mr funny
12-08-11, 00:04
http://www.businesstimes.com.sg/sub/news/story/0,4574,450798-1312574340,00.html?
Published August 5, 2011
URA fine-tuning rules for developers after feedback
New home marketing rules slated for year- end implementation
By EMILYN YAP
(SINGAPORE) A set of new rules which will affect the way developers market residential projects and the information they share could kick in by year-end, after the Urban Redevelopment Authority (URA) received strong support for the proposed changes.
The proposals, meant to help prospective home buyers make better-informed decisions, were first announced by URA in March. They will come under the Housing Developers (Control & Licensing) Act (HDCLA) and Housing Developers Rules (HDR).
A public consultation from March 17 to April 18 attracted feedback from more than 100 respondents, including developers, property agents, solicitors, property consultants and other members of the public.
Respondents generally agreed with the suggestions. For instance, they saw a need for rules to ensure that showflats depict actual units accurately. They also felt that developers should provide price lists of units available for sale to prospective home buyers, and publish prices of units sold on a weekly basis.
There were even new suggestions from respondents, which URA will incorporate into the HDCLA and HDR. One is to extend the controls under the HDCLA to all housing developers - not just those building projects with more than four units - so that buyers of units in smaller developments can also be protected under the HDCLA.
Respondents also asked that developers provide a further breakdown of strata floor areas by rooms. They should state not just the sizes of balconies and private enclosed spaces, but also the sizes of individual bedrooms and the kitchen or dining area.
A third suggestion was for URA to list on its website developers which have breached provisions under the HDCLA or HDR, and had their sale licences suspended. The name published will be that of the licensed developer.
A URA spokesman told BT that the agency will announce the implementation date later as it is refining details for some of the proposals, in consultation with the industry. The changes could take effect by year-end.
Market watchers generally took the potential changes in their stride. Most developers have been professional and 'I don't think there's a big adjustment that developers have to make', said DTZ Southeast Asia chief operating officer Ong Choon Fah.
For instance, the plan to name developers which had their sale licences suspended could be more of a 'safeguard' than a response to any problem, Mrs Ong said. As URA also said, it has not suspended the sale licence of any developer in the last three years.
Knight Frank research head Png Poh Soon felt that the proposed changes are an important step in enhancing the property market's transparency. But he added that due consideration should be given to implementation details, to 'avoid overburdening developers administratively'.
For instance, it would be useful for developers to provide a further breakdown of strata floor areas, but there should be room for adjustments 'within reasonable and acceptable market standards'.
Published August 5, 2011
URA fine-tuning rules for developers after feedback
New home marketing rules slated for year- end implementation
By EMILYN YAP
(SINGAPORE) A set of new rules which will affect the way developers market residential projects and the information they share could kick in by year-end, after the Urban Redevelopment Authority (URA) received strong support for the proposed changes.
The proposals, meant to help prospective home buyers make better-informed decisions, were first announced by URA in March. They will come under the Housing Developers (Control & Licensing) Act (HDCLA) and Housing Developers Rules (HDR).
A public consultation from March 17 to April 18 attracted feedback from more than 100 respondents, including developers, property agents, solicitors, property consultants and other members of the public.
Respondents generally agreed with the suggestions. For instance, they saw a need for rules to ensure that showflats depict actual units accurately. They also felt that developers should provide price lists of units available for sale to prospective home buyers, and publish prices of units sold on a weekly basis.
There were even new suggestions from respondents, which URA will incorporate into the HDCLA and HDR. One is to extend the controls under the HDCLA to all housing developers - not just those building projects with more than four units - so that buyers of units in smaller developments can also be protected under the HDCLA.
Respondents also asked that developers provide a further breakdown of strata floor areas by rooms. They should state not just the sizes of balconies and private enclosed spaces, but also the sizes of individual bedrooms and the kitchen or dining area.
A third suggestion was for URA to list on its website developers which have breached provisions under the HDCLA or HDR, and had their sale licences suspended. The name published will be that of the licensed developer.
A URA spokesman told BT that the agency will announce the implementation date later as it is refining details for some of the proposals, in consultation with the industry. The changes could take effect by year-end.
Market watchers generally took the potential changes in their stride. Most developers have been professional and 'I don't think there's a big adjustment that developers have to make', said DTZ Southeast Asia chief operating officer Ong Choon Fah.
For instance, the plan to name developers which had their sale licences suspended could be more of a 'safeguard' than a response to any problem, Mrs Ong said. As URA also said, it has not suspended the sale licence of any developer in the last three years.
Knight Frank research head Png Poh Soon felt that the proposed changes are an important step in enhancing the property market's transparency. But he added that due consideration should be given to implementation details, to 'avoid overburdening developers administratively'.
For instance, it would be useful for developers to provide a further breakdown of strata floor areas, but there should be room for adjustments 'within reasonable and acceptable market standards'.