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Urban Redevelopment Authority (URA)
Circulars

Sub-Sale of Units under Deferred Payment Scheme

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General

31 July 2002

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Our Ref : 141/4-29

Fax : 6321 6596

President
Real Estate Developers' Association of Singapore
190 Clemenceau Ave #07-01
Singapore Shopping Centre
Singapore 239924


President
The Law Society of Singapore
39 South Bridge Road
Singapore 058673

  1. We refer to our circular dated 6 Jun 02 on the procedure for developers to exercise the discretion in extending the Deferred Payment Scheme (DPS) to sub-purchasers.

  2. As the words "Deferred Payment Scheme" (DPS) is made reference to in the relevant pre-approved Clauses in the Option to Purchase and the Sale and Purchase Agreement, we had received requests to provide a definition for DPS to facilitate common understanding. We are thus pleased to provide the definition of DPS as follows:

"Deferred Payment Scheme" means the payment scheme as set out in the Payment Schedule under clause 5 whereby the payment of any part of the Purchase Price is deferred to a date later than that as specified for such part of the Purchase Price in the form of the Sale and Purchase Agreement prescribed by the Housing Developers Rules Provided that any deferment specified in the Payment Schedule for payment of any part of the remainder of the first 20% of the Purchase Price (after the payment of the Booking Fee) to a date not later than 8 weeks from the date of the Option To Purchase given by the Vendor to the Purchaser for the Unit, shall not be deemed to be part of the Deferred Payment Scheme.

  1. If any of your members wish to adopt the definition above, they may do so without further approval from the Controller by inserting it as an amendment to clause 1.1.1 of the Sale and Purchase Agreement.

  2. I would appreciate it if you could convey the contents of this circular to your members. If you or your members have any queries concerning this circular, please contact Ms Low Kien Lay at Tel: 6329 3511 or Ms Ling Hui Lin at Tel: 6329 3537. For your information, our past circulars are available from our website http://www.ura.gov.sg.

Thank You.

PETER TAN GUAN LEONG
for CONTROLLER OF HOUSING
SINGAPORE

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