UOB lawsuit unlikely to impact developers

Singapore

THE lawsuit filed by United Overseas Bank (UOB) against a Lippo Group subsidiary and seven other individuals has intrigued industry players over how the transacted prices of some residential units could be so substantially inflated. But many have deemed this a special case on its own facts.

The monthly developers' sales data collated by the Urban Redevelopment Authority (URA) have started factoring in cash rebates, absorption of legal fees or stamp fees, furniture vouchers and rental guarantees in transacted prices since late 2013.

And while it is on a voluntary basis that developers submit their monthly s…