{"id":4953,"date":"2016-03-14T02:47:38","date_gmt":"2016-03-13T18:47:38","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=4953"},"modified":"2022-07-01T04:01:40","modified_gmt":"2022-06-30T20:01:40","slug":"ura-tightens-accountability-rules-developers","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/ura-tightens-accountability-rules-developers\/","title":{"rendered":"URA tightens accountability rules for developers"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p><i><span style=\"font-weight: 400;\">In a bid to protect the interests of home buyers, the Urban Redevelopment Authority has tightened rules to ensure greater accountability from developers.<\/span><\/i><span style=\"font-weight: 400;\">\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In order to streamline the applications for a housing developer\u2019s sale licence, the Urban Redevelopment Authority is revising the rules applicable to developers. The changes will take effect next month. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">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\u2019s track record. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">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. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Applications for a sale licence will also require the director of the company to remain in position until the completion of the project. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ultimately, these new measures encourage greater responsibility from housing developers. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Refer to <\/span><a href=\"http:\/\/www.straitstimes.com\/business\/property\/changes-to-housing-developers-rules\"><span style=\"font-weight: 400;\">The Straits Times<\/span><\/a><span style=\"font-weight: 400;\"> for more information. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a bid to protect the interests of home buyers, the Urban Redevelopment Authority has tightened rules to ensure greater accountability from developers.\u00a0\u00a0 In order to streamline the applications for a housing developer\u2019s sale licence, the Urban Redevelopment Authority is revising the rules applicable to developers. The changes will take effect next month. Small-scale developers&hellip;<\/p>\n","protected":false},"author":17,"featured_media":54200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53653,53593,57131,53613],"tags":[],"persona":[],"class_list":{"2":"type-post","11":"entry","12":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - 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