A new bill requiring developers to provide detailed information in sales brochures for unfinished flats is receiving a mixed response from industry players.
Developers are monitoring the legislation, which would make them liable to a maximum fine of $5 million for failing to provide specified information.
The Sales Descriptions of Uncompleted Residential Properties Bill will require developers to provide information such as floor area, fixtures and fittings, location plan, layout plan, floor plan and even financial and mortgaging arrangements.
The bill will also give a new definition of 'building area', replacing 'gross floor area', commonly used in sales brochures but not standardised.
The term 'building area' will refer to the saleable area of a property plus apportioned common areas that must be listed separately to increase transparency.
Developers must also include 'internal floor area' in brochures and indicate the thickness of structural walls in the unit.