Developer

Controller of Housing grant licence
- Sale = Can sell before TOP
  - Min paid-up capital $1M
- No-sale
Must submit monthly Booking Register
Max dwelling units (DU) = GFA / 85sqm
- 9 exception areas with GFA / 100sqm eg. Marine Parade
- Min 20% >100sqm
  - Exception Central >70sqm
- Max 20% <50sqm

OTP

Standard format of Option, Sale and Purchase Agreement under Housing Developer’s Act
Developer maintain Project Account
- Hold purchase $, loans
Name to be approved by Street and Building Names Board (SBNB)
Comm 1-5%
Cannot assign to another purchaser
- Though controller can consider for deletion, adding of immediate family
Vacant possession date = expected date, not legal

OTP = Pre-contract
- Option = Booking fee is 5% for new
- Appoints a lawyer, arrange for CPF financing
- Within 2 weeks, developer lawyer will send S&P to purchaser lawyer
S&P
- Expire 3 weeks from the date of receipt
- Must sign and return to developer
- If not, forfeit 25% of booking fee
- Extend OTP up to 12 weeks
  - Only if valid reasons, can email to URA
- To pay another 15% (total include booking fee is 20%) within 8 weeks from date of option
- To pay stamp duty within 14 days of the contract
Pays balance or progressive payment
TOP (handover keys)
Completion of Sale = Legal title is issued
- At the developer’s lawyer office
Certificate of Statutory Completion (CSC)
- For the building

Progress	Percentage of Price
Obtain OTP	5%
Sign S&P	15%
Foundation work	10%
Reinforced concrete framework	10%
Brick walls	5%
Ceiling/Roofing	5%
Door/Window/Plumbing/Wiring	5%
Carparks/Roads/Drains	5%
TOP	25%
Title-CSC-12m defects	2-8-5% = 15%

Late payment: Base interest +2%
- Repudiated: 14 days + 21 days notice
- Forfeit 20% of purchase price + interests, from the payment thus far
Survey
- If > 3% different in area stated, reduce purchase price in excess of 3%
Subsale: Before issue of CSC and title
- OTP with “and/or nominee(s)”
- Can sell OTP to sub-purchaser
- Sub-purchaser sign new S&P with developer
Legal fee: payable by cash/CPF

Need majority consent of > 80%
- If < 10yo, then > 90%
- Age is based on TOP/CSC
- Obtain within 1y
Factors
- Share Value
- Sqft
- Market Value
- Does NOT account level, facing
Repeated attempts after a failure:
- 1st attempt within 2y, need > 50% SP
- Subsequent within 2y, need > 80% SP
- Fail = defeated, not enough quorum, agreement expired