Question 11
Why is the application deposit determined at 5% of the minimum price?
Answer11
This is to be consistent with the tender deposit of 5% of the tendered land price stipulated for government sale sites.
Question 12
The tender period of 4 weeks may be too short for big sites where developers may need more time to source for financial arrangement and/or joint-venture partnership.
Answer 12
The tender period of 4 weeks for reserve sites is applicable only to routine residential sites. For big complicated sites like the New Downtown site, the tender period will be longer, between 8 to 12 weeks.
Question 13
Can the period between the dates of signing the Agreement and sales launch be shorter than 6 weeks?
Answer 13
In most cases, the government will launch the reserve site for sale within 2 weeks after the date the Agreement is signed. The 6 weeks period is for contractual purposes and to allow for contingency in case of unexpected delays.
Question 14
Will subsequent applicants who submit applications between the time an application is accepted and before a site is launched for sale run the risk of their bids being made known to others?
Answer 14
We will not process any subsequent applications once an application has been accepted for a reserve site. All subsequent applications will be returned to the applicants unopened. Developers can be assured that their applications will be kept strictly confidential.
Question 15
Will the government allow an applicant to withdraw from the application, if the market conditions turn bad?
Answer 15
No, if the applicant withdraws his application after the Agreement is signed, the deposit furnished by him will be forfeited.