{"id":8186,"date":"2016-03-10T12:12:59","date_gmt":"2016-03-10T05:12:59","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-revises-rules-for-property-developers\/"},"modified":"2016-03-16T21:08:52","modified_gmt":"2016-03-16T14:08:52","slug":"ura-revises-rules-for-property-developers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-revises-rules-for-property-developers\/","title":{"rendered":"URA revises rules for property developers"},"content":{"rendered":"


\nConstruction in Singapore.
\nIn a bid to promote accountability 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.
\nFirst, 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 project\u2019s size.
\nThose intending to build and sell a housing project with up to 50 units must 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.
\nSecond, developers can no longer cite non-residential projects in the track record, to be submitted as part of their sales licence application, as commercial and industrial projects differ from residential developments.
\nAccording to Nicholas Mak, Head of Research and Consultancy at SLP International, this would prevent some smaller players in the industrial sector from venturing into the housing market.
\nThird, the number of units that a developer can be allowed to build will depend on the size of the completed developments specified in the track record.
\nIf a company has completed fewer than 10 units, it can only obtain a sales licence for a new housing project with less than 50 units. Those who have constructed 11 to 50 units are permitted to build fewer than 200 units. Those with 51 to 100 units under their portfolio are eligible for developments with less than 400 units, while firms that have built over 100 units have no restrictions.
\nThis new rule will safeguard buyers from developers who want to launch many units, but don\u2019t necessarily have the experience, said Augustine Tan, President of the Real Estate Developers\u2019 Association of Singapore (REDAS).
\nFinally, for developers applying for a sales licence based on the track record of their companies, at least one of its directors involved in the previous project must remain in his or her position.
\n\u201cDevelopers can always disappear from Singapore after taking profit\u2026 But if they have a couple of people who are qualified directors, these people would hopefully behave more responsibly and can be held accountable,\u201d noted Ku Swee Yong, Chief Executive, Century 21.
\nThe changes will apply to all new licence applications received from 1 April 2016 onwards.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…URA revises rules for property developers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Construction in Singapore. In a bid to promote accountability and protect the interests of home...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-8186","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-282","jetpack-related-posts":[{"id":64372,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-to-focus-on-smaller-sites\/","url_meta":{"origin":8186,"position":0},"title":"Developers to focus on smaller sites","date":"August 23, 2017","format":false,"excerpt":"\r \u00a0 While homes sales have been on the uptrend, some developers are expected to focus on smaller residential developments at the H2 2017 Government Land Sales (GLS), revealed an Edmund Tie & Company report. This comes as developers try to mitigate the risk of incurring Additional Buyers Stamp Duties\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":101292,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/majority-of-shoebox-apartment-investors-profited-knight-frank\/","url_meta":{"origin":8186,"position":1},"title":"Majority of shoebox apartment investors profited: Knight Frank","date":"November 15, 2018","format":false,"excerpt":"\r Owners of shoebox apartments can expect to enjoy healthy capital gains.\u00a0 About 88.4 percent of resale transactions involving shoebox apartments, units smaller than 50 sq m (approx. 538.2 sq ft), made a profit, according to an analysis of caveats by Knight Frank. \u201cA majority of investors who have put\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51526,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-to-launch-tender-for-queenstown-reserve-list-site\/","url_meta":{"origin":8186,"position":2},"title":"URA to launch tender for Queenstown reserve list site","date":"April 11, 2017","format":false,"excerpt":"\r The site at Stirling Road was triggered for sale after a developer committed to a minimum bid of $685,250,000. (Photo: URA) The Urban Redevelopment Authority (URA) announced yesterday that it accepted an application from a developer to put up a residential site at Stirling Road in Queenstown for sale\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":87014,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-to-adjust-guidelines-if-developers-build-too-many-shoebox-units\/","url_meta":{"origin":8186,"position":3},"title":"URA to adjust guidelines if developers build too many shoebox units","date":"May 3, 2018","format":false,"excerpt":"\r Developers are allowed to build condo units of different sizes, assuming an average size of 753 sq ft. The Urban Redevelopment Authority (URA) said on Wednesday (3 May) that it will intervene, if needed, to prevent property developers from building too many tiny apartments or shoebox units amidst the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":50962,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/wong-ura-grants-exemptions-on-gfa\/","url_meta":{"origin":8186,"position":4},"title":"Wong: URA grants exemptions on GFA","date":"April 5, 2017","format":false,"excerpt":"\r View of apartment buildings in Singapore. The Urban Redevelopment Authority (URA) permits developers to exclude some spaces from the computation of the gross floor area (GFA) to achieve certain planning objectives, revealed National Development Minister Lawrence Wong. \u201cFor example, air conditioner ledges below one metre in width are exempted\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71711,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-must-now-study-traffic-impact-propose-car-lite-measures-for-en-bloc-sites\/","url_meta":{"origin":8186,"position":5},"title":"Developers must now study traffic impact, propose car-lite measures for en bloc sites","date":"November 14, 2017","format":false,"excerpt":"\r There has been an increase in applications from developers for more units to be built on en bloc sites, which could cause traffic problems in future. Residential and commercial en bloc redevelopment proposals must now include a pre-application feasibility study (PAFS) to assess traffic impact and recommend car-lite measures,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/8186"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=8186"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/8186\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=8186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=8186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=8186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}