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WEDNESDAY, NOVEMBER 6,
1991
WHICH THE GOVERNMENT HAD REAL ESTATE DEVELOPERS
THE MEASURES INCLUDED THE ONES ON RECENTLY REACHED AGREEMENT WITH THE ASSOCIATION WITH REGARD TO THE REQUIREMENT OF DISCLOSURE OF INFORMATION ON ALL INTERMEDIARY SALES OF EQUITABLE INTEREST IN PROPERTY, AND MEASURES TO REGULATE THE RE-SALE OF PRIVATELY ALLOCATED UNCOMPLETED FLATS.
ON THE NEED TO REQUIRE DISCLOSURE OF INFORMATION, MR BARNES SAID THE INFORMATION DISCLOSED WOULD FACILITATE BETTER RECORD KEEPING, AND WOULD BE USEFUL FOR TAX OR STAMP DUTY PURPOSES.
HE SAID THE TERMS OF THIS MEASURE WERE BEING FINALISED FOR INCORPORATION IN THE REGISTRAR GENERAL (LAND OFFICER) 'S CONSENT SCHEME FOR IMPLEMENTATION WITHIN THIS MONTH.
REGARDING THE RE-SALE OF PRIVATELY ALLOCATED UNCOMPLETED FLATS, HE DISCLOSED THAT TO BEGIN WITH, THE MEASURE WOULD STIPULATE THAT NOT MORE THAN 50 PER CENT OF THE RESIDENTIAL FLATS FOR WHICH CONSENT HAD BEEN GRANTED MIGHT BE EARMARKED BY DEVELOPERS FOR PRIVATE OR BULK ALLOCATION.
FOR PARTIES ALLOCATED TWO OR MORE UNITS THROUGH PRIVATE PLACEMENT, THERE WOULD BE NO RE-SALE WITHIN THREE MONTHS FROM THE SIGNING OF THE FORMAL SALE AND PURCHASE AGREEMENT.
THEREAFTER AND BEFORE ISSUE OF THE OCCUPATION PERMIT, BULK RE-SALE, THAT IS, THE RE-SALE OF ALL THE UNITS WHICH HAD BEEN BOUGHT PRIVATELY TO A SINGLE PURCHASER WOULD BE ALLOWED.
HOWEVER, MR BARNES NOTED THAT ANY OTHER FORM OF RE-SALE WOULD BE SUBJECT TO FURTHER CONDITIONS IMPOSED BY THE REGISTRAR GENERAL (LAND OFFICER).
HE EXPLAINED THAT THE MEASURES GOVERNING THE RE-SALE OF PROPERTIES ACQUIRED THROUGH INTERNAL OR PRIVATE ALLOCATION WERE AIMED AT PREVENTING THE CREATION OF A SECONDARY MARKET.
THE TERMS OF THE MEASURES WERE NOW BEING FINALISED UP BY THE REGISTRAR GENERAL (LAND OFFICER) IN CONSULTATION WITH THE REAL ESTATE DEVELOPERS ASSOCIATION WITH A VIEW TO IMPLEMENTATION AS SOON AS PRACTICABLE, HE ADDED.
TURNING TO OTHER MEASURES, MR BARNES SAID THERE WOULD ALSO BE SOME REFINEMENTS TO THE CONSENT CONDITIONS ALREADY IN OPERATION.
"WITH IMMEDIATE EFFECT, ALL DEPOSITS FOR THE PURCHASE OF UNCOMPLETED FLATS HAVE TO BE MADE IN BANK DRAFTS AND NO CHEQUES WILL BE ACCEPTED.
"THIS SHOULD PLUG A LOOPHOLE WHEREBY SOME PEOPLE SIMPLY REGISTER WITH A CHEQUE WITHOUT SUFFICIENT MONEY IN THEIR BANK ACCOUNT AND DEPOSIT THE NECESSARY MONEY ONLY IF THEY BECOME SUCCESSFUL IN THE BALLOT FOR SELECTING FLATS.
IT
"BY MAKING IT MANDATORY THAT ONLY BANK DRAFTS ARE ACCEPTED, WILL DETER FRIVOLOUS REGISTRATION OR MULTIPLE REGISTRATIONS, НЕ POINTED OUT.
/COMMENTING ON