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Thread: Information on private housing units sold under the Deferred Payment Scheme

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    Default Information on private housing units sold under the Deferred Payment Scheme

    The Urban Redevelopment Authority (URA) released today information on private housing units sold under the Deferred Payment Scheme (DPS).

    BACKGROUND

    The DPS was introduced by the Government in Oct 1997 and withdrawn in Oct 2007. Over this period, developers of 605 private housing projects, comprising 72,384 units, were granted approval to offer the DPS in the sale of the units. Under this scheme, developers could offer to purchasers of uncompleted private residential properties the option to defer progress payments due after the initial 10% - 20% downpayment to a later stage. Details of payment schedules under the typical DPS and the standard Progress Payment Scheme are given in Annex 1.

    The number of units sold under the DPS is less than the total number of units in projects for which developers have been granted approval to offer the DPS (or “DPS-approved projects” in short). This is because developers may choose not to offer the scheme to purchasers or some purchasers may not choose to buy units under the DPS. Developers may also not extend the scheme to sub-purchasers even if the original purchasers had bought the units under the DPS.

    To provide transparency on the number of units sold under the DPS, URA recently conducted a survey among property developers of uncompleted DPS-approved projects. The results of the survey are given below.

    SALIENT INFORMATION ON DPS UNITS

    In total, developers of 605 private housing projects, comprising 72,384 units, were granted approval to offer the DPS.

    As at 30 Nov 2008, 48,814 units (or about 67%) of the 72,384 units have since been completed1. There are hence 23,570 uncompleted units in 181 DPS-approved projects remaining.

    Of the 23,570 uncompleted units in DPS-approved projects, 18,208 units have been sold2, 1,521 units have been launched for sale but unsold and 3,841 units have not been launched for sale.

    Of the 18,208 units which have been sold, 10,450 units (or about 57%) were still under the DPS as at 30 Nov 2008. This number may change over time as the developers may not extend the scheme to sub-purchasers when the original purchasers sub-sell the units. It also depends on whether the buyers of the remaining units that are not launched or sold yet are offered the DPS or choose to take up the scheme. These figures are summarized in Annex 2.

    The distribution of the 10,450 units still under the DPS (or “DPS units” in short) by different market segments, i.e. Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR), as well as the number of DPS units expected to be completed by year between 2008 and 2013 are given in Annex 3.

    The number of DPS units expected to be completed in each year is compiled based on the expected completion dates of the corresponding projects declared by the developers of these projects in URA’s survey conducted in 3Q08. Going forward, the expected completion dates could change with adjustments in the construction schedules of the projects.

    The data is provided to enable the public to make a better informed assessment of the private housing market. This information was provided by developers in confidence and with the understanding that data for individual projects would not be released to the public. Hence URA is only releasing aggregated data and not data for individual projects.


    1A project is deemed to be completed when the developer obtains the Temporary Occupation Permit (TOP) or the Certificate of Statutory Completion (CSC).
    2The units in these DPS-approved projects were sold by developers over the period from 2005 to 2008.

    Excerpt from URA website on 19 December 2008
    Attached Files Attached Files

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