On 29th Sep, URA has announced that they will restrict the re-issuing of options to purchase (OTPs) to the same buyer for the same unit within 12 months of expiry. These new restiction written into the law would:

1. Restrict developers from providing upfront agreement to buyers to re-issue the OTP and
2. Restrict developers from re-issuing the OTP for the same property, to the same buyer, within 12 weeks after the expiry of the earlier OTP

Sometimes, when you are not in the industry, I did not comprehend the ramifications of these changes. My friend has to explain to me what it all means. Typically, when I buy a property, the transaction starts with obtaining an option to purchase or OTP and a deposit of 1 to 5% of the property price. I would have 14 to 21 days to exercise the OTP, meaning I would have to cough out the rest of the amount needed for the downpayment....