The Economic Development Board (Real Estate Development Scheme) Regulations 2022 (the “Regulations") was enacted on 12 April 2022 in an effort to encourage the sale of remaining Integrated Resort Scheme (IRS)/ Real Estate Scheme (RES) properties by reinstating the following provisions governing IRS/RES:

• the process for the acquisition or resale of residential property in an IRS/RES project;
• the persons/entities eligible to acquire residential property under the IRS/RES;
• a minimum selling price of USD 500,000 in respect of residential property in an IRS; and
• payment of a social contribution by an IRS company for an additional residential property developed in an existing project.

Excluding the percentage of serviced land allowed to be sold in an IRS project – for which the threshold of land area planned for construction of residential properties is being increased from 25 percent to 33 percent - the other main conditions relating to the implementation of an IRS/RES project are also being reinstated.

Click here to access the Regulations which give more details on the above provisions.