SINGAPORE-Property buyers who have difficulties in making payments because of the Covid-19 pandemic can get temporary reprieve under a new law that gives individuals and businesses more time to satisfy contractual obligations.
But only agreements between home buyers and developers for private housing and Housing and Development Board are covered. Like other contracts covered by the Act, these contracts must have been entered into before March 25, with payments due on or after Feb 1. The latest changes come after MinLaw received feedback that some home buyers who have entered into these agreements are facing difficulties making payments because of Covid-19, and as a result, risk lose their booking fees or deposits.
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