The approval conditions include –

• you may use the property only for the purpose of your own occupation and that of your family as a dwelling house and not for the purpose of rental or any other purpose. To avoid doubt, rental of part of the property is also strictly prohibited (“the owner-occupation condition”);

• you may not dispose of the property within 5 years from the date of legal completion of the purchase of the property or, if the property is under construction, 5 years from the date of issuance of the Temporary Occupation Permit or the Certificate of Statutory Completion (whichever is issued earlier) for the property; and

• you may not subdivide the property without prior written approval.

A contravention of any of the approval conditions is an offence under section 25C of the Residential Property Act 1976 (RPA). You may be liable on conviction to a fine not exceeding $200,000 or to an imprisonment term not exceeding 3 years or to both.

You may also be required to pay a financial penalty under section 25B(1) of the RPA if you are found to have contravened the owner-occupation condition. The financial penalty amount imposed may be up to 3 times the rental income you earned over the period of contravention, or $10,000, whichever is higher.