URA wants more time to review rules for property developers

The latest rules requiring property developers to be more transparent were expected to be in place by the end of this month.

However, the Urban Redevelopment Authority (URA), says it needs more time to iron out the details for some of the proposals, after consulting with the industry.

According to a URA spokesperson, some of these details require legislative changes, which normally take time. The new implementation date will be revealed at a later date.

Among the proposals that needs refining are the detailed requirements to ensure accurate showflats.

These include requiring property developers to build showflats with similar floor areas and floor-to-ceiling heights as the actual units.

In addition, the URA is refining changes to the standard template of information, which property developers must give home buyers.

These include accurately outlining the rooms’ floor area in a new unit and the space for features such as bay windows and planter boxes.

Steven Tan, Executive Director of OrangeTee Residential, said the URA might want more time to review the details of the changes to make sure it benefits both buyers and developers.

“For example, in the template which indicates estimated measurements, will developers be allowed a reasonable margin of error due to slight changes during the construction stage or will developers be held liable for them?” he asked.

“I think URA might want to take everything into consideration and from different perspectives before proceeding with the final changes.”

Source : PropertyGuru – 26 Sep 2011

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