More option-to-purchase data from developers will benefit homebuyers, shareholders

JUST over a month ago, the authorities clamped down on the practice of private housing developers continually re-issuing options to purchase (OTPs) upon expiry.

This should reduce distortions in the volume of developers' sales - at least with regard to new options issued with effect from Sept 28, 2020.

To the relief of some developers, the Urban Redevelopment Authority (URA)'s Controller of Housing has allowed developers to continue to honour prior commitments they had given to property buyers. This applies to OTPs already issued before Sept 28 and where the developers have an existing agreement with buyers to re-issue the OTP for the same property up to a specific period.