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Schedules G, H, I & J Amended
After 8 long months of uncertainty and confusion among developers resulting from the amendments to the Housing Development (Control and Licensing) Act in April 2007, the gazetting of the Housing Development (Control and Licensing) (Amendment) Regulations on 1 December 2007 brought some relief to the industry. The amended regulations brought into effect the various changes made to the parent Act earlier, including the extension of defect liability period to 24 months and issue of assignment without prior consent of vendor/proprietor, through the amended Schedules G and H.
The newly introduced Schedules I and J provide the long-waited standard sale and purchase agreement for 10:90 Build Then Sell projects, enabling members who want to give the concept a try to move forward.
The Regulations have now clarified which version of Sale and Purchase Agreement should be adopted after the amendments to the Act in April 2007, and provided the standard agreement format for 10:90 Build Then Sell projects. However, the amendments to some of the clauses therein have caused further concern among developers. For example, the revised schedule of payment of purchase price, requirement for copies of approved plans and annulment of sale and agreement in cases of default by purchasers for 10:90 projects are but three issues of concern. On REHDA’s part, we have brought these issues to the attention of the Minister of Housing and Local Government, and we believe remedial changes will be made in due cause.
Meanwhile, we hope members with new launches will familiarize themselves with the newly amended schedules to avoid practices of non-compliance. REHDA, through its training and education arm, REHDA Institute, will endeavour to organize briefing sessions on the amendments to help members understand the clauses better and at the same time, provide members’ feedback and input to relevant authorities.