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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. If you wish to make any variations to the terms in these prescribed forms, you will have to submit an application to the Controller.

    The Controller has pre-approved amendments to the prescribed forms which are frequently requested for by developers. You can adopt any of the pre-approved amendments without seeking further approval from the Controller.
  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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