Temporary Relief Measures for Property Developers

Ohmyhome

Ohmyhome

Share on facebook
Share on email
Share on whatsapp

Temporary relief measures are not only for tenants and home buyers, as about 500 private housing developments in Singapore could benefit as well. Property developers are given a grace period since the COVID-19 pandemic has impacted the construction timelines and curbed home sales.

What are the temporary relief measures for property developers?

While the Temporary Measures Bill is in effect, the following are also extended for six months:

  • The project completion period (PCP) for residential, commercial, and industrial development projects
  • The commencement, completion and sale of housing units in residential development projects relating to the Additional Buyer’s Stamp Duty (ABSD) remission for housing developers
  • The PCP and/or disposal period for residential development projects under the Qualifying Certificate regime for foreign housing developers
  • The sale of the first residential property in relation to ABSD remission for the second residential property bought by a Singaporean married couple

Who is qualified for the temporary relief measures?

To qualify for an extension of the ABSD timeline for completion of the residential development and the sale of all units, a developer must meet these criteria:

  • The land must have been purchased on or before 1 June 2020; and
  • The original timeline for completion and sale of units must expire on or after 1 February 2020.

Keep your family safe during this period by boosting your body’s natural defences.

Working from home? Here are some handy tips to maintain productivity or remain focused even with kids around.


Sources: SRX, The Straits Times

Consult an expert for free!

Send us your details and we’ll be in touch within 15 min (daily 9am to 9pm GMT +8).

or

Contact us your way

Talk to us today. Available daily 9 AM to 9 PM (GMT +8)

Subscribe Now

Get a notification every time we upload a new blog post.

Find out how to transact your home during this period

Buying or selling your property during COVID-19?

Find out how to transact your home during this period

Buying or selling your property during COVID-19?

SHARE WITH YOUR FRIENDS!

Share on facebook
Share on twitter
Share on whatsapp
Share on email

Consult an expert for free!

Send us your details and we’ll be in touch within 15 min (daily 9am to 9pm GMT +8).

or

Featured Blogs

Highlighting unique property views for every Singaporean

get an agent

Sell with an Agent

Dedicated experts at your service

Documentation Services

Leave the paperwork to us

do it yourself

Prefer to do-it-yourself?

Check out how our platform can help

Post a Listing for Free

Download the app and connect with buyers

RESOURCES

Ohmyhome E-Valuation

Know the value of your property in seconds!

Calculate Seller’s Stamp Duty

Find the amount payable when selling

How to Sell an HDB

A step-by-step guide to selling HDB

How to Sell my Private Property

A step-by-step guide to selling condo/landed

OHMYHOME E-VALUATION