According to Singapore HDB, developers of executive condominiums (ECs) are not permitted to offer incentives to property buyers if they have not booked a unit, The Business Times reported.
Developers should also consider hiring independent auditors to inspect sale processes to make sure they perform their obligations.
Since developers may hire marketing agents to handle the process and choose the mode of sale, developers must comply with the Building Agreement and Tender Conditions, in order to manage the sale of their units fairly and transparently.
The HDB and the Ministry of National Development (MND) take a serious view of any developers malpractice. Every feedback on EC developers malpractice or marketing agents malpractice is fully investigated. The authorities will not think twice to take disciplinary action against errant members, according to HDB spokeswoman.
Property developers are in charge of processing and managing the applications, while the HDB counter-checks the buyers income and supporting documents to verify if they meet the eligibility standard.
Singapore upcoming executive condominiums (ECs) includes Parc Life EC, Northwave EC and Treasure Crest EC.
