Real estate consultant Kiwi Lim from Huttons Asia Pte Ltd believe these new timely relief measures will prevent developers from being pressured to offer steep discounts due to Covid-19 effect on the market.
(i) Extension of the Project Completion Period (PCP) by 6 months for residential, commercial and industrial development projects;
(ii) Extension of time by 6 months for the commencement and completion of residential development, and sale of housing units in residential development projects in relation to the remission of the Additional Buyer’s Stamp Duty (ABSD) for housing developers;
(iii) Extension of the PCP and/or disposal period by up to a total of 6 months for residential development projects under the Qualifying Certificate (QC) regime for foreign housing developers
(i) The land was awarded on or before 1 June 2020, or the land was directly alienated or had their lease renewed by SLA on or before 1 June 2020; and
(ii) The original timeline for the project to be completed was on or after 1 February 2020.
Eligible developers will be notified by the respective agencies. No application is necessary.
To qualify for the extension of the specified timeline for commencement of residential development, both of the following conditions are to be met:
(i) The land was purchased on or before 1 June 2020; and
(ii) The original timeline for commencement of the residential development expired on or after 1 February 2020.