The government is doing all it can to cool property prices, with the latest steps having stiffer laws to ensure that developers do not mislead in terms of price and space.
When reporting prices, developers must now reveal all discounts, including furniture vouchers and stamp duty reimbursements. This ensures transacted prices for new projects are not artificially inflated – a practice that misleads prospective buyers.
Also, showflats can no longer be made to look more spacious than the finished product, such as through the use of higher ceilings or glass panels in place of brick walls.
Steps to ensure transparency in home sales (Straits Times)
Another step targets the collection of blank cheques ahead of project launches.
But this step, which was announced a few days ago, made me quite amused.
URA reviewing key index of private home prices (Straits Times)
If you can’t control prices, control the way that the private property price index is calculated!
An analogy to this would be fund managers changing their fund benchmark to make their fund look good.