Home buyers will soon be granted better accessibility to detailed information regarding the transactions of every private property and property prices in Singapore.
Collective information such as the sales volume, transacted price of an individual unit and the value of any benefits extended to buyers, including cash rebates, absorption of legal fees or stamp duties, rental guarantees and furniture vouchers will be published on the URA website weekly.
The current practice requires buyers to declare any price discount, rebate or other benefit they enjoy upon the request of a home loan, as observed under the Monetary Authority of Singapore rule. Effective 20 July 2015, these information are required to be stated on the Option-To-Purchase and Sales & Purchase agreements.
In conjunction to the amendment of the Control and Licensing Act, a new set of rules are implemented to better ensure developers accurately depict actual housing units in their showflats. It mandates the floor area of the show-unit to be the exact same as that of the actual housing unit and requires all external and structural walls (both internal and external) of an actual unit to be depicted in the show-unit.
Developers are expected to duly inform prospective buyers of the distinct differences between the show-unit and the actual unit. They can do so with a strong visual display of a descriptive list, stating the differences at the entrance of the show-unit, buyers are expected to be given a copy of the list as well.
Majority of home buyers are unaware that information on transacted sales volumes and prices of private properties are readily available on URA website.
Here is a useful link to URA’s e-services as well as a short informative video which will benefit you.