subsection ("8); and the decision of the 2inister on any such appealshall be final and shall not be called in question in any court!(#) here such ortgagee does not sell the estate or interest in the residential property that is notnon>restricted residential property within the period specified in subsection (") (including anyextension thereof), the 2inister ay issue to the .ontroller a notice to attach and sell theortgagee-s estate or interest in that residential property!

[9/2006]() %ubsections ("), ("A), ("8), (".), ("5) and (#) shall apply only to ortgagees who areforeign persons!Resi'entia( !ro!ert% not to be !"r#hase' or a#$"ire' b% #iti,en or a!!ro2e' !"r#haser as

no+inee of forei&n !erson

:)*(1) $o (a) citien or approved purchaser shall purchase or acquire any estate or interest in anyresidential property that is not non>restricted residential property as a noinee of any foreign


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person with the intention that the citien or approved purchaser shall hold it in trust for thatforeign person; and(b) foreign person shall authorise or appoint as his noinee any citien or approved purchaser topurchase or acquire any estate or interest in any residential property that is not non>restrictedresidential property with the intention that that citien or approved purchaser shall hold it in trust

for that foreign person! [9/2006](") Any trust created in whatever anner or for pursuant to subsection (1) shall be null andvoid and there shall be no resulting trust in favour of the foreign person; and any contract orcovenant between such citien or approved purchaser and the foreign person in respect of suchresidential property or any estate or interest therein shall be null and void!(#) 0he 4egistrar, upon discovering that any instruent of transfer contains any such void trustand the instruent is pending final registration or has been finally registered by the 4egistrar,shall enter a note in that instruent or the registration copy thereof, as the case ay be, statingthat such trust is null and void by virtue of subsection (")!() Any person who contravenes subsection (1)(a) or (b) shall be guilty of an offence and shall be

liable on conviction to a fine not exceeding @177,777 or to iprisonent for a ter notexceeding # years or to both![9/2006]

(+) 0he court shall, in respect of any defendant charged with coitting any offence undersubsection (1)(a) or (b) (a) tae into account any confiscation order ade under section "#A before iposing any fine onthe defendant; and(b) sub*ect to paragraph (a), leave the confiscation order out of account in deterining theappropriate sentence or other anner of dealing with the defendant!

[9/2006]

Confis#ation of benefits of offen#e "n'er se#tion :)

:)A*(1) here a defendant is convicted of any offence under section "#(1)(a) or (b), the courtshall, on the application of the =ublic =rosecutor, ae a confiscation order against thedefendant in respect of benefits derived by hi fro the coission of the offence if the court issatisfied that such benefits have been so derived!

[9/2006](") here the court is satisfied that benefits have been derived by the defendant fro thecoission of any offence under section "#(1)(a) or (b), the court shall, before sentencing orotherwise dealing with hi in respect of the offence concerned, deterine in accordance withsubsections () to (6) the aount to be recovered in his case by virtue of this section!

[9/2006]

(#) %ub*ect to subsection ('), the benefits derived by a defendant fro the coission of anyoffence under section "#(1)(a) or (b) shall be (a) any estate or interest (including any incoe accruing fro such estate or interest) inresidential property held in trust by or for the benefit of the defendant in contravention of section"#(1)(a) or (b); or(b) where that estate or interest in residential property is disposed of before conviction, theoney, or the aret value of any property other than oney, paid to or received by thedefendant, or another person at the request or direction of the defendant, on account of thedisposal of the estate or interest in the residential property!


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[9/2006]

() 0he aount to be recovered fro the defendant under a confiscation order under this sectionshall be the aount the court assesses to be the value of the benefits derived by the defendantfro the coission of any offence under section "#(1)(a) or (b)!

[9/2006]

(+) Cor the purposes of this section (a) the value of the benefits derived by a defendant fro the coission of any such offenceshall be the aggregate of the properties, estates and interests referred to in subsection (#)(a) or(b), as the case ay be, relating to that defendant;(b) the value of the estate or interest in residential property referred to in subsection (#)(a) shallbe the aret value of the estate or interest at the date of conviction or the date of thecoission of the offence, whichever is the higher; and(c) in calculating the value of benefits derived by a defendant fro the coission of anyoffence under section "#(1)(a) or (b), any expenses or outgoings of the defendant in connectionwith the coission of the offence shall be disregarded!

[9/2006]

(/) Any question of fact to be decided by a court in proceedings under this section shall bedecided on a balance of probabilities![9/2006]

(') A benefit derived by a defendant convicted of any offence under section "#(1)(a) or (b) shallnot be taen into account if (a) a confiscation order against the defendant has been iposed in respect of that benefit underthe .orruption, 5rug 0rafficing and Dther %erious .ries (.onfiscation of 8enefits) Act (.ap!/+A);(b) a confiscation order against the defendant has previously been ade under this section andthat benefit is shown to the court to have been taen into account in deterining the aount tobe recovered under that order; or(c) a confiscation order against another defendant has previously been ade under this section inrelation to an offence coitted in the sae transaction as the offence by the first>entioneddefendant and that benefit, being an estate or interest referred to in subsection (#)(a), is shown tothe court to have been taen into account in deterining the aount to be recovered under theorder against that other defendant!

[9/2006]

(6) Any relevant evidence aditted in the proceedings against the defendant for any offenceunder section "#(1)(a) or (b) shall, if the court thins fit, be taen into account in deterining theaount to be recovered under subsection (")!

[9/2006]

(&) %ub*ect to subsection (1), where a court orders the defendant to pay any aount under aconfiscation order (a) section #1& of the .riinal =rocedure .ode "717 shall have effect as if that aount were afine iposed on hi by the court; and(b) for the purposes of section #1&(1)( b)(iv) of the .riinal =rocedure .ode "717, the ter forwhich the court ay direct the defendant to be iprisoned in default of payent of any aountunder the confiscation order shall be as follows(i) if the aount does not exceed @" illion iprisonent for a ter not exceeding + years;and


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(ii) if the aount exceeds @" illion iprisonent for a ter not exceeding 17 years![9/2006]

(17) here (a) a warrant to coit the defendant to prison is issued for a default in payent of an aountordered to be paid under a confiscation order in respect of an offence under section "#(1)(a) or

(b); and(b) at the tie the warrant is issued, the defendant is liable to serve any ter of iprisonent inrespect of the offence,the ter of iprisonent to be served in default of payent of the aount shall not begin to rununtil after the ter entioned in paragraph (b)!

[9/2006]

(11) 0his section shall not apply in respect of any offence coitted before #1st 2arch "77/![9/2006]

Fina( re&istration to be s"s!en'e' if A#t #ontra2ene'

:-*(1) 0he 4egistrar, if he considers or is infored in writing by the .ontroller that anytransfer lodged with hi contravenes any of the provisions of this Act, shall not coplete the

registration of the transfer!(") 0he transfer in such event shall reain provisionally registered and the 4egistrar shall causean entry to be ade (a) in the case of land sub*ect to the provisions of the 3and 0itles Act (.ap! 1+') in the land>register; and(b) in the case of land sub*ect to the provisions of the 4egistration of 5eeds Act (.ap! "/&) inthe relevant 9ndex of 3and 8oo and other land records aintained at the 4egistry of 5eeds ofthe Authority,that final registration shall be suspended!

[9/2006](#) $o action or clai shall be ade against the decision of the 4egistrar to suspend the finalregistration of the transfer!() 0he party or the advocate and solicitor acting for the party claiing under the transfer or hissuccessors in title or assigns who appear as such in the records of the 4egistrar shall be servedwith a notice in writing by the 4egistrar of such decision and such party, successors in title orassigns ay see a declaration fro the court as to whether the transfer contravenes any of theprovisions of this Act, and, if so, is to be declared null and void; if the court aes a declarationthat the transfer is null and void, the declaration shall be served on the 4egistrar, and uponservice of the declaration, the 4egistrar shall cancel the registration of the transfer and anyrelating instruent and ae such appropriate entries in his records as ay be necessary!(+) All costs incidental to the action taen by the party claiing under the transfer or hissuccessors in title or assigns who appear as such in the records of the 4egistrar, notwithstandingthe declaration of the court, shall be borne by the party, successors in title or assigns seeing thedeclaration!(/) 9f no declaration is sought fro the court or if an application to the court for a declaration ifade is not served on the 4egistrar within a period of / onths of the date of service of thenotice in writing issued and served by the 4egistrar under subsection (), or if a declaration adeby the court is not served on the 4egistrar within "1 days of the date of the declaration the4egistrar shall, without giving further notice to the party claiing under the transfer or hissuccessors in title or assigns who appear as such in the records of the 4egistrar, proceed to cancel


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the registration of the transfer and all relating instruents, and no clai shall be ade againstthe 4egistrar for any loss or daage suffered as a consequence of the cancellation!(') here any transfer which contravenes any of the provisions of this Act has been finallyregistered by the 4egistrar, the court ay, on the application of the .ontroller, declare that thetransfer is void and order rectification of the land>register by directing that the registration of the

transfer and any relating instruent be cancelled; and all costs and expenses of, and incidentalto, the application shall be borne by the person who transfers any estate or interest in theresidential property concerned to a foreign person, and those costs and expenses shall berecoverable by the .ontroller fro the person who so transfers!(6) Every application to the court ade under this section shall be by originating suons!

[42/2005]

singapore residential act (part ii)

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