23 Jun '16, 6am

Developers warned against offering pre-sale incentives

The HDB is clamping down on unethical practices in the EC segment. The HDB said developers of executive condominiums (ECs) are not allowed to offer buyers incentives if they have not booked a unit, reported The Business Times . Developers should also engage independent auditors to look into their sale processes and make sure they fulfil their obligations. While they may choose the mode of sale and engage marketing agents to handle the process, EC developers must comply with the Conditions of Tender and the Building Agreement in order to conduct the sale of their units transparently and fairly. “The Ministry of National Development (MND) and the HDB take a serious view of any malpractice by developers. Any feedback on malpractice by EC developers or their marketing agents is fully investigated. The authorities will not hesitate to take action against errant parties,” said a...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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