Sale of Commercial Properties Act - Singapore Statutes Online

30 Mar 1987

Formal Consolidation | 1985 RevEd

Rules

10.—(1) The Minister may make rules for or in respect of every purpose which is considered by him 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.

(2) Without prejudice to the generality of subsection (1), the Minister may by such rules —

(a)

regulate the advertisements for the sale of commercial properties;

(b)

prescribe the form of the option for the purchase of any commercial property;

(c)

provide for the payments by the purchaser before and during the construction of the commercial property, including —

(i)	the maximum amount of the deposit that may be accepted from a purchaser before an agreement for the sale and purchase of the property is signed and on the signing of such an agreement and the conditions that shall be satisfied before a vendor of the property may sign such an agreement with a purchaser;
(ii)	the stage of construction at which each instalment shall become payable and the percentage in relation to the total cost of the property that shall be payable in respect of the instalment;
(iii)	the requirements to be fulfilled before a vendor can require a purchaser to pay an instalment which is due; and
(iv)	the percentage of the total purchase price, which the purchaser shall not be required to pay before the certificate of fitness is issued by the Building Authority;

(d)

regulate the form or forms of an agreement for the sale and purchase of any commercial property; and

(e)

prescribe the conditions which, if used in any agreement for the sale and purchase of any commercial property, shall be void.

(3) Such rules —

(a)	may prescribe that any act or omission in contravention of the provisions of any rules shall be an offence; and
(b)	may provide for the imposition of penalties, which shall not exceed imprisonment for a term of 6 months or a fine of $10,000 or both.

(4) All such rules shall be published in the Gazette and shall be presented to Parliament as soon as possible after publication.

Informal Consolidation | Amended Act 35 of 2017

Rules

(2) Without prejudice to the generality of subsection (1), the Minister may by such rules —

(a)

regulate the advertisements for the sale of commercial properties;

(b)

prescribe the form of the option for the purchase of any commercial property;

(c)

provide for the payments by the purchaser before and during the construction of the commercial property, including —

(i)	the maximum amount of the deposit that may be accepted from a purchaser before an agreement for the sale and purchase of the property is signed and on the signing of such an agreement and the conditions that shall be satisfied before a vendor of the property may sign such an agreement with a purchaser;
(ii)	the stage of construction at which each instalment shall become payable and the percentage in relation to the total cost of the property that shall be payable in respect of the instalment;
(iii)	the requirements to be fulfilled before a vendor can require a purchaser to pay an instalment which is due; and
(iv)	the percentage of the total purchase price, which the purchaser shall not be required to pay before the certificate of fitness is issued by the Building Authority;

(ca)

require the disclosure in any sale and purchase agreement of any limited common property comprised in the commercial property to be sold;

[47/2004 wef 01/04/2005]

(cb)

[Deleted by Act 35 of 2017 wef 01/02/2019]

(d)

regulate the form or forms of an agreement for the sale and purchase of any commercial property; and

(e)

prescribe the conditions which, if used in any agreement for the sale and purchase of any commercial property, shall be void.

(3) Such rules —

(a)	may prescribe that any act or omission in contravention of the provisions of any rules shall be an offence; and
(b)	may provide for the imposition of penalties, which shall not exceed imprisonment for a term of 6 months or a fine of $10,000 or both.

(4) All such rules shall be published in the Gazette and shall be presented to Parliament as soon as possible after publication.

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