Sale of Commercial Properties Act 1979 |
2020 REVISED EDITION |
This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021 |
An Act to regulate the sales of separate units of commercial properties in a commercial complex and for purposes connected therewith. |
[20 July 1979] |
Short title |
1. This Act is the Sale of Commercial Properties Act 1979. |
Interpretation |
2. In this Act, unless the context otherwise requires —
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Prohibition on sale of any commercial property without building approval |
Option to purchase |
4. An option to purchase any commercial property given by a vendor to a purchaser must be in such form as may be prescribed, except that any additional term or condition which in substance does not affect the prescribed form may be included in the form. |
Terms and conditions in agreement for sale and purchase |
5.—(1) Every agreement for the sale and purchase of a commercial property must contain such terms and conditions of sale as may be prescribed by rules made under this Act.
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Prevention of money laundering and financing of terrorism |
5A.—(1) A developer must not, in connection with any building project developed by the developer, open or maintain any account for, or hold and receive moneys from —
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Record keeping |
5B.—(1) A developer must keep, for such period as may be prescribed, all documents and information (including any analysis performed) relating to a person that the developer obtains as a result of performing the customer due diligence measures required by section 5A(2).
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Programmes and measures to prevent money laundering and terrorism financing |
5C.—(1) Without limiting sections 5A and 5B, a developer must, in relation to its business of carrying on or undertaking a building project in Singapore, implement adequate programmes and measures to prevent money laundering and terrorism financing.
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Persons disqualified from being substantial shareholder of developer |
5D.—(1) A person —
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Persons disqualified from being in responsible position |
5E.—(1) Subject to subsection (2), each of the following persons must not hold or continue to hold a responsible position in a developer:
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Penalty |
6. Any person who fails to comply with any of the provisions of this Act 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 one year or to both. |
Power to give directions |
7.—(1) The Controller may give directions in writing to any person to ensure compliance with the provisions of this Act or any rules made under this Act.
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Power to require production of documents, etc. |
7A.—(1) In order to ascertain whether sections 5A to 5E, or any rules made under this Act for the prevention of money laundering and terrorism financing, or for the reporting of transactions which may involve money laundering or terrorism financing, necessary or expedient to give effect to any relevant FATF Recommendation, are being complied with, the Controller may, on the Controller’s own motion or upon receiving any written complaint, require a developer, or a partner or director of or other person holding a responsible position in a developer which is not an individual or a sole proprietorship —
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Controller may issue directions when developer has not sought direction of Registrar under section 16 of Land Titles Act, etc. |
8.—(1) Where a developer has sold any commercial property and has not —
[3/98; 24/91]
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Offences committed by body corporate |
9. Where a body corporate is guilty of an offence under this Act and the rules made under this Act, any person who was at the time of the commission of the offence a director, manager, secretary or other similar officer of the body corporate, or was purporting to act in any such capacity, shall be guilty of the offence and shall be liable to be proceeded against and punished accordingly, unless the person proves that the offence was committed without his or her consent or connivance and that he or she exercised all such diligence to prevent the commission of the offence as he or she ought to have exercised, having regard to the nature of his or her functions in that capacity and to all the circumstances. |
Rules |
10.—(1) The Minister may make rules for or in respect of every purpose which the Minister considers necessary for carrying out the provisions of this Act and for the prescribing of any matter which is authorised or required under this Act to be prescribed.
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Exemptions |
11.—(1) This Act does not apply to the sale of any commercial property —
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Jurisdiction of District and Magistrate’s Courts to try offence |
12. Despite any written law to the contrary, a District or Magistrate’s Court has jurisdiction to try any offence under this Act or the rules made under this Act and to impose the full punishment for such offence. |
Current Acts and Subsidiary Legislation | |
Current Acts | |
Current Subsidiary Legislation | |
All Collections | |
Acts Supplement | |
Bills Supplement | |
Subsidiary Legislation Supplement | |
Revised Editions of Acts | |
Revised Editions of Subsidiary Legislation |