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All the Acts + 1 Bill (Land Titles (Strata Act) (Decision Making (90%…

- - - - Required to complete their residential development within a stipulated Project Completion Period, which is currently 5 years. They are then required to sell off all units in the residential development within 2 years from the issue of the TOP. This is to prevent them from hoarding or speculating in residential land. If they fail to meet the stipulated timelines, their Banker's Guarantee, which is pegged to 10% of the land price may be forfeited
      - Controller of Residential Property will be empowered to levy an extension charge for any extension of time beyond the Project Completion Period
      - Relates to foreign developers who are given approval under the RPA
      - Same penalty regime and extension charge framework to Singapore entities which are given approval to convert to foreign entities
    - - approved purchasers are allowed to purchase only one property, which cannot be sold within the initial period, currently 5 years
      - Penalty: $200,000 fine (max.). The Controller of Residential Property will be empowered to lodge a caveat on Residential Properties purchased pursuant to an approval granted by RPA
      - There are other offences where sanctions have to be made commensurate with the severity of the offence. For example, a foreign owner who rents out his residential property without approval will now face a financial penalty of up to 3 times the rental income earned over the period of breach, or $10,000, whichever is higher
    - - Policy is that only foreigners who are PRs, and who have been given specific approval under RPA can own Restricted Properties.
      - executors or administrators have 10 years, now shortened to 5 years in 2008
      - In the past, must dispose of their interests in properties within 5 years. Now require individuals who renounce or lose their SC or PR to dispose of their Restricted Properties within 2 years
- - - - Submit a request ti verify through Internet. To verify immigration passes (Long Term Visit Pass and Student Pass) go to ICA
      - Verify Work passes (Work Permit, Employment Pass and Dependent's Pass) with MOM
- - - - includes offices, retail (shops), industrial (factories and warehouses)
    - - Note: he may charge a fee not exceeding $200 and a reimbursement of $200 for costs payable to his solicitor