URA is seeking public feedback.....can write in
The Urban Redevelopment Authority (URA) will be enhancing the
Housing Developers Rules (HDR) and the
Housing Developers (Control & Licensing) Act (HDCLA) to give more home buyers better access to timely information about the
market and units which they are planning to purchase, said Minister for National
Development Mah Bow Tan.
This means that if the new rules pass,
developers must release home prices at least two days before launching the projects.
In connection with this, the
URA is seeking public feedback on key proposed changes, which also include stricter requirements for project plans and showflats. The
URA is putting the proposals up for public consultation and changes could kick in by the third quarter, affecting
developers of private
residential projects, executive condominiums (ECs) and design, build and sell scheme (DBSS) sites.
The key proposed changes which the
URA is seeking public feedback on include the setting up of accurate
showflats that depict the actual units, making available the price list, providing more mandatory information on
housing projects, providing developers’ track record, publishing transacted prices, obtaining buyers’ consent for changes to the project and extending advertising controls on websites.
Meanwhile, the
URA has stated that a project is considered once the
developers grant options-to-purchase (OTPs), regardless of whether sales occur during an official launch or a VIP preview.
A
URA spokesman said that
developers may adjust prices after units have been launched for sale. However, some industry watchers feel that this rule could have a negative impact on developers, as they already have flexibility in pricing units.
