The HDB said developers of executive condominiums (ECs) are not allowed to offer buyers incentives if they have not booked a unit, reported The Business Times.
Developers should also engage independent auditors to look into their sale processes and make sure they fulfil their obligations.
While they may choose the mode of sale and engage marketing agents to handle the process, EC developers must comply with the Conditions of Tender and the Building Agreement in order to conduct the sale of their units transparently and fairly.
Points to ponder: What are the reasons behind these pre-sale incentives offered by the EC Developers? Because actual sales were sluggish?