Proposed URA rules will minimise potential disputes, improve transparency

THE Urban Redevelopment Authority (URA) is proposing amendments to the Housing Developers Rules.

The changes will improve market transparency by requiring developers to provide home buyers more information to help them make better-informed decisions. The standard sale and purchase agreement (SPA) will also be amended to improve the protection for buyers of uncompleted private residential properties. If implemented, the proposed amendments will help minimise potential disputes between developers and prospective home buyers. Developers will need to provide more accurate and detailed information on their projects.

Amenities such as vehicle pick-up/drop-off point, landscaping and water features that are shown in advertisements must materialise in the actual development. Thus, developers must obtain prior approval from the relevant agencies for these features before including them in the advertisements. Other proposals include more detailed floor plans - that clearly mark out void areas in the unit and explain abbreviations used - to be provided to buyers.