Building, Real Estate, Construction and Housing
Construction of a building project is deemed to have commenced when a permit to commence building works in respect of that building is issued by the Commissioner of Building Control.
A building project is deemed completed when the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) in respect of that building is issued by the Commissioner of Building Control. Completed properties are referred to as the existing stock.
Building Plan Approval
Refers to the approval granted by the Commissioner of Building Control in respect of building plans and specifications submitted in accordance with the prescribed building regulations in force.
Refers to the full contract awarded to the main contractor by the developer or owner even though part or all of the works may be further sub-contracted to other contractors.
Gross Floor Area
Refers to the covered floor space (whether within or outside a building and whether or not enclosed) measured between party walls, including thickness of external walls and any open area used for commercial or industrial purposes.
Nett Floor Area
Refers to all covered floor space available on an exclusive basis to occupiers in a building excluding common areas viz: staircases, lifts, common passageways and corridors.
Progress Payments Certified
Refers to the value of all construction works done and certified for progress payment. Where construction works are carried out by the developer or owner himself and the architect does not certify progress payments, the expenses incurred on the construction work are taken to be the progress payments certified.
Refers to the conditional approval granted by the Minister for National Development or the Competent Authority to develop any land subject to conditions in accordance with the development rules in force.
Refers to the approval granted by the Minister for National Development or the Competent Authority to develop any land subject to conditions in accordance with the development rules in force.