As reported in September 2016, for de-licensed private projects where the developers offered incentives and discounts to buyers, URA will not include such incentives into the prices when it compiles the regular quarterly price index. The index is computed based on prices from all property sales in the new sale and resale market.
De-licensed projects are those which have obtained the Certificate of Statutory Completion and where individual titles have been issued and thus no longer come under the Housing Developers Rules.
In such a scenario, developers of such projects will have more flexibility to offer creative marketing schemes such as deferred payment, discounts and rebates, and need not provide sales updates to URA.
The affected projects include OUE’s Twin Peaks and Ardmore Three by Wheelock Properties.