Huge relief on completion, sales, ABSD, and QC deadlines for developers

    • The government has taken temporary measures to provide some relief to the property developers as the Covid-19 outbreak has badly affected the construction timelines and ruined the sales.
    • Let’s have a look at the temporary measures that have been enforced with an immediate effect:
      • Project completion period (PCP) has been extended for 6 months for residential, commercial, and industrial development projects.
      • Commencement, sale, and completion has been extended for 6 months for housing units in residential development projects related to Additional Buyer’s Stamp duty (ABSD) revocation for housing developers.
      • Residential development projects under the Qualifying certificate regime for the foreign housing developers will get a relief of up to 6 months on PCP and/or disposal period.
      • A half yearly extension for the sale of the first residential property by a Singaporean married couple in relation to ABSD remission for the second residential property bought by them.
    • There are certain criteria that must be fulfilled by developers and individuals in order to benefit from the relief measures. For example, the land must have been purchased on or before June 1, 2020 and the original timeline for completion and sale of units must expire on or after Feb 1, 2020 in order to apply for the extension of the ABSD timeline for completion of the residential development and the sale of all units.
    • The Ministry of National Development, Ministry of Trade and Industry, Ministry of Law, and Ministry of Finance released a joint statement: “The government will continue to ensure that prices for private residential properties will remain consistent along with economic fundamentals.” They also mentioned that existing measures will remain as they are.
  • The developers will have to provide relief and support to their direct main contractors on their part.

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