What is the Option for Approved Developer to carry out Development and Requirement for Controlling Interest?

  • The Successful Tenderer may with the prior written consent of JTC:
Appoint another company, whether existing or newly formed, to carry out the Development and sign the Building Agreement in place of the Successful Tenderer; or
Together with one or more individuals or companies, whether as partners in an existing or newly formed partnership or otherwise, carry out the Development and sign the Building Agreement.
  • Where the consent of JTC is given, the Successful Tenderer shall ensure that it:
To holds a controlling interest of more than fifty percent (50%) of the shares in the Approved Developer and will continue to hold and retain such a controlling interest in the appointed company until the TOP Date; or
To holds a controlling interest of more than fifty percent (50%) share in the Land and the Development and will continue to hold and retain such a share until the TOP Date.
  • JTC’s consent may be given subject also to such other terms, conditions and requirements as JTC may deem necessary to impose.
  • Where the consent of JTC is given, the Successful Tenderer shall procure and ensure that the Approved Developer signs the Building Agreement in accordance with these Conditions of Tender such as would make the Approved Developer bound by all the provisions in these Conditions of Tender and the Technical Conditions of Tender as though it was the Successful Tenderer referred to therein.
  • Where the Approved Developer is a company and if the Successful Tenderer is a company or includes one or more companies, such successful tenderer company or companies shall, except where the prior written consent of JTC is obtained:
Ensure that the shareholders of such successful tenderer company or companies as at the Tender Closing Date hold and continue to retain a controlling interest of more than fifty percent (50%) of the shares in the Approved Developer until the TOP Date. In this respect, it shall ensure, amongst other things, that no transfer, allotment or acquisition of its shares are carried out such as would affect the specified controlling interest of more than fifty percent (50%); and
Furnish to JTC on or before the expiry of the 90-Day Period an Undertaking executed under seal in the form and on such terms and conditions as set out in Appendix D.
  • Where the Approved Developer consists of the Successful Tenderer and other approved individuals and/or companies and if the Successful Tenderer is a company or includes one or more companies, such last mentioned company or each of such last mentioned companies shall, except where the prior written consent of JTC is obtained:
Ensure that its shareholders as at the Tender Closing Date hold and continue to retain a controlling interest of more than fifty percent (50%) of the shares in the company until the TOP Date. In this respect it shall ensure, amongst other things, that no transfer, allotment or acquisition of its shares are carried out such as would affect the specified controlling interest of more than fifty percent (50%); and
Inform JTC of all transfers, allotments and acquisitions of shares, all changes of shareholders and their shareholdings made up to the TOP Date.
  • If the Successful Tenderer mentioned is a company or includes one or more companies, and any of the shareholders in the company or any of the companies is, as at the tender closing date, also a company (“Shareholder Company”), such Shareholder Company shall, except where the prior written consent of JTC is obtained –
Ensure that its shareholders as at the Tender Closing Date hold and continue to retain a controlling interest of more than 50% of the shares in the company until the TOP Date. In this respect it shall ensure, amongst other things, that no transfer, allotment or acquisition of its shares are carried out such as would affect the specified controlling interest of more than 50%; and
Furnish to JTC on or before the expiry of the 90-Day Period an Undertaking executed under seal in the form and on such terms and conditions as set out.
  • Where the Successful Tenderer is a company or includes one or more companies, such company or each of such companies and also each of the Shareholder Companies mentioned:
Within such time as notified supply to JTC a list in writing of the shareholders including the particulars of all the shares held by each shareholder and the value thereof as at the Tender Closing Date and such list shall be certified to be correct by a director of the company; and
On or before the expiry of the 90-Day Period supply to JTC a list in writing of the shareholders then holding shares in its company including the particulars of all the shares held by each shareholder and the value thereof and such list shall be certified to be correct by a director of the company.
  • Where the Approved Developer is a company, the Successful Tenderer shall ensure that the Approved Developer supplies, when required by JTC and in any event before the expiry of the 90-Day Period, a list in writing of the shareholders then holding shares in its company including the particulars of all the shares held by each shareholder and the value thereof and such list shall be certified to be correct by a director.
  • The Successful Tenderer shall comply with and ensure the compliance of the abovementioned requirements and such other requirements terms and conditions which JTC may deem necessary to impose in connection with the same unless expressly otherwise allowed by JTC.
  • Breach of any term or condition of the Undertaking furnished by the company or any company mentioned shall be deemed to be a breach by the Successful Tenderer of these Conditions of Tender and an Event of Default under the Building Agreement which shall entitle JTC to exercise its rights and remedies set out therein.


While every endeavour has been made to ensure that the information provided herein is correct, ALLIANCE FACILITIES MANAGEMENT PTE LTD disclaims liability for any damage or loss that may be caused as a result of any error or omission.

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