Housing Developers (Control & Licensing) Act Pt2 – Singapore property for sale/ rent
Singapore property for sale/ rent – Exemptions from opening a project account:
- Not selling before TOP
- Joint venture with URA, or with the Government or a Statutory Board
- Has a banker’s guarantee of up to 140% of the total construction cost
The developer can withdraw monies from the Project Account only for the following payments:
- Property tax
- Stamp duty and legal fee on a mortgage to secure construction loan
- Legal fees on related matters
- Insurance premium
- Fees of consultants: architects, engineers, quantity surveyors, etc.
- Cost of foundation works, soil investigation, earth works and site supervision
- Utility bills
- Deposits and charges payable to the Commissioner of Buildings and other government or statutory bodies
- Refund of booking fees or progress payments
- Cost of construction with certificate from architect
- Interest and other charges on loan
- Capital sum to redeem part or full of construction loan
- Any administrative fees, marketing and advertising expenses up to maximum of 5% of total construction cost
- Any GST payable on building project
- Any forfeitures or refunds of monies
Advertising by Developer
All advertising and promotion materials produced by the developer must include the following information:
- Name & licence number of the developer
- Land tenure and encumbrances (if any)
- Expected TOP date
- Expected legal completion date
- Location of land – lot number and the Mukim/Town Subdivision number
- Building plan approval number and date of approval
Breach of advertisement regulation, if advertisement,
- Suggests patronage of the President or family members
- Suggests connection to any government department, statutory board or public building/place
- Has any feature which developer cannot genuinely claim
- Has any statement which is false or misleading
Approval for name of project
Name of the housing project must be approved by the Advisory Committee on Street, Building and Estate Names before it can be used.
Maintain a booking register
The developer is required to maintain a booking register which contains information on the intending buyer’s particulars, nationality, date of option, expiry date, option fee paid, date of delivery of Title and contract to buyer’s solicitors, etc.
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