DESPITE the recent amendments to the Housing Developers (Control and Licensing) Act, units sold by developers in projects which have been delicensed will continue to escape the radar of monthly sales information submissions to the Urban Redevelopment Authority (URA).
Developers who have obtained a Certificate of Statutory Completion for a private residential project and individual titles for all units in the development may apply to the Controller of Housing (COH) to have the project delicensed. This enables the developer to take out the remaining monies in the project account and close it.
Even prior to the changes to the Act which took effect on April 8, developers were spared having to make monthly submissions to URA on the sales status for such delicensed projects.
As for projects which are still covered by a Housing Developers’ Licence, developers have had to submit to COH each month information such as the number of units sold in the project and their prices, based on information in the options granted.