Property Development Schemes ("PDS") : The Legal Framework

Introduction

The Property Development Scheme or PDS was created by the Government in place since December 2014, as a successor to the previous schemes, that is, (i) Integrated Resort Schemes (IRS) and (ii) Residential Estate Schemes (RES).

We, therefore, have a situation whereby the previous IRS and RES will continue to benefit from the advantages granted to them under the previous schemes. The Investment Promotion Act 2000 (IPA 2000) was amended to cater for the new PDS which was set up after an exercise of consultation between Government and stakeholders earlier this year. Under the powers conferred by the IPA 2000 to the Minister of Finance and Economic Development, the latter enacted the Investment Promotion (Property Development) Scheme Regulations 2015 which provide the framework for the development of the new PDS.