Government unveils more safeguards for private homebuyers

By Frankie Ho / URA, The Edge Property | May 18, 2015 6:00 PM SGT
SINGAPORE (May 18): Potential homebuyers can expect more timely and accurate information on private residential projects from next week as the government seeks to better safeguard their interests.
The Ministry of National Development unveiled amendments to the Housing Developers (Control and Licensing) Act today with an eye to helping prospective buyers make better-informed decisions.
From May 25, developers are required to submit detailed transaction information - including sales volumes, transacted prices of individual units, and the value of any benefits extended to buyers - to the Controller of Housing every week.
Examples of benefits typically offered by developers include cash rebates, absorption of legal fees or stamp duties, and furniture vouchers.
The information will be published on the Urban Redevelopment Authority website weekly from June 5.
In other changes, the Option to Purchase and Sale & Purchase Agreement, which are standard forms prescribed under the Housing Developers Rules, will be amended with effect from July 20 to enhance safeguards for private-home buyers.
Developers will also be required from July 20 to ensure all showroom units accurately depict the apartments offered for sale.
Among other things, the floor area of the showroom unit must be the same as the actual apartment's, and all external and structural walls to be built in the apartment have to be depicted in the showroom unit.