means any scheme, arrangement or undertaking-
| a) | in terms of which housing interests are alienated for occupation contemplated in section 7, whether the scheme, arrangement or undertaking is operated pursuant to or in connection with a development scheme or a share block scheme or membership of or participation in any club, association, organization or other body, or the issuing of shares, or otherwise, but excluding a property time-sharing scheme; or |
| b) | declared a housing development scheme by the Minister by notice in the Gazette for the purposes of this Act; |