URA announces changes to Housing Developers Rules
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SINGAPORE: The Urban Redevelopment Authority (URA) has announced changes to the Housing Developers Rules (HDR) that will take effect from 18 May 2012.
The changes will enhance transparency in the real estate industry and enable home-buyers to make better informed decisions when buying a home.
Among the changes, developers will have to provide more information on the housing project and property to a home-buyer before the issue of an Option-to-Purchase.
This comes as developers are placing more shoe box apartments - which are usually no larger than four car park lots - in the market.
Eugene Lim, Key Executive Officer with ERA Realty Network, said: "In a brochure today, the floor plans are not drawn to scale. So very few people can actively visualise the space that they will eventually get.
"This is especially important when apartments today are getting smaller. And sometimes buyers do get a shock when they take delivery of the unit, because they did not envisage that the unit will be so small."
The additional information provided by the developer has to include the estimated land area for landed property, drawn-to-scale location plan, and a breakdown of a unit's floor area by the various spaces such as bedrooms, balconies and bay windows. The changes will enhance transparency in the real estate industry and enable home-buyers to make better informed decisions when buying a home.
Among the changes, developers will have to provide more information on the housing project and property to a home-buyer before the issue of an Option-to-Purchase.
This comes as developers are placing more shoe box apartments - which are usually no larger than four car park lots - in the market.
Eugene Lim, Key Executive Officer with ERA Realty Network, said: "In a brochure today, the floor plans are not drawn to scale. So very few people can actively visualise the space that they will eventually get.
"This is especially important when apartments today are getting smaller. And sometimes buyers do get a shock when they take delivery of the unit, because they did not envisage that the unit will be so small."
The additional information provided by the developer has to include the estimated land area for landed property, drawn-to-scale location plan, and a breakdown of a unit's floor area by the various spaces such as bedrooms, balconies and bay windows.
Among the changes, developers will have to provide more information on the housing project and property to a home-buyer before the issue of an Option-to-Purchase.
This comes as developers are placing more shoe box apartments - which are usually no larger than four car park lots - in the market.
Eugene Lim, Key Executive Officer with ERA Realty Network, said: "In a brochure today, the floor plans are not drawn to scale. So very few people can actively visualise the space that they will eventually get.
"This is especially important when apartments today are getting smaller. And sometimes buyers do get a shock when they take delivery of the unit, because they did not envisage that the unit will be so small."
The additional information provided by the developer has to include the estimated land area for landed property, drawn-to-scale location plan, and a breakdown of a unit's floor area by the various spaces such as bedrooms, balconies and bay windows. The changes will enhance transparency in the real estate industry and enable home-buyers to make better informed decisions when buying a home.
Among the changes, developers will have to provide more information on the housing project and property to a home-buyer before the issue of an Option-to-Purchase.
This comes as developers are placing more shoe box apartments - which are usually no larger than four car park lots - in the market.
Eugene Lim, Key Executive Officer with ERA Realty Network, said: "In a brochure today, the floor plans are not drawn to scale. So very few people can actively visualise the space that they will eventually get.
"This is especially important when apartments today are getting smaller. And sometimes buyers do get a shock when they take delivery of the unit, because they did not envisage that the unit will be so small."
The additional information provided by the developer has to include the estimated land area for landed property, drawn-to-scale location plan, and a breakdown of a unit's floor area by the various spaces such as bedrooms, balconies and bay windows.
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