Local governments warned on speculation rules

PUBLISHED : Wednesday, 22 December, 2010, 12:00am
UPDATED : Wednesday, 22 December, 2010, 12:00am

The Ministry of Land and Resources has urged local governments to implement strictly measures to curb property speculation. When land parcels are sold for 50 per cent more than the starting price or plots are auctioned for new highs in total price or per gross floor area, local governments must report to provincial land authorities and the ministry within two working days of the deal being confirmed. The ministry also said land designated for affordable housing must not be used for other purposes, and violations would leading to confiscation of such plots.