In a bid to protect the interests of home buyers, the Urban Redevelopment Authority has tightened rules to ensure greater accountability from developers.
In order to streamline the applications for a housing developer’s sale licence, the Urban Redevelopment Authority is revising the rules applicable to developers. The changes will take effect next month.
Small-scale developers may be pushed out of the market as changes involve a greater commitment in capital and a more stringent evaluation of one’s track record.
Housing developers will be required to contribute up to a fourfold increase in the minimum paid-up capital, from $1 million to $4 million, subject to the size of the project. Moreover, developers will no longer be able to list non-residential projects in their track record, which will further deter the less experienced from venturing into the housing market.
Applications for a sale licence will also require the director of the company to remain in position until the completion of the project.
Ultimately, these new measures encourage greater responsibility from housing developers.
Refer to The Straits Times for more information.
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