Tighter Property Rules | The Vales EC

A few days ago the Urban Redevelopment Authority made amendments to the Housing Developers Control and Licensing Act, unveiling data collection to be more frequent regarding transactions made in the private residential sector and stricter regulations for show flats.

The Vales EC Property Rules

As of the 25th of May 2015, it will be required of housing developers to submit weekly transactions information that is more detailed to the Controller of Housing. These compulsory, more detailed, reports will need to include information such as price transactions and the volume of sales for each individual unit of the developers building projects, as well as any benefits that have been offered to buyers and the value of such offers for The Vales EC.

The new regulations, or Show Unit Rules, will make sure that every show unit a developer provides accurately depicts the units that will be offered for sale to buyers. An example we can look at is the rule that requires a show unit to be the same floor area size as the actual units being sold. Then there is a rule requiring that any structural and external walls being depicted in a show unit must also be built in the actual The Vales EC units as well.

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There will also be amendments to both the Sales and Purchase Agreement, and the Option to Purchase. These amendments are meant to enhance safeguards that are already in place for those who purchase properties that are private residential. One example is the compulsory mention by developers of any benefits being offered to buyers and what value those benefits are.

The Head of CBRE Research, Desmond Sim, applauded these amendments, adding that they would work to instil even more confidence in consumers as well as giving market watchers a more level playing field for comparing the products on the market The Vales EC.

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Mr. Sim added that, in a market as challenging as this one, the best way forward is to dispel any of those gray areas revolving around pricing transactions and perceptions. The new amendments being added to the Act will help protect buyers even more while offering a raised level of transparency for The Vales EC Sengkang.

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