The company can participate in URA tenders and auctions only if:
The trustees acting on behalf of the trust may submit a tender for the land parcel.
If the tender is successful, the beneficiaries of the trust (the successful tenderer) as at the tender submission date will be required to hold a controlling interest of more than 50% share in the land and the proposed development until Temporary Occupation Permit (TOP) is issued for the whole of the proposed development on the land. However, the exact conditions that URA may impose will be determined only when full details relating to the trust are given after the award of tender.
If the tender is successful, any proposal by the successful tenderer (trust) to appoint another trust as the Approved Developer will be subject to the prior written approval of the URA. The URA will consider such proposal only after the award of tender and when full details of the successful tenderer and the proposed Approved Developer are provided.
Consideration of such proposal will be based on the requirement that the beneficiaries of the successful tenderer (trust) as at the tender submission date shall hold a controlling interest of more than 50% share in the land and the proposed development until TOP is issued for the whole of the proposed development on the land.
Any proposal by the successful tenderer to appoint a trust as the Approved Developer is subject to the prior written approval of the URA.
The URA will consider such proposal after the award of tender and when full details relating to the successful tenderer and the proposed Approved Developer are provided.
Consideration of such proposal will be based on the requirement that the shareholders of the successful tenderer as at the tender submission date shall hold a controlling interest of more that 50% share in the land and the proposed development until Temporary Occupation Permit (TOP) is issued for the whole of the proposed development on the land.
Yes. Tender for the land parcel may be submitted jointly by the trustees from two or more trusts on behalf of their respective trust.
You do not need to indicate the stake that each trust will hold in the land at the point of submission of tender. However, if the tender is successful, URA will require full details relating to the trusts, and if necessary, the proportions of their respective interests in the land to be given. URA may impose such conditions as it deems necessary on the trusts as successful tenderers of the land.
URA will require the beneficiaries of the trusts (the successful tenderers) as at the tender submission date to hold a controlling interest of more than 50% share in the land and the proposed development until Temporary Occupation Permit (TOP) is issued for the whole of the proposed development on the land. However, the exact conditions that may be imposed will be determined only after the award of tender and full details relating to the trusts are given.
The successful tenderer has to pay stamp duty (calculated based on the full land price) on the tender acceptance letter. In a case where the successful tenderer appoints an approved developer to sign the Building Agreement, the approved developer will be required to pay another set of stamp duty on the Building Agreement unless the approved developer can get remission under the relevant Rules made under the Stamp Duties Act in respect of remission of any duty payable thereunder.
Please check with the Inland Revenue Authority of Singapore (IRAS) and your solicitors on the requirements of the relevant Rules relating to remission of any duty payable under the Stamp Duties Act.
Where the successful tenderer appoints (with the consent of URA) a LLP to be the approved developer to carry out the development and sign the Building Agreement, the LLP in signing the Building Agreement shall be required and bound to ensure that, until TOP is obtained for the whole of the development, the successful tenderer's capital contribution to the LLP amounts to more than 50% of the capital of the LLP and that the successful tenderer has a right to more than 50% of the profit of the LLP. Breach of this requirement shall be a breach of the Building Agreement.
Detailed conditions relating to the controlling interest requirement will be determined only after the award of tender and submission of the necessary details and particulars in relation to the successful tenderer's proposal to appoint a LLP as an approved developer. Amendments to the form of the Building Agreement in Appendix E of the Conditions of Tender will be necessary.
The eDeveloper's Packets contain information that prospective tenderers would need to be aware of when submitting tenders for land parcels. The information includes, Conditions of Tender, Technical Conditions of Tender, and other relevant documents and information on the sale site.
The eDeveloper's Packets is available via e-service (eDeveloper's Packet) upon payment of $181.90 (w GST), $170.00 (w/o GST).
Payment is by Mastercard, Visa, and eNets.