Wonder how the construction industry is coping with the cooling measures and COVID-19 pandemic?
On 4 March 2020, the Building and Construction Authority (BCA) advised government agencies to take a sympathetic view of construction project delays and grant requests for extension of time for their completion.
The government has also sought the support of the Real Estate Developers’ Association of Singapore (REDAS) for private sector developers to take the same view as well.
Current real estate rules stipulate that property developers must fully sell all residential units in five years to qualify for an upfront remission of the 25% Additional Buyer’s Stamp Duty (ABSD) that is imposed on the purchase price of the land.
“We will continue to monitor the situation. If delays are prolonged, we will consider whether additional measures are necessary,” said Mr Zaqy Mohamed.
On 18 April 2020, the Ministry of Manpower (MOM) has announced that work permit and S Pass holders in the construction industry will be on 14-day stay-home notices (SHN) from 20 April 20 to 4 May 2020 to prevent further transmission of the coronavirus at work sites. There are 284,300 work permit holders in the construction industry. Dependant Pass holders of these workers are also to be on stay-home notice.
Construction work has generally ceased except for essential services such as those in progress for critical public infrastructure, maintenance, and services to ensure public safety. Emergency repairs and maintenance work are also allowed during the circuit breaker period.
With this new mandate causing further delays to building under construction projects, will additional measures be necessary?
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