Last Friday, Singapore’s Urban Redevelopment Authority (URA) said more than 10,450 private homes and apartments sold under the Deferred Payment Scheme (DPS) but those are till now incomplete by the end of November. In a statement the URA said, among those, 4,560 properties will be completed upcoming year whilst other 2,540 homes will be completed in the year of 2010. With declining house worth amid the global economic crisis, there are some concerns whether property buyers will be forced to back their houses and apartments to developers, because the buyers may not have sufficient money to complete their contracts.
Channel newsasia’s, local media, says, housing market watchers said they do not expect buyers to sell their homes below market value. They said property buyers would still capable to get good returns as the houses were bought when the worth were still relatively low. The Deferred Payment Scheme (DPS) was introduced by the Singapore government in the month of October 1997 and withdrawn in October 2007. During this time, developers of 605 private housing projects, which comprising 72,384 units were granted sanction to offer the DPS in the sale of the units. According to the scheme, developers could offer to buyers of uncompleted private residential properties the opportunity to defer progress payments due after the opening 10% to 20% down payment to a later stage.
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February 9th, 2009 at 7:49 am
The global financial crisis has hit the real estate industry bigtime and homeowners are having a really hard time, especially those who have unpaid mortgages.