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Non-Residential Developers

If you are developing a non-residential project with more than four units, you will have to comply with the Sale of Commercial Properties Act and its Rules.

Some of the key requirements which you have to comply with are:

  1. Obtain building plan approval from the Commissioner of Building Control before selling any units.

  2. Use the standard Option to Purchase and Sale and Purchase Agreement in the sale of the units.

    You are required to use the Option to Purchase and Sale and Purchase Agreement prescribed under the Sale of Commercial Properties Rules in the sale of the units. The Controller has pre-approved a list of amendments to the prescribed forms. You can adopt the pre-approved amendments without seeking approval from the Controller.

    If you wish to make variations to the prescribed forms other than the pre-approved amendments, you will have to seek the Controller’s approval using the standard template.

  3. Comply with Anti-Money Laundering and Terrorism Financing legislations in the sale of units. 

    You are required to comply with the Sale of Commercial Properties (Anti-Money Laundering and Terrorism Financing) Rules and other relevant legislations relating to anti-money laundering and terrorism financing in the sale of units. 

    Read here for details. 

     

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Anti-Money Laundering and Terrorism Financing
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