Results 1 to 3 of 3

Thread: Potential Forestville buyers left in the dark

  1. #1
    Join Date
    Oct 2011
    Posts
    10,829

    Default Potential Forestville buyers left in the dark

    http://www.straitstimes.com/archive/...-dark-20130103

    Potential Forestville buyers left in the dark

    No word yet on when sales can start; developer 'working closely' with URA

    Published on Jan 03, 2013

    By Cheryl Ong


    BUYERS who flocked to the showflat to book units at the controversial Forestville executive condominium (EC) are still no wiser about the fate of their applications.

    The Urban Redevelopment Authority (URA) has not indicated when sales can start.

    It said in a statement yesterday: "When the Forestville EC project will be made available for sale will depend on many factors, including the outcome of the investigation and the developer's business plan."

    Developer Hao Yuan Investment could not give an idea of the timeline. It said "there were some technical issues with regards to Forestville EC", adding that its architects are working closely with the authorities to resolve them.

    The decision has left potential buyers uncertain about a range of issues, including the fate of any deposits placed, whether they will still get their desired unit and if the layout of the unit will change.

    The controversy began last Friday when the EC at Woodlands was launched despite the URA telling Hao Yuan that morning that it was not allowed to sell any of the units.

    On Monday, the URA said the developer had not obtained approval to sell units because it "had launched the project with some proposed changes to the development's plans which had not been approved".

    The URA statement added that the developer had been told to close its showflat and stop any marketing activity.

    It added that "financial and legal expressions of sale such as placement of deposits for the booking fee or issuance of options are not allowed for this project".

    The URA said the developer had proposed alterations to the project that had not been approved so it is possible that floor layouts and unit sizes could be changed.

    This affects the share value of each unit. The share value determines a purchaser's share in the housing project and is used to compute his contribution for the recurrent maintenance fees and charges for the common property.

    Some buyers have placed cheques with agents.

    Normally this would have resulted in an Option-to-Purchase (OTP) being issued, but the URA ban on sales imposed last Friday meant the developer could issue only "expressions of interest".

    Industry experts said that an expression of interest is not binding and a developer is under no commitment to sell a unit to a potential buyer without an OTP.

    "An OTP is essentially an irrevocable offer by the vendor to sell the property or unit to you based on the terms and conditions," said Mr Lee Liat Yeang, a partner at Rodyk & Davidson's real estate practice group.

    Without this, the buyer cannot be guaranteed a unit, he noted.

    Buyers can withdraw from this non-binding agreement if they do not like the design changes that might have to be made to the project in order to get URA sale approval, said Ascentsia Law Corporation's law director Kenny Khoo.

    [email protected]

  2. #2
    Join Date
    Apr 2012
    Posts
    26

    Default

    Quote Originally Posted by reporter2
    http://www.straitstimes.com/archive/...-dark-20130103

    Potential Forestville buyers left in the dark

    No word yet on when sales can start; developer 'working closely' with URA

    Published on Jan 03, 2013

    By Cheryl Ong


    BUYERS who flocked to the showflat to book units at the controversial Forestville executive condominium (EC) are still no wiser about the fate of their applications.

    The Urban Redevelopment Authority (URA) has not indicated when sales can start.

    It said in a statement yesterday: "When the Forestville EC project will be made available for sale will depend on many factors, including the outcome of the investigation and the developer's business plan."

    Developer Hao Yuan Investment could not give an idea of the timeline. It said "there were some technical issues with regards to Forestville EC", adding that its architects are working closely with the authorities to resolve them.

    The decision has left potential buyers uncertain about a range of issues, including the fate of any deposits placed, whether they will still get their desired unit and if the layout of the unit will change.

    The controversy began last Friday when the EC at Woodlands was launched despite the URA telling Hao Yuan that morning that it was not allowed to sell any of the units.

    On Monday, the URA said the developer had not obtained approval to sell units because it "had launched the project with some proposed changes to the development's plans which had not been approved".

    The URA statement added that the developer had been told to close its showflat and stop any marketing activity.

    It added that "financial and legal expressions of sale such as placement of deposits for the booking fee or issuance of options are not allowed for this project".

    The URA said the developer had proposed alterations to the project that had not been approved so it is possible that floor layouts and unit sizes could be changed.

    This affects the share value of each unit. The share value determines a purchaser's share in the housing project and is used to compute his contribution for the recurrent maintenance fees and charges for the common property.

    Some buyers have placed cheques with agents.

    Normally this would have resulted in an Option-to-Purchase (OTP) being issued, but the URA ban on sales imposed last Friday meant the developer could issue only "expressions of interest".

    Industry experts said that an expression of interest is not binding and a developer is under no commitment to sell a unit to a potential buyer without an OTP.

    "An OTP is essentially an irrevocable offer by the vendor to sell the property or unit to you based on the terms and conditions," said Mr Lee Liat Yeang, a partner at Rodyk & Davidson's real estate practice group.

    Without this, the buyer cannot be guaranteed a unit, he noted.

    Buyers can withdraw from this non-binding agreement if they do not like the design changes that might have to be made to the project in order to get URA sale approval, said Ascentsia Law Corporation's law director Kenny Khoo.

    [email protected]
    anyone knows wat happen now? redesign bcos penthse too big sibo or developer

  3. #3
    Join Date
    Jul 2009
    Posts
    7,482

    Default

    Are they affected by the 160sqm max unit size rule? If so those ph shoppers will be xian. Heh.

Similar Threads

  1. Virtual showflats, marketing on the rise; but not all potential buyers sold on them
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 12-04-20, 15:01
  2. Four areas with potential to attract property buyers
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 26-05-14, 11:36
  3. FORESTVILLE EC SEMINAR
    By chrischocolates in forum Far North
    Replies: 3
    -: 12-01-14, 10:48
  4. Potential for profit drawing buyers to EC market
    By reporter2 in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 31-12-12, 13:49
  5. The Peak piques interest of 4,500 potential buyers
    By mr funny in forum HDB, EC, commercial and industrial property discussion
    Replies: 1
    -: 16-04-09, 12:53

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •