![](https://i.imgur.com/CLvY2jA.png")
16-07-2022, 09:23 PM
In 1986 recession several small developer go bust without completion their projects.
The Singapore govt came out with a simple solution:
1. When buyers paay for the property it goes into to an escrow account.
2. As the developer completes different phases it is pay from the escrow.
3. If the developer goes bust some one else takes over completes the project and get paid from the escrow.
4. The developer cannot use the funds for other projects or his own operations until he completes the project get all payments to record profits
In many countries developer can only sell units after completion which is a better system because buyers can check the quality. Singapore should gradually switch to such a system...why allow developer to sell something on paper ...it will drive them to lower quality to improve profits after sales are made.
https://www.bloomberg.com/news/articles/...ge-boycott
The Singapore govt came out with a simple solution:
1. When buyers paay for the property it goes into to an escrow account.
2. As the developer completes different phases it is pay from the escrow.
3. If the developer goes bust some one else takes over completes the project and get paid from the escrow.
4. The developer cannot use the funds for other projects or his own operations until he completes the project get all payments to record profits
In many countries developer can only sell units after completion which is a better system because buyers can check the quality. Singapore should gradually switch to such a system...why allow developer to sell something on paper ...it will drive them to lower quality to improve profits after sales are made.
https://www.bloomberg.com/news/articles/...ge-boycott
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
