Exemption from need for approval to become converted entity
2.  Section 9 of the Act does not apply to Areca Investment Pte Ltd, in relation to any residential property that —
(a)is not non‑restricted residential property;
(b)is vested in Areca Investment Pte Ltd immediately before its conversion into a converted entity before, on or after 14 August 2020; and
(c)is intended for the purposes of development as residential property and with the ultimate purpose of sale or disposal by Areca Investment Pte Ltd as residential property for profit, after its conversion into a converted entity.