URA clampdown on option re-issue may have some cooling effect on property market
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Singapore
THE Urban Redevelopment Authority (URA) has curbed private housing developers from re-issuing the option to purchase (OTP) to the same buyers of the same unit with immediate effect, amid worries that "financial discipline" is slackening despite the recession.
URA's Controller of Housing has imposed new conditions in the sale licences issued to developers. These include restricting developers from providing upfront agreements to purchasers to re-issue the OTPs, restricting developers from re-issuing OTPs to the same purchasers for the same unit within 12 months after the expiry of the earlier OTP and requiring developers to inform purchasers of this condition upfront.
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