Commercial and Industrial Buildings - Selection of Application and Commencement of Project

• In deciding whether to select a particular application for further processing, URFS will consider:
  • whether all the application requirements stated in this website have been satisfied;
  • the available manpower and financial resources of URFS at the relevant time;
  • whether the application has passed the test of financial viability; and
  • other relevant factors including but not limited to building conditions, planning considerations, property ownership structure and project implementability.
• The Coordinator will be notified by URFS in writing of the outcome of their application within 3 calendar months from the date of receipt of the duly completed and signed Application Forms.
• For an application which has been selected for further processing, URFS will enter into a Facilitation Agreement with each of the applicants and each of the other owners in the Application Site who participates subsequently. The Facilitation Agreement will detail the rights and obligations of URFS and of the owner who has signed the Facilitation Agreements.
• The selected application will become a facilitation project ("Facilitation Project") once the percentage of undivided shares of the owners signing the Facilitation Agreements reaches 50%. URFS will advise the applicants in writing the date of commencement of the Facilitation Project ("Project Commencement Date").
• If however the percentage of undivided shares of the owners signing the Facilitation Agreements cannot reach 50% within 1 calendar month from the date of the written notification mentioned in Para. 2 above, URFS will not process the application further and all the signed Facilitation Agreements will be terminated.