DO YOU KNOW?
Most commercial property ( e.g SOHO, SOFOs, SOVOs, or Flexi/Designer Suites etc.) is not regulated under Housing Development (Control and Licensing) Act 1966 (HDA).
The Housing Development (Control and Licensing) Act 1966 (HDA) places strict standards on developers and offers several layers of protection to home buyers. Home buyers’ interests are better assured and the possibilities of abandonment or being cheated of housing development projects are significantly eliminated.
Under the HDA, developers and buyers sign a standard S&P agreement. The agreement’s terms are set by law and non-negotiable. This applies to both condos and serviced apartments. However, there is no standard S&P agreement for the other types of properties mentioned above, it’s only governed by the contractual documentations entered between the purchaser and the developer.
The only legally-binding conditions on such commercial property developers are found in the S&P agreement. So if you do decide to go ahead and buy such a property, read the agreements carefully to make sure they are fair and choose your developer wisely!
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