Regulating the Sale of Residential Flats by Legislation

44.     Last year, I proposed regulating the sale of residential flats by legislation.  The steering committee set up by the THB has submitted its proposals.  In addition to putting all uncompleted residential properties under the scope of regulation, the proposals also cover regulatory requirements on sales brochures, price lists, floor area information, show flats, transaction information and sales arrangements, as well as penalties and the enforcement mechanism.  We will consult the public by issuing a white bill next month.  The THB will seek to have the legislation enacted next year.  Honourable Members, I look forward to your full co-operation and support for the introduction of a statutory regulatory mechanism.

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