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.
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Sources: SRX, The Straits Times