16 Mar '11, 6am

URA proposes property regulatory changes

SINGAPORE : Seven key regulatory changes to the property sector have been proposed by the Urban Redevelopment Authority (URA). These are aimed at making the industry more transparent and to raise protection for home buyers. This follows last week's announcement by National Development Minister Mah Bow Tan in Parliament that the Housing Developers Act and Housing Developers Rules would be enhanced. The new changes proposed include the need for show flats to accurately depict actual units. This means the floor area of the show flat must be the same as the actual unit, and all external and structural walls must be erected. Also among the proposals is a requirement for developers to provide more mandatory information. This includes the estimated land area, a drawn-to-scale location plan, and specifications such as the type of finishing for floorings. The URA said these are par...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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