Developers may seek extension to delivery date of possession


WITH construction timelines under pressure, developers plagued by construction delays will now get some relief in the form of an extension should they be unable to meet the delivery date of possession in their sale and purchase (S&P) agreements.

According to a circular issued on Thursday to developers by the Urban Redevelopment Authority's (URA) Controller of Housing (COH), effective July 1, developers who need to can serve a notice on property buyers for an extension of up to 122 days, in line with the extension granted to construction projects. This is subject to certain qualifying conditions.

Developers can extend the delivery date of the new property without being liable to pay liquidated...

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