This is one of major problem of current strata property, the new law that to ensure developer to do the strata title division is long over due.

Without strata title, you cannot transfer the property aka cannot complete the SPA of the property.
All sort of headache and problem without the strata title.

It is like owning an asset without any document to show you are the owner of asset.

some basics:-

before the land is sub-divided, it is under a master title.

once sub-division occurs (meaning the master title is carved up into small parcels of land/unit), you will receive your strata title.

Now, you can sell your land at any time. Even when the condo is under-construction.

So presumably the buyer wants to buy the condo but land yet to be sub-divided. In this case, in order to secure the financing given, the bank will want the borrower to execute a "Deed of Assignment" in the interim pending issuance of strata title.