Question 21 (60 marks) Rainbow Gardens in Potong Pasir ("the development\") is a freehold residential development. It was built in the late 1990's and comprises 175 units across two 12- storey and one seven-storey maisonette blocks. It was put up for collective sale with a minimum asking price of $315 million. The site has been re-zoned for mixed-use with a gross plot ratio of 2.8 under the Urban Redevelopment Authority's 2014 Master Plan. This is a revision from the plot ratio of 2.3 under the 1998 Master Plan. A new project on the site could host approximately 748 residential and retail units. Its minimum land price works out to about $700 per sq ft. This price includes premiums to be paid to the Government. Buildwell Developers are negotiating with the owners of the development. However, a few owners of units are unwilling to participate in the collective sale and negotiations have stalled. (a) Discuss TWO factors which incentivise Buildwell Developers to purchase this site. Your answer should include reference to the premiums to be paid to the Government. (20 marks) (b) Providing TWO legal bases, discuss with supporting examples, the position of the owners who are unwilling to participate in the collective sale. (20 marks) (c) Discuss TWO aspects of the legal framework which will affect the developer when it begins marketing units to purchasers prior to the issuance of the Temporary Occupation Permit or Certificate of Statutory Completion. (20 marks)