Singapore said late on Friday it would no longer allow developers to offer home buyers the ability to delay payments on up to 90 per cent of their purchases.
'In view of the current buoyant property market, the Government has decided to withdraw the deferred payment scheme for the sale of uncompleted private residential and commercial properties with effect from 26 Oct 2007,' Singapore's Urban Redevelopment Authority said on its website.
Such deferred payment plans have been key to driving the property market's growth, with up to 90 per cent of buyers in some projects opting for them. -- REUTERS
Source : Business Times - 26 Oct 2007
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