Singapore Property | It is important for buyers to check what they buy before closing the deal and with the new rule imposed to developers that they need to accurately represent the actual unit they sell on showflats before they open it for viewing.
Buyers now can rest easy and is insured to get what they actually see when they go look for a prospective condominium unit. The Criterion developer for executive condominium unit even goes to extra length as to indicate the thickness and position of the removed walls. They also provide a list fittings, finishes and materials. The Adana at Thomson and the Thomson Impressions project also follows the newest rules they will offer 74 units in an approximately 39,998 sq. ft. area. The area of a two bedroom type unit will be 560 sq. ft. when it is finished in 2019.
The Urban and Redevelopment Authority or URA will make sure that all the developers will follow the latest rule and the entire project after July 20 should follow it. To ensure that developers follow there will be an authorize personnel from the organization to conduct a spot check on the different developers in Singapore.
There will be a fine of $5,000 is the developer is found not properly showing what their unit actually look like to its possible buyers. This can also result to suspension of their license or worst it could even be revoked.
This latest rule is all about the protection of possible property buyers. They need to know what they will be buying and not be deceived by the developer into investing in a property they don’t want.
The prices of the available unit should also be indicated clearly to the buyers before the sign the contract in getting the condominium unit they want. This will surely increase possible property buyers in the long run.
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