As an initiative from the Ministry of National Development (MND), private residential property buyers in Singapore will soon be able to have access to all prices. And sales of private properties from 05 June 2015, via the Urban Redevelopment Authority (URA) website.
The Ministry of National Development (MND) will collect data from property developers, who will be under an obligation. To submit a set of transaction data to the Controller of Housing (CoH) on a weekly basis. Such data will include the number of sales concluded. And transaction prices of every unit sold. Including any perks offered to the buyers (e.g. rental return guarantees, furnishing vouchers, absorption of stamp duty/legal fee and cash rebates, etc). All data will be updated and made available to the public weekly from the date of commencement.
Mr Ong Kah Seng, the research director of R’ST commented. This move will be beneficial to property buyers in the market. As they will be able to do their own research. Getting more prepared and seeking out the best deal for themselves. This is also to promote transparency in the property market. And protect the interest of the property buyers. Which include those who purchase from real estate developers directly (mainly new launch properties).
It was also noted in the reports that the standard forms used for property purchases, namely the Option To Purchase and Sale & Purchase Agreement will also be enhanced. And revised to include the benefits offered to the buyer.
Another suggested implementation involves the rule on show units for developers. The new regulations will primarily require them to ensure. All units displayed in the property show flats are accurate.
For instance, the floor area of the show unit has to be exactly the same as the actual unit. All walls to be created within the actual residential unit, whether external or structural, must also be shown.
Mr Lee Liat Yeang, a partner of law practice firm Rodyk & Davidson noted. The enhanced rules for show flats are in fact a good thing for property developers. However, it makes it challenging to present show units for new launch projects. It will help to ease any misunderstandings. That may occur between property developers and buyers.
The MND has mentioned that these implementations will commence on 20 July 2015. In order to allow adequate time for property developers to comply with the new revisions and requirements. The new restrictions, will not apply to display flats. They were constructed and made available for viewing before July 20, 2015