Controller to be informed of alteration
Open ↗8. A licensed housing developer must within 4 weeks of making any alteration —(a)
if a company — in the memorandum of association and articles of association or other instrument under which it is incorporated;
(b)
if a society — in the rules or by‑laws of the society;
(c)
if a group of persons or partnership — in any agreement;
(d)
if a limited liability partnership — in the limited liability partnership agreement or other document to that effect,
provide to the Controller written particulars of the alteration.
[17/2005]
Licensed housing developer to open and maintain Project Account
Open ↗9.—(1) Subject to subsection (10), every licensed housing developer must open and keep an account (called in this Act a Project Account) with a bank or finance company for each building project undertaken by the licensed housing developer.
(2) The Controller may, on the application of the licensed housing developer, allow the licensed housing developer to open and keep more than one Project Account for a building project where —(a)
the building project is to be developed in phases; or
(b)
the building project comprises units for 2 classes of use, namely residential and commercial purpose.[15/2013]
(3) The licensed housing developer must pay into the Project Account of a building project the purchase moneys received by the licensed housing developer from the sale of the units in the building project and which are required by rules made under this Act to be paid into the Project Account.
(4) The licensed housing developer must not withdraw any money from the Project Account except as authorised by rules made under this Act.
(5) Subject to subsection (6)(b), all moneys in the Project Account are, despite any other written law to the contrary, deemed not to form part of the property of the licensed housing developer in the event —(a)
the licensed housing developer enters into any composition or arrangement with the licensed housing developer’s creditors or has a receiving order or adjudication order made against the licensed housing developer; or
(b)
the licensed housing developer, being a company, goes into voluntary or compulsory liquidation.
(6) Upon any of the events mentioned in subsection (5) occurring —(a)
the moneys in the Project Account vest in the official receiver, trustee in bankruptcy or liquidator (as the case may be) to be applied for all or any of the purposes for which moneys in the Project Account are authorised by rules made under this Act to be withdrawn; and
(b)
any money remaining in the Project Account, after all payments have been made pursuant to paragraph (a) and all liabilities and obligations of the licensed housing developer under the sale and purchase agreements in respect of the building project have been fully discharged and fulfilled, must be held by the official receiver, trustee in bankruptcy or liquidator (as the case may be) as money belonging to the licensed housing developer to be applied in accordance with the law relating to bankruptcy or the winding up of companies.
(7) The Minister may, if he or she thinks necessary, appoint the Auditor‑General or a public accountant to investigate the books, accounts and transactions of a Project Account.[15/2013]
(8) The licensed housing developer must pay the Minister all the expenses of and incidental to the investigation mentioned in subsection (7).
(9) Any account opened by a licensed housing developer at a bank or finance company for the purpose of depositing purchase moneys received from purchasers in respect of a building project before 4 January 1985 is deemed to be a Project Account which has been opened pursuant to this section.
(10) This section does not apply to any building project carried on by —(a)
a licensed housing developer where all the units in the building project will not be offered for sale and purchase before the completion of the building project; or
(b)
a licensed housing developer that furnishes security to the Controller, in the form and manner and on any terms that the Controller may determine, for an amount equivalent to not less than 140% of the total cost of construction of the building project (as at the time of furnishing of the security) as certified by the architect in charge of the building project.[15/2013]
(11) Any licensed housing developer that contravenes or fails to comply with subsection (1), (3) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding one year or to both.[15/2013]
(12) In this section —“building project” means a housing development comprising units to be used for residential purposes or both residential and commercial purposes and includes, for the purposes of subsections (3) to (11), any phase of such housing development where such housing development has been approved by the competent authority under the Planning Act 1998 to be developed in phases;
“unit” means a horizontal stratum of any building or part thereof, whether such stratum is on one or more levels, and is intended for use in accordance with the provisions of any written law as a complete and separate unit for residential or commercial purpose.
Audited accounts
Open ↗10.—(1) Every licensed housing developer must within 6 months (or any extended period that the Controller may grant under subsection (2)) after the close of every financial year —(a)
forward to the Controller; and
(b)
make available, for a continuous period of at least 24 months, at its registered office (in the case of a company or limited liability partnership) or principal place of business (in any other case) during office hours, or on its Internet website, for inspection by the public without charge,
a copy of its audited accounts for that financial year and the report made by its auditor under section 13 in respect of those audited accounts.
[15/2013]
(2) The Controller may extend the time for compliance with subsection (1) but not more than once and such extension must not in any case exceed 6 months.[15/2013]
(3) Any licensed housing developer that fails to comply with any of the provisions of subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.[15/2013]
Information on housing development and sale of housing accommodation
Open ↗11.—(1) For the purpose of advising the Government or providing the public with information on the state of the property market for housing accommodation, the Controller may —(a)
collect, compile and analyse information concerning housing developments, sale of units of housing accommodation and particulars of transactions relating to such sales;
(b)
use the information and particulars collected for purposes of any research study or survey by the Controller or any person with whom the Controller enters into any contract, agreement or arrangement pursuant to subsection (3); and
(c)
subject to subsection (4), make available, publish or disseminate the information and particulars collected, the results of any compilation, analysis, research study or survey or any abstract of those results.[15/2013]
(2) Every licensed housing developer must provide to the Controller —(a)
all information concerning every building project undertaken by the licensed housing developer and the sale of units in the building project, including the number of units that are made available for sale for any period of time;
(b)
all particulars of transactions, including the particulars of purchasers, intending purchasers and assignees of purchasers, in relation to the sale of units in every building project undertaken by the licensed housing developer; and
(c)
all information on and particulars of agreements (in addition to agreements for sale and purchase) entered or to be entered into with purchasers and intending purchasers in relation to the sale of units in every building project undertaken by the licensed housing developer,
that the Controller may by written notice require and in the form and manner and by the means and within the time or at the regular intervals that the Controller may specify in the notice.
[15/2013]
(3) Subject to subsection (4), the Controller may, with the Minister’s approval, enter into any contract, agreement or arrangement with any person for the purpose of compiling or analysing any information or particulars collected or carrying out any research study or survey under this section.[15/2013]
(4) A person must not disclose any particulars, received under or pursuant to this section, of any purchaser, intending purchaser or assignee of any purchaser of any unit in a building project unless —(a)
the disclosure is made for the purposes of this section and with the Minister’s prior approval;
(b)
the disclosure is in the form of statistics which do not identify the purchaser, intending purchaser or assignee;
(c)
the disclosure is to the Chief Statistician pursuant to his or her direction under section 6 of the Statistics Act 1973 where the particulars are not exempted from section 6(2) of that Act from being provided;
(d)
the particulars are already in the public domain at the time of the disclosure; or
(e)
the disclosure is for the purposes of proceedings for an offence under this Act or any rules made under this Act or any report of those proceedings.[15/2013]
(5) Any person who contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.[15/2013]
Sale, disposal, etc., of business requires consent of Controller
Open ↗12.—(1) Every licensed housing developer must inform the Controller of any proposed arrangement or agreement for any sale or disposal of its business relating to housing development by amalgamation or otherwise or of any proposal for reconstruction.
(2) The Controller may approve or withhold approval of such arrangement or reconstruction.
(3) Any licensed housing developer that is aggrieved by a decision of the Controller under subsection (2) may, within 14 days of being notified of the decision, appeal to the Minister whose decision is final and shall not be questioned in any court.
(4) Any licensed housing developer that fails to comply with subsection (1) shall be guilty of an offence.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
