The Urban Redevelopment Authority (URA) announced that it has strong support for the proposed amendments to the Housing Developers (Control & Licensing) Act (HDCLA) and Housing Developers Rules (HDR).
In a statement published yesterday, the URA said it received feedback from more than 100 respondents, including property developers, agents, solicitors, property consultants and other members of the public.
The URA noted that most of the respondents are “generally in favour of URA’s proposed requirements on developers to provide accurate information in the showflats and to provide more information on the housing units to prospective home-buyers to help them make better informed decisions.”
One of the key proposals that received overwhelming support is the release of “more mandatory information on housing projects” to homebuyers prior to the issue of the Option-to-Purchase, to enable them to make informed decisions.
Additionally, some of the respondents provided suggestions on how to further enhance the URA’s market transparency and better protect home buyers’ interests.
These included mandating developers to give a further breakdown of the strata floor area by room, as well as providing a list of developers with suspended sales licences on URA’s website.
The URA said that it has carefully considered the suggestions and will finalise the proposed amendments to the HDR and the HDCLA, with the new rules and regulations to be implemented in due course.
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