Developer Sale Flashcards
Properties covered by Housing Developers (Control & Licensing) Act
Residential (condo, apartment, EC)
You have to follow the Housing Developers (Control & Licensing) Act if you are developing a housing project with more than __ units.
4
Sale or No-Sale License allows developer to start construction and sell after getting:
1. Building plan approval (approved by BCA)
2. Acceptance of the schedule of strata units (strata titled development under Building Maintenance & Strata Management Act)
Sale License
Which department the developer has to file and be accepted of the proposed share values to be allotted in a strata units development?
Commissioner of Buildings
Who issues the Sale or No-Sale License?
Controller of Housing (under URA)
Sale Licence
Paid Up Capital (for company)/
Deposit (for non-company applicants) 金額多少？
less than 50 units: $1M
51-200 units: $2M
201-400 units: $3M
above 400 units: $4M
Sale Licence
Track record of residential project (sizeable residential project overseas also CAN), non-residential projects 不算。
申請公司或公司一位董事(這位申請的董事在項目期間不可以離職）在過去五年完成的units –> allow to build units
less than 10 units: less than 50 units
11-50 units: less than 200 units
51-100 units: :less than 400 units
above 100 units: no restriction
No-Sale License
Min Paid Up Capital is?
Need cash deposit?
Need to open Project Account?
$100k;
no need cash deposit if Paid Up Capital is more than $100k;
no need to open Project Account;
What certificate allow a Singapore company/limited liability partnership/society to acquire and retain residential properties subject to the provisions of the Residential Property Act?
Clearance Certificate
Conditions of Qualifying Certificate
1. Obtain TOP or Certificate of Statutory Completion within __ years from the date of issue of the QC or the collective sale order.
2. Sell all units within __ years from the date of TOP or CSC, which ever is earlier.
3. CANNOT change the shareholding of the developer after QC is issued (needs SLA approval)
4. CANNOT, without approval, sell the vacant land
5. Provide security (Banker’s Guarantee of at least __% of purchase price of land)
5;
2;
10
Extension charge if developer not able to sell within 2 years:
1st year: __% of the purchase price of the land pro-rated on the number of unsold units.
2nd year: __%
3rd year: __%
8;
16;
24
Extension of Qualifying Certificate
If the developer needs an extension of 2 years to complete the development, what’s the extension charges?
1st year: 8% x purchase price+ 2nd year: 16% x purchase price
Under Housing Developers (Project Account) Rules, Project Account is managed by who?
- booking fees and instalment payable by purchaser
- construction loans
Financial institution (i.e. OCBC, UOB, DBS)
What are unauthorized drawdown for Project Account?
-land cost
-development charges
-stamp duty rebates to buyers
Duties of developer
-to submit weekly return of the register of bookings to the __ of __.
-audit account every __ months.
-Act as ___ ___ ___ before the 1st AGM of the estate to manage the estate.
-to open and maintain Project Account
-pay __ charges for all unsold units and sold but not handed over units when the maintenance fund is established. However, grace period is __ months after TOP.
-only use the prescribed OTP and S&P agreement
Controller of Housing;
6;
Interim Management Corporation;
3 months
Developer’s advertisement, these have to be provided:
-name and license number of developer
-tenure of land and encumbrances (if any)
-expected date of __ possession and __ completion.
-location including Lot number and __/__ subdivision.
vacant possession; legal completion;
Mukim/Town subdivision
When the building works are completed, the applicant and the Qualified Person shall apply to who for a Certificate of Statutory Completion (CSC) or a Temporary Occupation Permit (TOP)?
Commissioner of Building Control
Who issue qualifying certificate to foreign developer?
Controller of Residential Property
When buyer who buys uncompleted housing project default in the progress payment, developer has the option to forfeit __% of the purchase price and resell the unit.
20%
Buying commercial property directly from the developer-
Option fee __%
__% of the option money will be forfeited if NOT exercising the option.
Buying residential property from developer-
Option fee __%
__% of the option money will be forfeited if NOT exercising the option.
10%;
50%;
5-10%;
25%
