Recently, the Urban Redevelopment Authority (“URA“) launched a public consultation on proposed changes to the Housing Developer Rules (“HDR“) that would grant home buyers more protections and require developers to provide more information. This includes some changes to the standard sale and purchase agreement (“SPA“).
The amendments generally favour buyers, with some changes imposing greater liability on developers, such as the reduction of the claim threshold where units fall short of the area stated in the SPA. Developers should review the proposed changes, and submit any input to URA.
We summarise the proposed changes below in the following categories:
- Enhanced protections;
- Additional information provided to home buyers; and
- Other amendments, namely a simplified payment schedule and a later start for the defects liability period.
The public consultation opened on 5 January 2022 and closes on 5 February 2022.
For more information, click here to read the full Legal Update.
