URA implements changes in Housing Developers Rules
New rules include providing more information on housing projects and property before issuing option-to-purchase.
The Urban Redevelopment Authority has implemented changes to the Housing Developers Rules. The changes will enhance transparency in the real estate industry and enable home-buyers to make better informed decisions when buying a home.
According to a release, developers will have to provide more information on the housing project and property to home-buyers before the issue of the Option-to-Purchase. The information to be provided would include a drawn-to-scale location plan and site plan of the project, unit floor plan and a breakdown of a unit’s floor area by the various spaces such as bedrooms, balconies and bay windows.
Developers will have to provide information on at least one completed project they had built to home-buyers before the issue of the Option-to-Purchase.
Developers will have to obtain the home-buyer’s consent for changes in a unit that would affect the home-buyer, e.g. changes to the layout of the unit.
Existing controls on advertisements in newspapers and sales brochures will be extended to advertisements on websites. Similar to advertisements in newspapers and sales brochures, advertisements on websites must not contain any false or misleading information.
The Real Estate Developers Association of Singapore welcomes the changes to the HDR. Its president Mr Wong Heang Fine said: “URA had worked closely with members of the real estate industry and other key stakeholders when reviewing the changes to the HDR. REDAS supports these changes which will help potential buyers make more informed choices when purchasing their ideal homes. As a body representative of a large community of property developers, REDAS is committed to continually promote good practices and professionalism among developers to deliver better and higher quality homes for all.”