Property discounts in the spotlight as new developer rules kick in

It will help buyers make smarter choices.

Developers are known to dangle a wide array of discounts to get buyers to commit to their units. However, changes to the Housing Developers (Control and Licensing) Act have put these marketing tactics under the spotlight.

The Urban Redevelopment Authority (URA) yesterday announced that under the amended rules, developers will be compelled to indicate the value of any discounts offered to buyers.

Colliers noted that this will be the “most meaningful data” for consumers as it will help buyers decide the discounts that will be most beneficial to them.

“Prior to the availability of such information, the level of “discounts” has always been difficult to quantify and ascertain among the different newly-launched projects. With more detailed information, individual buyers can decide for themselves which type of discounts are the most beneficial to them, in real value terms,” said Chia Siew Chuin, Director of Research & Advisory at Colliers International.