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.
(2)  Without limiting 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 must 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 becomes payable and the percentage in relation to the total cost of the property that is 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 is not required to pay before the certificate of statutory completion 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;
(d)regulate the form or forms of an agreement for the sale and purchase of any commercial property;
[Act 54 of 2018 wef 28/06/2023]
(e)prescribe the conditions which, if used in any agreement for the sale and purchase of any commercial property, are void;
[Act 54 of 2018 wef 28/06/2023]
(f)provide 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, including describing —
(i)the measures which a developer must take when preparing for or carrying out any transaction concerning a building project;
(ii)the customer due diligence measures which must be conducted by a developer to prevent money laundering and the financing of terrorism; and
(iii)the additional measures relating to targeted financial sanctions against terrorism which a developer must take when preparing for or carrying out any transaction concerning a building project; and
[Act 54 of 2018 wef 28/06/2023]
(g)prescribe such saving and transitional provisions as may be necessary or expedient.
[47/2004; 35/2017]
[Act 54 of 2018 wef 28/06/2023]
(3)  Rules made under this section —
(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 rules made under this section must be published in the Gazette and must be presented to Parliament as soon as possible after publication.