URA to consult public on changes to laws about sale of non-residential properties

By
/ EdgeProp
|
February 12, 2018 6:15 PM SGT
On Feb 12, URA announced that it will consult the public on proposed changes to laws regarding the sale of uncompleted, non-residential properties. The changes, which involve the Sale of Commercial Properties Act (SCPA) and the Sale of Commercial Properties Rules (SCPR), aim to increase transparency and help buyers make informed decisions, says URA.
Proposed changes include requiring developers to set aside 4% of the purchase price for defects, which can be claimed by the purchaser when he or she pays for rectification works, as well as building show units precisely in line with the approved building plan for the actual unit.
The public is invited to give their feedback from Feb 12 to Mar 12 through the URA website.