Normanton Park hit with ‘no-sale licence’ – what it means for the developer. YahooFinance
However, the new launch at Normanton Park is likely to be delayed. In January 2019, the Controller of Housing slapped the developer Kingsford Huray Development with a no-sale licence “as the company had failed to meet the requirements for a sale licence”, says an Urban Redevelopment Authority spokesperson in an email response to queries from EdgeProp Singapore.
The former Normanton Park has been approved for the development of 1,863 apartments, 19 strata landed houses and eight commercial units on the site.
COH’s requirement for a developer to obtain Quality Mark certification for a project to be licensed is to assure homebuyers that “their housing units are constructed and finished to a reasonable standard of quality”, says the URA spokesperson. The COH’s no-sale licence is to ensure that the developer is able to meet requirements such as “track record of completing a project satisfactorily”, adds URA.
Cui’s Kingsford Development followed this up by topping seven other developers to win two adjacent 99-year leasehold residential sites at Upper Serangoon View at another GLS in 2013. He paid a total of $460.4 million for both sites, which were amalgamated and developed into Kingsford Waterbay. The project with 1,157 apartments, six strata terraced houses and two strata semi-detached houses fronting Sungei Serangoon obtained Temporary Occupation Permit at the end of November 2018.
Kingsford Huray isn’t the first to be asked to stop the sale of units. In December 2012, Chinese developer Hao Yuan Investments was told to halt the sale of units at its 653-unit Forestville executive condo in Woodlands. This was after 1,201 applicants had balloted for units on the first day of sales. However, the developer had to close its showflat and was not allowed to issue any options to purchase.
“The URA had referred cases relating to the Normanton Park to us,” according to a spokesperson with the Council for Estate Agencies , the regulatory body for the real estate agency industry. “Investigations are ongoing and CEA will not hesitate to take action against property agencies or agents who do not comply with our regulations.”
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