In a bid to ensure transparency, Parliament recently amended the Housing Developers Act enforcing strict regulations on marketing and information disclosure.
With the new laws, developers can no longer portray showflats that look larger than the end product through the use of glass panels instead of higher ceilings or brick walls, reported news portal Asiaone.
Furthermore, transaction prices reported should reflect all forms of rebates and discounts, including stamp duty refunds and furniture vouchers.
Errant developers could be fined up to S$100,000, and have their showflats inspected and if needed closed down, by the Government.
Senior Minister of State (National Development) Lee Yi Shyan, said the Bill will safeguard the interest of home-buyers and also enhance professionalism within the residential property industry.
“A home is, in most cases, the single largest investment in one’s lifetime. It is only right that home-buyers are provided with the appropriate tools and legal safeguards to make informed decisions,” he said.
Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email firstname.lastname@example.org