In a play to encourage responsibility and protect the interests of home buyers, the Urban Redevelopment Authority (URA) recently revised the criteria for issuing sales licences for home builders, reported The Straits Times.
First, the minimum paid-up capital or deposit for those applying for a licence, has been raised from $1 million to between $1 million and $4 million, depending on the size of the project.
Those meaning to construct and sell a housing project with up to 50 units should have a paid-up capital of $1 million, $2 million for developments with 51 to 200 units, $3 million for projects with 201 to 400 units, and $4 million for larger developments.
Second, developers can no longer mention non-residential projects in the track record, to be submitted as portion of their sales licence application, as commercial and industrial projects and residential developments differ.
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