New laws to avoid misrepresentation by property developers who tend to make show flats “appear” bigger than they truly are, because of some interior design tricks like removing of walls to “combine” rooms which have been commonly used by developers to make cramped spaces look “Bigger”. This will no longer be permitted with amendments to the Housing Developers Act.
Transaction prices reported will also have to reflect all forms of discounts and rebates, including furniture vouchers and stamp duty refunds – to counter any artificial inflation of prices by developers.
The amendments give the Government greater power to punish errant developers – with fines up to $100,000 and the power to inspect and, if necessary, close showflats, among other measures.
This will create greater transparency and professionalism of the real estate industry.