Normanton Park is shaping up to be one of the hot launches of 2021. It’s close to the One-North tech hub, an area where housing options have been few to date; and we won’t be too surprised if investors and home owners are both lining up. But by now, you may also have heard about previous “issues”, and its former no-sale license.
Should that matter to buyers at all? Let’s shed some light on the issue, and you can make your own decision:
What is a no-sale license?
There are two kinds of license a developer can receive, with regard to sales. The first is the typical Sale License; this allows developers to start selling units as soon as the Building Development Plan is approved by URA.
The second type of license, which is much rarer, is a no-sale license. This means the developer can start building, but cannot start selling units until after receiving the Temporary Occupancy Permit (TOP)....