“Whoever doesn’t take risks is… There is no apartment in the new building”.
To paraphrase the well-known expression, Tengah Garden experts are now considering the “pitfalls” that affect depositors in primary real estate.
The danger of “freezing” construction
One of the biggest risks for the investor in the construction of housing is the suspension and subsequent freezing of the construction of an apartment building. Such situations often lead to a long wait for an apartment and even litigation, in which the investor can win, and the developer, say, enter the bankruptcy phase during this time.
The freezing of the construction of a new building is mainly due to the image and financial problems of the construction company. Therefore, before volunteering to invest in housing in a new building, the depositor needs to carefully find out with whom he will finalize the deal.
Construction company does not comply with construction standards
Another risk when buying an apartment in a new building is that the developer does not comply with the established norms for the construction of housing, which jeopardizes the completion and commissioning of high-rise buildings.
Such “sins” of the construction company, in particular, include:
- Non-compliance of the property with permits (for example, a construction organization builds an apartment building, and according to the documents agreed on the construction of the hotel).
- Exceeding the limits of the permitted number of storeys (instead of the allowed, for example, six floors, the developer builds seven, and your apartment is on the “ghost floor”: in fact it is, legally it is not).
- The construction company does not have the right to own or use land (for example, the land plot on which the high-rise building “grows” is leased or even in a sublease, the term of which expires and the other party does not agree to extend it).
The developer does not fulfil the terms of the contract
The next risk for the depositor in the primary real estate market is the failure of the construction company to fulfil the terms of the investment agreement. It is about the risk of getting not the housing you expect, and not in the agreed time frame.
- Malicious non-compliance with the deadlines for the delivery of a new building (for example, an agreement with the developer contains data when a multi-storey building will be rented out, and the construction office will delay the completion of construction for years).
- Failure to comply with the agreements on the condition of the apartment (according to the agreements with the construction company, your apartment provides for the installation of high-quality windows, doors with an increased degree of protection, etc., and during the delivery of housing you find out that the developer did not keep his word).
Tips to avoid risks when buying an apartment in a new building
To keep yourself protected from fraud, it is better to rely on developers who have years of experience in developing quality residential complexes with deluxe amenities. Tengah Garden EC floorplan is attracting many wealthy Singaporeans due to exclusive common facilities like Sun deck pool, pavilion, swimming pool, gymnasium, drop off area, outdoor shower, feature screen wall and many more. Not only this, Tengah Garden condominiums are in close proximity to famous schools, hospitals, polyclinics, shopping centres, restaurants and malls.
Tengah Garden EC floorplan will have 628 units distributed among 12 blocks, each having 14 storeys. You can visit the website for further details.
Study reviews about the developer
Before starting cooperation with a construction organization, you should familiarize yourself with its reputation. The general opinion about Tengah Garden EC developer is formed on the basis of reviews about him on thematic Internet platforms, past work by the developer, websites of the developer or his pages in social networks.
Check the documents that the developer should have
For each real estate construction company is obliged to form the so-called folder of documents:
- Permits for the construction of real estate;
- Constituent documents of the organization-developer;
- A sample of a cooperation agreement with the investor.