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The Urban Redevelopment Authority (URA) released today data on the prices and the number of units launched and sold by developers in June 2007 for uncompleted private residential properties. The data was obtained through a survey of developers by the URA. This information will be released on a regular basis. Initially, it will be announced by the URA on the 15th day of every month, until further notice.
URA also launched today a new online guide that provides useful information on the process of buying uncompleted private residential properties. This “Home Buyers Guide” (“HBG”) is particularly useful for first-time buyers of uncompleted private residential properties.
The Minister for National Development had said in Parliament on 21 May 07 that URA would obtain more information from developers on uncompleted private residential properties1 and release them to the public. With this additional information and the launch of the Home Buyers’ Guide, there will be greater transparency in the property market and home-buyers can make decisions based on the availability of more information.
More Information on Uncompleted Private Residential Projects
The key statistics released today are:
a The median, lowest and highest price of units sold2 in the month for individual uncompleted private residential projects.
b The number of units sold in each project in the month in various price brackets e.g. number of units sold that are priced between $500 to $750 per sq ft, $750 to $1,000 per sq ft, etc.
c The number of units launched and sold in the month, and cumulative to date, for each project.
The information released today will supplement the existing data released to the public by URA on individual private residential units transacted, which are compiled based on the caveats lodged for the sale of the units. It will provide home-buyers with a more timely benchmark of current transaction prices for uncompleted private residential projects as the information is obtained directly from the developers.
Members of the public are encouraged to make use of this new information, rather than rely solely on information from media reports which may highlight only the prices of the most expensive units sold in selected projects. With this information, home-buyers can be more discerning when considering a property as they will have more complete price information for comparison. For example, the information released by URA shows that the record high prices for a project could be for very few units only and are significantly higher than the median price, which is a better reflection of the typical price of a unit within the project. Home-buyers will also be able to see that there are a large number of new private residential projects in the suburban areas where prices are still at a more affordable level.
The new information can be found on URA’s website at the following url: http://www.ura.gov.sg/realEstateWeb/price.jsp
Home Buyers’ Guide
The HBG gives a step-by-step guide on the basic considerations and procedures that are involved at each stage of the buying process. This ranges from understanding the contractual obligations under the sale and purchase agreement to taking possession of the property.
The HBG is organised according to the stages that a typical home buyer will go through :
a Basic Checks: This highlights issues buyers should note before visiting a showflat e.g. checking the buyer’s eligibility to purchase private property and CPF policies on the use of CPF savings for the purchase of a property. This will help buyers decide on a budget that they would be able to commit to property purchase.
b Visit Showflat: This is a checklist of items for buyers to look out for e.g. specifications of the property.
c Option to Purchase: The procedures involved in the issue and exercise of the Option to Purchase is explained.
d Sale and Purchase Agreement: Buyers can find information on the key contractual obligations of the developer and purchasers e.g. developer’s obligation to complete the development within the agreed date.
e Progress Payments: This gives information on the payment schemes that are commonly offered by developers.
f Moving In: This sets out the procedures to follow to take over possession of the property; and
g Completion of Sale: Explains the procedures for the completion of sale when legal title to the property is transferred to the home buyers.
The HBG can be found on URA’s website at the following url: http://www.ura.gov.sg/lad/HBG
1 Refers to projects which are licensed by the Controller of Housing. A project will be delicensed when the Certificate of Statutory Completion and Certificates of Title or Subsidiary Strata Certificates of Title are issued for the all the units in the project.
2 The number of units sold refer to the units for which the developers have issued the option to purchase.
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For media enquiries, please contact:
Ms Serene Tng
Manager, Public Relations
DID: 63293224
Email: serene_tng@ura.gov.sg
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