The country is set to implement a first-build-first-sell policy, which means developers will need to complete at least 10 percent of their homes before they can open them for sale.
According to the Minister for Housing and Local Government’s statement in Parliament, the government is expected to introduce amendments to the Housing Development (Control and Licensing) Act 1966 in the third quarter of 2022, and plans to start implementing the first-build, first-sell policy in 2023.
Nowadays, many developers start selling houses before they start building them, and people can only understand how the houses are built through drawings. But this situation may be phased out from 2023 onwards. The government will make it mandatory for developers to adopt a 10:90 build-first-sell scheme, which means that developers will need to build 10 percent of the homes before they can open them for sale.
As the country’s economy is still affected by the new pneumonia epidemic, it is not appropriate to mandate developers to adopt the build first, sell later option. The government will study in-depth how to implement this policy.
In the National Housing Policy 2018-2025, the Department of Housing and Local Government has outlined an action plan, which is a phased transition from sale before build to build before sell.
