URA seeking public feedback on changes to commercial property sales rules

KAP (King Albert Park) Residences and mall.
KAP (King Albert Park) Residences and mall.PHOTO: BERITA HARIAN

SINGAPORE - The public will get their say on proposed changes which aim to better protect people buying commercial properties.

The Urban Redevelopment Authority (URA) is seeking  feedback on amendments to the Sale of Commercial Properties Act (SCPA) and Sale of Commercial Properties Rules (SCPR).

It said on Monday (Feb 12) that the changes aim to protect buyers of uncompleted non-residential properties and help them to make informed decisions, as well as improve transparency and raise industry standards.

The URA is also consulting the public on proposed anti-money laundering and counter financing of terrorism requirements to be imposed on all residential and non-residential developers.

The authority said it will take feedback into consideration before finalising changes to the SCPA and SCPR legislation.

Some of the proposed changes to the SCPA - enacted in 1979 to address unfair sale practices in non-residential properties - include requiring non-residential developers to obtain a sale licence before they can sell units.

Non-residential developers selling uncompleted non-residential projects may also be required to open and maintain a project account to ensure that purchasers' progress payments are used only for purposes related to the project.

In addition, the URA is looking at rolling out new rules on advertisements, such as having non-residential developers provide basic and accurate information on the project, such as the tenure and expected date of vacant possession.

Developers could be required to implement measures to meet Singapore's obligation to combat money laundering and terrorist financing.

New rules will be implemented to impose the requirements on all residential and non-residential developers.

They could include having to conduct customer due diligence checks to verify customer's identity, maintain transaction documents and customer due diligence checks for a specified time period following the termination or completion of a transaction.

Members of the public can have their say from now until March 12, by visiting: https://ura.sg/scpafeedback