URA reminds developers to comply with rules for incentive schemes

SINGAPORE (June 8): URA has issued a reminder to developers of uncompleted projects to comply with existing regulations when offering incentive schemes to buyers.

This was done in response to a rise in “creative” schemes to entice potential buyers against the backdrop of a slow housing market.

To recap, the Controller of Housing recently stopped TG Developments, the developer of Lloyd Sixtyfive from offering a tenancy scheme which enables potential buyers could effectively rent a unit for two years before deciding if they want to make the purchase.

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