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.

Source : Channel NewsAsia – 18 May 2015

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The Urban Redevelopment Authority (URA) said this is so that buyers of units in these smaller developments can also benefit from the protection accorded under the Act.

The suggestion was made during a month-long consultation exercise on proposed changes to the Act as well as the Housing Developers Rules (HDR).

The public also gave their thumbs-up to URA’s proposed requirements for property developers to provide accurate information in the showflats and more information on the housing units to prospective home-buyers.

Some 100 respondents gave their feedback in response to the URA’s online consultation.

Key proposals that received strong support include requiring developers to obtain home-buyers’ consent for changes to the housing project; ensuring that showflats depict the actual units accurately; as well as publishing the prices of units sold on a weekly basis.

In addition, some respondents also gave suggestions on ways to further enhance market transparency and better protect home-buyers’ interests.

These include requiring developers to provide a further breakdown of the strata floor area by room, such as stating the sizes of individual bedrooms and kitchen areas in addition to the areas of other spaces such as balconies and private enclosed spaces.

They also recommended that URA publishes on its website a list of developers who have contravened the provisions under the Act and had their sale licences suspended.

The URA said it will consider these suggestions and finalised the proposed changes in due course.

Source : Channel NewsAsia – 4 Aug 2011

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