The amendments will enhance market transparency by providing the public with more comprehensive and timelier information on the private residential property market, says the Ministry of National Development.
POSTED: 18 May 2015 14:24
SINGAPORE: The amendments to the Housing Developers (Control and Licensing) Act will kick in this month, which would result in weekly collection and publication of transaction data and more comprehensive information in transaction documents for the private residential property market.
Parliament had passed amendments to the Act to improve and update legislative safeguards for buyers of uncompleted private residential properties in April 2013. Since then, the Ministry of National Development (MND) has worked on the subsidiary law, the Housing Developers Rules, to effect the policy changes, the ministry said in its press release.
From May 25, housing developers must submit detailed transaction information to the Controller of Housing every week. This information will include sales volumes and transacted prices of individual units in their building projects, and the value of any benefits extended to buyers, MND said.
The information must be submitted within five days of the end of each preceding week, and the data will be published on the Urban Redevelopment Authority (URA) website weekly from Jun 5.
Additionally, The Option to Purchase and Sale & Purchase Agreement, which are standard forms prescribed under the Housing Developers Rules, will also be amended
to enhance the safeguards for purchasers of private residential properties.
For example, developers must indicate the value of any benefits offered to buyers. Amendments to both forms will take effect from Jul 20, said MND.
Similarly, MND is introducing the Housing Developers (Show Unit) Rules, which will kick in on Jul 20. This to ensure that all show units provided by developers are accurate depictions of housing units offered for sale.
For example, one rule requires the floor area of the show unit to be the same as that of the actual housing unit. Another requires all external and structural walls to be built in the actual unit to be depicted in the show unit, the press release said.