Singapore Property | Normanton Park Issued with No-Sale License: With about 1,900 units, the new condominium project occupying the previous Normanton Park site was slated to be the second largest residential development to hit the market in 2019. The biggest residential project to date is the 2,203-unit Treasure at Tampines that was brought to the market a month ago.
However, the launch of Normanton Park (name to be confirmed) may be delayed a bit. According to the representative of Urban Redevelopment Authority (URA), the Controller of Housing (COH) issued a no-sale license to Kingsford Huray Development after the developer failed to honour the sale license’s requirements.
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Developers who receive a no-sale license can start construction, but they can only sell units after obtaining a Temporary Occupation Permit (TOP). On the contrary, a developer issued with a sale license can sell units in a project upon obtaining Building Plan Approval, notes URA on its website.
The former Normanton Park has already acquired approval for the construction of 1,863 apartments, 19 sections landed residences and 8 commercial spaces on the plot of land. But COH set a couple of conditions that Kingsford Huray must satisfy under the no-sale license – the developer must obtain an earlier approval in writing from COH before selling any units. In addition, the developer must acquire Quality Mark Certificates for each unit in the upcoming Normanton Park development. Kingsford Huray has to obtain the certificates prior to seeking sales approval from COH.
In case of any changes to individuals occupying responsible posts in company or adjustments in specifics relating to the construction project or the developer, Kingsford Huray must notify COH in writing within 14 days of the date that the change became official.
Based on notice to the developer, dated Jan 15, 2019, the no-sale license “must remain in force until the controller informs Kingsford Huray in writing that a license under the Act is not needed for the development project or unless previously repealed under the act.”
According to URA spokesperson, the aim of COH requiring a developer to acquire Quality Mark certification before a housing project is approved is to guarantee homebuyers that the developer followed a prudent standard of quality in constructing and finishing their units. The no-sale license issued by COH makes sure the developer completes a project satisfyingly. The Normanton Park is situated along the Ayer Rajah Expressway and close to Science Park and Southern Ridges. Other than the price tag of $830.1 million, the developer paid approximately $231.1 million to update the lease to a renewed 99 years. The developer also parted with $283.4 million for redeveloping the site.