11. Developer to establish sinking fund account

if vacant possession of a parcel was delivered before the commencement of this Act, on the date of the commencement of this Act; or

if vacant possession of a parcel is delivered after the commencement of this Act, at any time before the delivery of vacant possession, but in any case, before the contribution to the sinking fund is collected from the purchaser of any parcel in the development area.

the contribution to the sinking fund received by the developer from the purchasers in the development area;

the contribution to the sinking fund to be paid by the developer in respect of those parcels in the development area which have not been sold by the developer, and all such moneys shall be deposited into the sinking fund account within three working days of receiving the moneys.

not form part of the property of the developer;

be held in trust for the purchasers; and

be used by the developer solely for the purpose of meeting the actual or expected capital expenditure necessary in respect of the following matters:

the painting or repainting of any part of the common property;

the acquisition of any movable property for use in relation to the common property; or

the renewal or replacement of any fixture or fitting comprised in any common property.

the developer enters into any composition or arrangement with his creditors or has a receiving order or an adjudication order made against him; or

the developer, being a company, goes into voluntary or compulsory liquidation, the moneys in the sinking fund account shall vest in the administrator, 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 sinking fund account are authorized to be applied under this Act.