Housing Developers Project Account Rules 1995

the payment of all outgoings including quit rent, rates, taxes, assessments and other charges levied in respect of the land on which the housing development is carried out;

the payment of stamp duty payable on a charge, caveat, debenture, guarantee or memorandum of deposit of title to secure any loan for the construction of housing accommodation in the housing development;

the payment of legal fees in respect of –

the sale and purchase agreement of the housing accommodation;

the payment of –

insurance premiums; and

the costs of carrying out –

soil investigations;

external works;

the payment of monies for the contribution towards the supply of water and electricity to the housing development and any other fees payable thereof to the relevant authority responsible for the supply of water and electricity in respect of the housing development;

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the payment of any lawful charges to any Government department or other bodies in respect of the housing development;

any refund of the progress payment pursuant to the sale and purchase agreement of a housing accommodation in the housing development;

the payment of interest and such charges to the banks or finance companies on any loan taken for the housing development;

the payment of any capital sum to redeem, in full or in part, the loan for the purchase of land for the housing development in proportion to the housing accommodations that have been sold;

the payment of cost of land where no loan is taken for the purchase of land for the housing development, to be made as follows:

an amount equal to ten per centum (10%) of the purchase price pursuant to the sale and purchase agreement in respect of a housing accommodation in the housing development where up to fifty-five per centum (55%) of the purchase price has been paid; and

the payment of any capital sum to redeem, in full or in part, the loan for the construction of housing accommodation in the housing development;

any administrative expenses (including marketing and advertising expenses)

incurred on the housing development, subject to a maximum of twenty per centum (20%) of the total cost of construction of the housing development as evaluated by the quantity surveyor and certified by the architect or engineer in charge of the housing development;

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the payment for tax imposed on the licensed housing developer in respect of that housing development by the Inland Revenue Department; and

any other expenses reasonably incurred in relation to the housing development but such amount shall only be released by the bank or finance company with whom the Project Account is maintained upon receipt of the prior approval in writing of the Controller.

Conditions for withdrawal of monies from Project Account.

No monies from the Project Account of a housing development shall be withdrawn by a licensed housing developer except where the withdrawal of such money is supported by an evaluation by the quantity surveyor and a certificate from the architect or engineer in charge of the housing development stating that payment is due to be made for that purpose or where such request is supported by documents duly certified by the director, proprietor, partner or office-bearer, as the case may be, of the licensed housing developer’s company requesting the payment.

The withdrawal of money from the Project Account of a housing development by a licensed housing developer shall be made in the following manner:

the amount required to complete the housing development and the sale and purchase under all the sale and purchase agreements in respect of the housing

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development as evaluated by the quantity surveyor and certified by the architect or engineer in charge of the housing development; and

ten per centum (10%) of the amount referred to in paragraph (a) for contingencies and inflation.

Withdrawal on furnishing of banker’s guarantee.

the housing development has been completed; and

the solicitor for the licensed housing developer has certified that the obligations of the licensed housing developer in respect of transfer of title under all the sale and purchase agreements in that housing development have been fulfilled.

Audit.