Singapore real estate law
Reselling purchase option is against the law, says the URA

On July 5, 2000, the whole development of the Teneriffe cluster houses in Garlick Avenue, a residential area where bungalows rent from $20,000 a month, were sold out in one day.   Subsequently, there were offers of $50,000 or more from others. 

URA says that it is illegal to resell the purchase option.  The Housing Developer's Rules state that the option granted by the housing developer is not "assignable" or "transferrable". 

Therefore, if you use "your name and/or nominees", it is still against the law.  You can only sub-sell the property after you have signed the Sales & Purchase Agreement. By then, you will have put down 20% cash or 10% cash in 2003 and have paid the stamp fees which can be considerable.

However, it is interesting to note that the practice had been going on for years prior to 2001 and there is no judicial penalty mentioned.

It will be interesting if readers can email judy@asiahomes.com to give us your legal views.  

MANY RENTAL PHOTO ADS
CLICK  FOR RENT TO EXPATS »

Tel: +65 9668 6468, 6254 3326, 6254 2728, 9668 6469, 9760 6466.  email judy@asiahomes.com now!

Asia USA Realty (Singapore) asiahomes.com 
Pte Ltd.  Website:  asiahomes.com. 
House Agent's Licence No. AD041-07306B

Blk 1002, Toa Payoh Lor 8, #01-1477,
Singapore 319074, Republic of Singapore

Mobile Tel: +65 9668 6468, 9668 6469 
Tel: +65 6254 3326, 6254 2728
Fax: +65 6256 0501, 64545 843
Email: judy@asiahomes.com