By Andrew Batt:
Singapore property developers will face tougher regulations if a proposed amendment to the Housing Developers (Control and Licensing) Act is enacted into law.
The Bill aims to protect the interests of buyers purchasing uncompleted units, and will force developers to publish details of discounts, stamp duty reimbursements and incentives given to home buyers. It will also see greater regulation of show flats, an improvement in the quality of information made available to the public about developments and the sale of units, and tighter considerations for the granting of licenses for housing developers.
According to information from the Urban Redevelopment Authority (URA), the Housing Developers (Control & Licensing) Act was enacted in 1965 to protect the interests of home buyers of uncompleted private residential properties from developers. All licensed housing developers are required to comply with the controls in the Act and the rules made under the Act.
In May last year, the Housing Developers Rules were amended to better protect buyers. Developers now have to provide scaled location plans, unit floor plans and detailed breakdowns of a unit’s floor area to home buyers to enable them to make better informed decisions.
The current amendments to the Act will further enhance protection of home buyers and promote transparency in the property market. These amendments have taken into consideration feedback from the general public, as well as developers, property agents, property consultants, solicitors and other real estate professionals.
The Bill will get its second reading at a future parliamentary session.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
Related Stories:
Punggol residents against proposed road
6.9m population is worst case scenario: Khaw
S’pore’s estates to become denser by 2030