The new guidelines that limits the option validity period to 3 weeks takes effect on the 28 Sep 2020. Extension can be granted by the Controller of Housing on a case by case basis for up to 12 weeks. This new guideline will not be retrospect to options issued prior to 28 September and aims to ensure buyers practice financial prudence in purchasing their residential home. This move also aims to ensure accuracy in the reporting of developers’ sales figures.
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