Housing Developers (Control and Licensing) Act 1965

Housing Developers
(Control and Licensing)
Act 1965

2020 REVISED EDITION

This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021

An Act for the licensing and control of housing developers.

[1 October 1965]

PART 1

PRELIMINARY

Short title

1.  This Act is the Housing Developers (Control and Licensing) Act 1965.

Interpretation

2.—(1)  In this Act, unless the context otherwise requires —

“accounts” has the meaning given by section 4(1) of the Companies Act 1967;

“authorised officer” means a public officer or an officer of a public authority authorised by the Controller under section 3(5);

“building project” means a building project comprising units of housing accommodation;

“certificate of statutory completion” has the meaning given by section 2(1) of the Building Control Act 1989;

“company” means any company incorporated, formed or registered under the provisions of the Companies Act 1967 or any corresponding previous written law;

“Controller” means the Controller of Housing appointed under section 3(1);

“Deputy Controller” means the Deputy Controller of Housing appointed under section 3(3)(a);

“develop” means to construct or cause to construct housing accommodation, including any building operations in, on, over or under the land for the purpose of erecting housing accommodation and the sale by a housing developer of land which would be appurtenant to the housing accommodation;

“FATF” means the intergovernmental body known as the Financial Action Task Force;

[Act 54 of 2018 wef 28/06/2023]

“FATF Recommendations” means the recommendations issued by the FATF from time to time relating to the prevention of money laundering, proliferation financing and terrorism financing;

[Act 54 of 2018 wef 28/06/2023]

[Act 15 of 2025 wef 01/07/2025]

“housing accommodation” includes a building or tenement wholly or principally constructed, adapted or intended for human habitation or for human habitation and as business premises;

“housing developer” means any —

(a) person;

(b) group of persons, whether in partnership or otherwise;

(c) society, whether a cooperative society or otherwise;

(d) company; or

(e) limited liability partnership,

who or which engages in or undertakes housing development, but does not include any —

(f) bank which is in possession of a valid licence granted by the Monetary Authority of Singapore under the Banking Act 1970; or

(g) insurer licensed under section 11 of the Insurance Act 1966,

so long as such bank or insurer only lends or provides money for housing development;

“housing development” means the business of —

(a) developing;

(b) providing the money for developing or for the purchase of,

more than 4 units of housing accommodation; or

(c) developing and providing the money for the purchase of more than 4 units of housing accommodation resulting from such development;

“inspector” means an inspector appointed under section 3(3)(b);

“licence” means a licence granted under section 4(5);

“licensed housing developer” means a housing developer holding a valid licence;

“limited liability partnership” and “limited liability partnership agreement” have the meanings given by section 2(1) of the Limited Liability Partnerships Act 2005;

“manager”, in relation to a limited liability partnership, has the meaning given by section 2(1) of the Limited Liability Partnerships Act 2005;

“money laundering, proliferation financing or terrorism financing offence” means an offence under —

(a) sections 50 to 57 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992;

(b) the Terrorism (Suppression of Financing) Act 2002;

(c) any regulations made under the United Nations Act 2001;

(d) section 12A(2), 12B(3), 12C(5), 12D(2), 12E(6) or 12F(2) or any rules made under this Act for the prevention of money laundering, proliferation financing and terrorism financing, or for the reporting of transactions suspected of involving money laundering, proliferation financing or terrorism financing;

(e) section 5A(5), 5B(5), 5C(6), 5D(2) or 5E(4) of the Sale of Commercial Properties Act 1979 or any rules made under that Act for the prevention of money laundering, proliferation financing and terrorism financing, or for the reporting of transactions suspected of involving money laundering, proliferation financing or terrorism financing;

(f) any provision of any other written law relating to the prevention of money laundering, proliferation financing or terrorism financing; or

(g) the law of any foreign country or territory relating to the prevention of money laundering, proliferation financing or terrorism financing;

[Act 15 of 2025 wef 01/07/2025]

“partner”, in relation to a limited partnership, means a general partner as defined in the Limited Partnerships Act 2008;

“proliferation financing” means the financing of the proliferation of weapons of mass destruction;

[Act 15 of 2025 wef 01/07/2025]

“public accountant” means any person registered or deemed to be registered under the Accountants Act 2004 as a public accountant;

“public authority” means such board, authority or agency established by or under any public Act to perform or discharge any public function as the Minister approves for the purposes of section 3;

“purchaser”, in relation to a licensed housing developer, means a person —

(a) to whom the licensed housing developer grants an option to purchase from the licensed housing developer a unit of any housing accommodation in a building project undertaken by that licensed housing developer; or

(b) who agrees to purchase from the licensed housing developer a unit of any housing accommodation in a building project undertaken by that licensed housing developer,

and includes a prospective purchaser;

[Act 54 of 2018 wef 28/06/2023]

“responsible position”, in relation to a housing developer, means —

(a) in the case of a housing developer that is a company — a director, manager or secretary or a person in a position analogous to that of a director, manager or secretary;

(b) in the case of a housing developer that is a society — a president, secretary or treasurer or a person in a position analogous to that of a president, secretary or treasurer;

(c) in the case of a housing developer that is a partnership — a partner;

(d) in the case of a housing developer that is a limited liability partnership — a partner or manager or a person in a position analogous to that of a manager; or

(e) in the case of a housing developer that is a group of persons — any person in that group;

“show unit” means any representation or reproduction of any house, flat or other housing accommodation, or any part thereof, that is built, or built and furnished, for viewing by prospective purchasers of, or otherwise for the purpose of promoting the sale of, the or any similar house, flat or other housing accommodation;

“substantial shareholder”, in relation to a company, has the meaning given by section 81 of the Companies Act 1967;

[Act 54 of 2018 wef 28/06/2023]

[Act 15 of 2025 wef 01/07/2025]

“unit” means a horizontal stratum of any building or part thereof, whether such stratum is on one or more levels, and which is intended for use in accordance with the provisions of any written law as a complete and separate unit for residential or commercial purpose.

[26/2001; 17/2005; 37/2008; 11/2013; 15/2013]

(2)  In this Act, unless it is expressly provided to the contrary, “group of persons” does not include a partnership.

[37/2008]

Appointment of Controller, inspectors, etc.

3.—(1)  The Minister may appoint a public officer or an officer of a public authority to be the Controller of Housing for the purposes of this Act.

[15/2013]

[Act 5 of 2025 wef 09/03/2025]

(1A)  An appointment under subsection (1) must be published in the Gazette.

[Act 5 of 2025 wef 09/03/2025]

(2)  The Controller is, subject to any general or special directions of the Minister, responsible for the administration of this Act and must perform any duties imposed and may exercise any powers conferred upon him or her by this Act and any rules made under this Act.

[15/2013]

(3)  The Controller may appoint, by name or office, from among public officers or officers of a public authority —

(a) a Deputy Controller of Housing; and

(b) any number of inspectors that may be required for the purposes of this Act.

[15/2013]

(4)  The Deputy Controller may, subject to any directions that the Controller may specify, perform all or any of the functions of the Controller or exercise all or any of the powers of the Controller conferred on the Controller by this Act and any rules made under this Act; and any reference in this Act and any rules made under this Act to the Controller includes a reference to the Deputy Controller.

[15/2013]

(5)  The Controller may authorise any public officer or any officer of a public authority to perform all or any of the functions of the Controller or exercise all or any of the powers of the Controller conferred on the Controller by this Act or any rules made under this Act (except the power of delegation conferred by this subsection), subject to any conditions or limitations that are set out in this Act or that the Controller may specify by directions; and any reference in this Act and any rules made under this Act to the Controller includes a reference to such authorised officer.

[15/2013]

(6)  In performing any function or exercising any power delegated under subsection (5), an authorised officer must comply with the Controller’s directions.

[15/2013]

(7)  A delegation under this section does not prevent the exercise of any function or power under this Act or any rules made under this Act by the Controller.

[15/2013]

(8)  The Controller, the Deputy Controller and every authorised officer and inspector —

(a) are deemed to be public servants for the purposes of the Penal Code 1871; and

(b) in relation to their administration, assessment, collection or enforcement of payment of composition sums, are deemed to be public officers for the purposes of the Financial Procedure Act 1966, and section 20 of that Act applies to such persons even though they are not or were not in the employment of the Government.

[15/2013]

PART 2

LICENSING OF HOUSING DEVELOPERS

Housing development to be carried out only by licensed housing developer

4.—(1)  No housing development may be carried out or undertaken in Singapore except by a housing developer who or which is in possession of a written licence from the Controller authorising it to do so.

(2)  Subject to subsection (4), a housing developer that desires to carry out or undertake housing development in Singapore may apply to the Controller, in the form and manner that the Controller may specify, for a licence and must provide —

(a) if a company — a copy of the memorandum of association and articles of association or other instrument under which the company is incorporated;

(b) if a group of persons or a partnership — a copy of any agreement between those persons or the partnership agreement, as the case may be;

(c) if a society — the rules or by-laws of the society;

(d) if a limited liability partnership — a copy of its limited liability partnership agreement or, in the absence of such agreement in writing, any other document which sets out the mutual rights and duties of the partners of the limited liability partnership;

(e) a copy of the latest audited accounts of the partnership, society, company or limited liability partnership or, in the case of a person or group of persons, the audited accounts (if any) relating to any housing development undertaken by the person or group of persons; and

(f) any other information that the Controller may require.

[17/2005; 15/2013]

(3)  Any copy of any memorandum, articles of association, agreement, partnership agreement, limited liability partnership agreement or other document to that effect, rules or by-laws of a society or audited accounts which is provided to the Controller under subsection (2) must be duly verified by a statutory declaration by the following person:

(a) in the case of a company — by a senior officer of the company;

(b) in the case of a partnership — by a partner;

(c) in the case of a society — by the president or the secretary or person holding a position analogous to that of president or secretary;

(d) in the case of a person or group of persons — by that person or by any person in the group of persons;

(e) in the case of a limited liability partnership — by its manager.

[17/2005; 15/2013]

(4)  The Controller may, on the request of a housing developer applying for a licence under subsection (2), modify or waive the requirement for the provision of any document or information mentioned in that subsection subject to any conditions that the Controller may impose.

[15/2013]

(5)  Upon receiving an application under subsection (2), the Controller may, subject to section 5 —

(a) grant a licence, unconditionally or subject to any conditions that the Controller considers fit for carrying out the purposes of this Act; or

(b) refuse to grant a licence.

[15/2013]

(6)  The Controller may at any time vary or revoke any existing conditions of a licence or impose conditions or additional conditions:

Provided that —

(a) the Controller must, prior to any such action, notify his or her intention to take such action against the housing developer concerned and must give the housing developer an opportunity to submit reasons or an explanation in writing why its licence should not be so amended;

(b) any variation of the conditions, or additional conditions imposed, in exercise of the powers under this subsection, does not have retrospective effect.

(7)  Where a licence is subject to conditions, the housing developer concerned must comply with the conditions of the licence.

(8)  Any housing developer that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and shall also be liable to imprisonment for a term not exceeding 5 years.

[15/2013]

(9)  Any housing developer that fails to comply with any condition of its licence shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both.

[15/2013]

(10)  Any housing developer that is aggrieved by a decision of the Controller under subsection (5) or (6) may, within 10 days after it is notified of the decision, appeal to the Minister whose decision is final.

[15/2013]

Licences not to be granted in certain cases

5.—(1)  The Controller must not grant a licence under section 4(5) to a housing developer that —

(a) is a company, unless the housing developer —

(i) has an issued and paid-up capital of an amount that the Minister may prescribe; or

(ii) has lodged with the Controller, in the form and manner and on any terms that the Controller may determine, a deposit or security of a sum that the Minister may prescribe;

(b) is an individual, a group of persons, a partnership, a society or a limited liability partnership, unless the housing developer has lodged with the Controller, in the form and manner and on any terms that the Controller may determine, a deposit or security of a sum that the Minister may prescribe;

(c) has a person holding a responsible position therein who, at any time within a period of 5 years immediately before the date of the application by the housing developer under section 4(2) for a licence —

(i) has been convicted (whether in Singapore or elsewhere) of an offence involving fraud or dishonesty; or

(ii) has served any sentence of imprisonment (whether in Singapore or elsewhere) in respect of an offence involving fraud or dishonesty;

[Act 54 of 2018 wef 28/06/2023]

(d) is an undischarged bankrupt (whether in Singapore or elsewhere) or has an undischarged bankrupt (whether in Singapore or elsewhere) holding a responsible position therein;

[Act 54 of 2018 wef 28/06/2023]

(e) is an individual who has been convicted (whether before, on or after the date of commencement of section 14(c) of the Anti‑Money Laundering and Other Matters (Estate Agents and Developers) Act 2025) of any money laundering, proliferation financing or terrorism financing offence;

[Act 54 of 2018 wef 28/06/2023]

[Act 15 of 2025 wef 01/07/2025]

(f) is a company, partnership, society or limited liability partnership which —

(i) has been convicted (whether before, on or after the date of commencement of section 14(c) of the Anti‑Money Laundering and Other Matters (Estate Agents and Developers) Act 2025) of any money laundering, proliferation financing or terrorism financing offence; or

[Act 15 of 2025 wef 01/07/2025]

(ii) has an individual mentioned in paragraph (e) who holds or is to hold a responsible position in that company, partnership, society or limited liability partnership, as the case may be; or

[Act 54 of 2018 wef 28/06/2023]

(g) is a company which has as a substantial shareholder a person mentioned in paragraph (e) or (f).

[15/2013]

[Act 54 of 2018 wef 28/06/2023]

(2)  For the purposes of subsection (1)(a) and (b), the Minister may prescribe for different housing developers or classes of housing developers —

(a) different amounts of issued and paid-up capital; or

(b) different sums of deposit or security.

[15/2013]

Restriction on use of words “housing developer” and on use of certain other words

6.—(1)  Except with the Controller’s written consent, a person or body of persons (whether incorporated or unincorporated), not being a licensed housing developer, must not assume or use in relation to a business or any part of a business carried on by the person or body of persons the words “housing developer” or any of its derivatives or any word indicating the carrying on of housing development.

[37/2008]

(2)  Any person or body of persons, not being a licensed housing developer, who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both.

[15/2013]

Revocation or suspension of licence

7.—(1)  If any licensed housing developer —

(a) is carrying on its business, in the Controller’s opinion, in a manner detrimental to the interests of its purchasers or to the public;

(b) has insufficient assets to cover its liabilities;

(c) is, in the Controller’s opinion, contravening any provisions of this Act or of any rules made under this Act;

(d) has ceased to carry on housing development in Singapore;

(da) has been convicted (whether before, on or after the date of commencement of section 14(d) of the Anti‑Money Laundering and Other Matters (Estate Agents and Developers) Act 2025) of any money laundering, proliferation financing or terrorism financing offence;

[Act 54 of 2018 wef 28/06/2023]

[Act 15 of 2025 wef 01/07/2025]

(db) in the case of a company, has as a substantial shareholder a person mentioned in section 5(1)(e) or (f);

[Act 54 of 2018 wef 28/06/2023]

(e) has a person holding a responsible position therein in contravention of section 25(1) or (2);

(f) has failed to comply with any condition attached to its licence;

(g) has failed to comply with any direction issued by the Controller under this Act;

(h) without reasonable excuse, fails to provide any information or particulars required by the Controller under section 11(2); or

(i) provides or causes to be provided to the Controller any information or particulars (including any information or particulars in connection with its application for a licence under section 4(2)) which is false or misleading in a material particular,

the Controller may revoke, or suspend for a period not exceeding 12 months, any licence granted to the licensed housing developer.

(2)  However, the Controller must, prior to any such revocation or suspension under subsection (1), notify his or her intention to take such action against the licensed housing developer concerned and must give the licensed housing developer an opportunity to submit reasons or an explanation why its licence should not be revoked or suspended, as the case may be.

[15/2013]

(3)  Where the licence of a housing developer has been revoked or suspended under subsection (1), the licensed housing developer may, within 30 days of being notified of the revocation or suspension, appeal against the revocation or suspension (as the case may be) to the Minister whose decision is final and shall not be questioned in any court.

[15/2013]

PART 3

DUTIES OF LICENSED HOUSING DEVELOPERS

Controller to be informed of alteration

8.  A licensed housing developer must within 4 weeks of making any alteration —

(a) if a company — in the memorandum of association and articles of association or other instrument under which it is incorporated;

(b) if a society — in the rules or by‑laws of the society;

(c) if a group of persons or partnership — in any agreement;

(d) if a limited liability partnership — in the limited liability partnership agreement or other document to that effect,

provide to the Controller written particulars of the alteration.

[17/2005]

Licensed housing developer to open and maintain Project Account

9.—(1)  Subject to subsection (10), every licensed housing developer must open and keep an account (called in this Act a Project Account) with a bank or finance company for each building project undertaken by the licensed housing developer.

(2)  The Controller may, on the application of the licensed housing developer, allow the licensed housing developer to open and keep more than one Project Account for a building project where —

(a) the building project is to be developed in phases; or

(b) the building project comprises units for 2 classes of use, namely residential and commercial purpose.

[15/2013]

(3)  The licensed housing developer must pay into the Project Account of a building project the purchase moneys received by the licensed housing developer from the sale of the units in the building project and which are required by rules made under this Act to be paid into the Project Account.

(4)  The licensed housing developer must not withdraw any money from the Project Account except as authorised by rules made under this Act.

(5)  Subject to subsection (6)(b), all moneys in the Project Account are, despite any other written law to the contrary, deemed not to form part of the property of the licensed housing developer in the event —

(a) the licensed housing developer enters into any composition or arrangement with the licensed housing developer’s creditors or has a receiving order or adjudication order made against the licensed housing developer; or

(b) the licensed housing developer, being a company, goes into voluntary or compulsory liquidation.

(6)  Upon any of the events mentioned in subsection (5) occurring —

(a) the moneys in the Project Account vest in the official receiver, trustee in bankruptcy or liquidator (as the case may be) to be applied for all or any of the purposes for which moneys in the Project Account are authorised by rules made under this Act to be withdrawn; and

(b) any money remaining in the Project Account, after all payments have been made pursuant to paragraph (a) and all liabilities and obligations of the licensed housing developer under the sale and purchase agreements in respect of the building project have been fully discharged and fulfilled, must be held by the official receiver, trustee in bankruptcy or liquidator (as the case may be) as money belonging to the licensed housing developer to be applied in accordance with the law relating to bankruptcy or the winding up of companies.

(7)  The Minister may, if he or she thinks necessary, appoint the Auditor‑General or a public accountant to investigate the books, accounts and transactions of a Project Account.

[15/2013]

(8)  The licensed housing developer must pay the Minister all the expenses of and incidental to the investigation mentioned in subsection (7).

(9)  Any account opened by a licensed housing developer at a bank or finance company for the purpose of depositing purchase moneys received from purchasers in respect of a building project before 4 January 1985 is deemed to be a Project Account which has been opened pursuant to this section.

(10)  This section does not apply to any building project carried on by —

(a) a licensed housing developer where all the units in the building project will not be offered for sale and purchase before the completion of the building project; or

(b) a licensed housing developer that furnishes security to the Controller, in the form and manner and on any terms that the Controller may determine, for an amount equivalent to not less than 140% of the total cost of construction of the building project (as at the time of furnishing of the security) as certified by the architect in charge of the building project.

[15/2013]

(11)  Any licensed housing developer that contravenes or fails to comply with subsection (1), (3) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding one year or to both.

[15/2013]

(12)  In this section —

“building project” means a housing development comprising units to be used for residential purposes or both residential and commercial purposes and includes, for the purposes of subsections (3) to (11), any phase of such housing development where such housing development has been approved by the competent authority under the Planning Act 1998 to be developed in phases;

“unit” means a horizontal stratum of any building or part thereof, whether such stratum is on one or more levels, and is intended for use in accordance with the provisions of any written law as a complete and separate unit for residential or commercial purpose.

Audited accounts

10.—(1)  Every licensed housing developer must within 6 months (or any extended period that the Controller may grant under subsection (2)) after the close of every financial year —

(a) forward to the Controller; and

(b) make available, for a continuous period of at least 24 months, at its registered office (in the case of a company or limited liability partnership) or principal place of business (in any other case) during office hours, or on its Internet website, for inspection by the public without charge,

a copy of its audited accounts for that financial year and the report made by its auditor under section 13 in respect of those audited accounts.

[15/2013]

(2)  The Controller may extend the time for compliance with subsection (1) but not more than once and such extension must not in any case exceed 6 months.

[15/2013]

(3)  Any licensed housing developer that fails to comply with any of the provisions of subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.

[15/2013]

Information on housing development and sale of housing accommodation

11.—(1)  For the purpose of advising the Government or providing the public with information on the state of the property market for housing accommodation, the Controller may —

(a) collect, compile and analyse information concerning housing developments, sale of units of housing accommodation and particulars of transactions relating to such sales;

(b) use the information and particulars collected for purposes of any research study or survey by the Controller or any person with whom the Controller enters into any contract, agreement or arrangement pursuant to subsection (3); and

(c) subject to subsection (4), make available, publish or disseminate the information and particulars collected, the results of any compilation, analysis, research study or survey or any abstract of those results.

[15/2013]

(2)  Every licensed housing developer must provide to the Controller —

(a) all information concerning every building project undertaken by the licensed housing developer and the sale of units in the building project, including the number of units that are made available for sale for any period of time;

(b) all particulars of transactions, including the particulars of purchasers, intending purchasers and assignees of purchasers, in relation to the sale of units in every building project undertaken by the licensed housing developer; and

(c) all information on and particulars of agreements (in addition to agreements for sale and purchase) entered or to be entered into with purchasers and intending purchasers in relation to the sale of units in every building project undertaken by the licensed housing developer,

that the Controller may by written notice require and in the form and manner and by the means and within the time or at the regular intervals that the Controller may specify in the notice.

[15/2013]

(3)  Subject to subsection (4), the Controller may, with the Minister’s approval, enter into any contract, agreement or arrangement with any person for the purpose of compiling or analysing any information or particulars collected or carrying out any research study or survey under this section.

[15/2013]

(4)  A person must not disclose any particulars, received under or pursuant to this section, of any purchaser, intending purchaser or assignee of any purchaser of any unit in a building project unless —

(a) the disclosure is made for the purposes of this section and with the Minister’s prior approval;

(b) the disclosure is in the form of statistics which do not identify the purchaser, intending purchaser or assignee;

(c) the disclosure is to the Chief Statistician pursuant to his or her direction under section 6 of the Statistics Act 1973 where the particulars are not exempted from section 6(2) of that Act from being provided;

(d) the particulars are already in the public domain at the time of the disclosure; or

(e) the disclosure is for the purposes of proceedings for an offence under this Act or any rules made under this Act or any report of those proceedings.

[15/2013]

(5)  Any person who contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.

[15/2013]

Sale, disposal, etc., of business requires consent of Controller

12.—(1)  Every licensed housing developer must inform the Controller of any proposed arrangement or agreement for any sale or disposal of its business relating to housing development by amalgamation or otherwise or of any proposal for reconstruction.

(2)  The Controller may approve or withhold approval of such arrangement or reconstruction.

(3)  Any licensed housing developer that is aggrieved by a decision of the Controller under subsection (2) may, within 14 days of being notified of the decision, appeal to the Minister whose decision is final and shall not be questioned in any court.

(4)  Any licensed housing developer that fails to comply with subsection (1) shall be guilty of an offence.

PART 3A

PREVENTION OF MONEY LAUNDERING, PROLIFERATION FINANCING AND TERRORISM FINANCING

[Act 15 of 2025 wef 01/07/2025]

Prohibition against anonymous accounts

12A.—(1)  A licensed housing developer must not, in connection with any housing development carried out or undertaken by the licensed housing developer, open or maintain any account (whether or not in a Project Account) for, or hold and receive moneys from —

(a) an anonymous source; or

(b) a purchaser with an obviously fictitious name.

(2)  A licensed housing developer that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.

[Act 54 of 2018 wef 28/06/2023]

Customer due diligence measures, additional measures and measures relating to targeted financial sanctions

12B.—(1)  A licensed housing developer must perform such customer due diligence measures as may be prescribed at such times as may be prescribed.

(2)  A licensed housing developer must perform —

(a) the prescribed measures relating to targeted financial sanctions against terrorism, terrorism financing and proliferation financing; and

[Act 15 of 2025 wef 01/07/2025]

(b) any prescribed additional measures which are necessary or expedient to give effect to any relevant FATF Recommendation.

(3)  A licensed housing developer that contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.

[Act 54 of 2018 wef 28/06/2023]

Record keeping

12C.—(1)  A licensed housing developer must keep, for such period as may be prescribed, all documents and information (including any analysis performed) relating to a person that the licensed housing developer obtains as a result of performing the customer due diligence measures required by section 12B.

(2)  For the purposes of subsection (1), different periods may be prescribed for different documents and information.

(3)  A licensed housing developer must keep the documents and information required to be kept under subsection (1) in such form as may be prescribed.

(4)  A licensed housing developer must make the documents and information required to be kept under subsection (1) available upon request to the Controller or an inspector and such other authorities as may be prescribed.

(5)  A licensed housing developer that contravenes subsection (1), (3) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.

[Act 54 of 2018 wef 28/06/2023]

Suspicious transaction reporting

12D.—(1)  Where a licensed housing developer knows or has reasonable grounds to suspect any matter mentioned in section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, the licensed housing developer must, in accordance with section 45 of that Act, disclose the matter to a Suspicious Transaction Reporting Officer under that Act by way of a suspicious transaction report.

[Act 54 of 2018 wef 28/06/2023]

[Act 15 of 2025 wef 01/07/2025]

(2)  A licensed housing developer that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.

[Act 54 of 2018 wef 28/06/2023]

Programmes and measures to prevent money laundering, proliferation financing and terrorism financing

12E.—(1)  Without limiting sections 12A to 12D, a licensed housing developer must, in relation to its business of carrying out or undertaking housing development in Singapore, implement adequate programmes and measures to prevent money laundering, proliferation financing and terrorism financing.

[Act 15 of 2025 wef 01/07/2025]

(2)  A licensed housing developer must, in particular —

(a) take appropriate steps to identify, assess and understand the money laundering, proliferation financing and terrorism financing risks in relation to —

(i) its purchasers;

(ii) the countries or jurisdictions which its purchasers are from or in;

(iii) the countries or jurisdictions in which the licensed housing developer has operations; and

(iv) its services, transactions and delivery channels;

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(b) for the purpose of paragraph (a) —

(i) document its risk assessments;

(ii) consider all relevant risk factors before determining the overall level of risk and the appropriate type and extent of mitigation to be applied;

(iii) keep its risk assessments up to date; and

(iv) have appropriate mechanisms to provide its risk assessments to the Controller;

(c) develop and implement internal policies, procedures and controls, which must be approved by its senior management, to manage and effectively mitigate the money laundering, proliferation financing and terrorism financing risks identified by it or notified to it by the Controller, including —

(i) making appropriate compliance management arrangements, including the appointment of a compliance officer at the management level; and

(ii) applying adequate screening procedures when hiring employees;

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(d) have an ongoing programme to train employees on the internal policies, procedures and controls mentioned in paragraph (c);

(e) have an independent audit function to test the internal policies, procedures and controls mentioned in paragraph (c); and

(f) monitor the implementation of the internal policies, procedures and controls mentioned in paragraph (c), and enhance them if necessary.

(3)  The type and extent of the measures to be taken under subsections (1) and (2) must be appropriate having regard to the risk of money laundering, proliferation financing and terrorism financing and the size of the licensed housing developer’s business.

[Act 15 of 2025 wef 01/07/2025]

(4)  Where a licensed housing developer is a company incorporated in Singapore and has a branch or subsidiary, whether in Singapore or elsewhere, the licensed housing developer must develop and implement a group‑level programme to prevent money laundering, proliferation financing and terrorism financing, which programme —

(a) must be applicable to the licensed housing developer’s branches and subsidiaries, whether in Singapore or elsewhere;

(b) must include the measures specified under subsection (2);

(c) must be appropriate to the business of the licensed housing developer’s branches and subsidiaries;

(d) must be implemented effectively at the level of the licensed housing developer’s branches and subsidiaries;

(e) must include policies and procedures for providing and sharing information required for the purposes of customer due diligence measures prescribed for the purposes of section 12B and generally for the management of risks relating to money laundering, proliferation financing and terrorism financing; and

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(f) must include adequate safeguards on the confidentiality and use of information exchanged between the licensed housing developer and its branches and subsidiaries.

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(5)  Where a licensed housing developer mentioned in subsection (4) has a branch or subsidiary in a country or territory outside Singapore that has laws for the prevention of money laundering, proliferation financing or terrorism financing that differ from those in Singapore —

(a) the licensed housing developer must require the management of that branch or subsidiary to apply the more stringent set of laws, to the extent that the law of the host country or territory permits; and

(b) where that branch or subsidiary is unable to fully apply the more stringent set of laws, the licensed housing developer must report this to the Controller and must, in lieu of paragraph (a), comply with such directions as may be given by the Controller.

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(6)  A licensed housing developer that contravenes subsection (1), (2), (4) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.

[Act 54 of 2018 wef 28/06/2023]

[Act 15 of 2025 wef 01/07/2025]

Person disqualified to be substantial shareholder

12F.—(1)  A person —

(a) who has been convicted (whether before, on or after the date of commencement of section 14(k) of the Anti‑Money Laundering and Other Matters (Estate Agents and Developers) Act 2025) of any money laundering, proliferation financing or terrorism financing offence; or

[Act 15 of 2025 wef 01/07/2025]

(b) if a company, partnership, society or limited liability partnership, which has an individual mentioned in paragraph (a) holding a responsible position in that company, partnership, society or limited liability partnership, as the case may be,

must not be or become a substantial shareholder of a licensed housing developer, whether by increasing the person’s shareholding in the licensed housing developer or otherwise.

(2)  A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.

[Act 54 of 2018 wef 28/06/2023]