27 May '16, 10pm

URA kills GEM project's cheques-for-buyers scheme

URA kills GEM project's cheques-for-buyers scheme

OF the many innovative features for GEM Residences that its developers came up with, one particular scheme has ruffled the feathers of the housing regulator. BT understands that under a "specimen cheque scheme", the joint developers - Gamuda, Maxdin, and Evia Real Estate - issued cheques of S$7,500 or S$10,000 to prospective buyers who then submitted these for expressions of interest. The buyers could have used these cheques to offset their booking fee on balloting day. But the plan was scuttled after the Controller of Housing directed these developers on Thursday night not to proceed with the use of such cheques, as this circumvents the requirement of a minimum 5 per cent booking fee for a residential purchase. Despite the about-turn, the 99-year leasehold project in Toa Payoh still sold 51 per cent of all units in just one day - marking one of the highest launch take-up ...

Full article: http://www.businesstimes.com.sg/real-estate/ura-kills-gem...

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