{"id":114099,"date":"2020-02-07T09:37:49","date_gmt":"2020-02-07T02:37:49","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/public-listed-developers-welcome-qualifying-certificate-exemption\/"},"modified":"2020-02-07T10:18:21","modified_gmt":"2020-02-07T03:18:21","slug":"public-listed-developers-welcome-qualifying-certificate-exemption","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/public-listed-developers-welcome-qualifying-certificate-exemption\/","title":{"rendered":"Public-listed developers welcome qualifying certificate exemption"},"content":{"rendered":"


\nPublic-listed companies with \u2018substantial connections to Singapore\u2019 can now be exempted from the QC regime.
\nSingapore-listed property developers welcomed the government\u2019s move to exempt publicly-listed housing developers from the Qualifying Certificate (QC) regime, if they have \u2018substantial connections to Singapore\u2019, according to a statement by the Ministry of Law on Thursday (6 Feb).\u00a0
\n\u201cWe welcome the move by Ministry of Law as it now recognises publicly-listed housing developers with a substantial connection to Singapore to be treated as Singapore companies when they acquire residential land for development,\u201d said Liam Wee Sin, Group Chief Executive of UOL Group.
\n\u201cIt is also timely especially due to the outbreak of the Novel Coronavirus (2019-nCoV), where Singapore developers and the real estate industry are facing unprecedented and rapidly evolving challenges.\u201d
\nUnder the Residential Property Act (RPA), any residential property developer not considered a Singapore company has to apply for a QC when acquiring residential land for development, other than from the government.
\nA Singapore company is one that is incorporated in Singapore, the directors and shareholders of which are all Singapore citizens or Singapore companies. Hence, publicly listed developers with one foreign shareholder is not considered a Singapore company.
\nThe QC regime requires developers to complete the housing project within five years and sell all units within two years of completion.
\nDevelopers who fail to sell the project within the stipulated period would be subject to extension charges of 8% for the first year of extension, 16% for the second year and 24% for the third and subsequent years. When computing for the charge, the number of unsold units would be taken into account.
\n\u201cThis change has been long-awaited as the QC policy places listed developers who are locally controlled companies like CDL in a disadvantaged position, as we are subjected to double penalties of QC and Additional Buyer\u2019s Stamp Duty (ABSD),\u201d said a City Developments Limited (CDL) spokesperson.
\nIn fact, the onerous ABSD penalty and the associated tight timeline of five years \u201cremain a hefty consideration for developers\u201d, said the spokesperson.
\nIn a joint statement, the Ministry of Law and Singapore Land Authority (SLA) revealed that the government is not making any changes \u201cto the existing property market cooling measures, which were put in place to keep private residential property price increases in line with economic fundamentals\u201d.
\n\u201cIn particular, all housing developers continue to be subject to the prevailing ABSD regime,\u201d read the statement.
\nRemoving the double whammy effect on some developers, CBRE noted that the QC exemption is a \u201cclear indicator that the government is constantly monitoring and fine-tuning its policies\u201d.
\nIt added that the policy further strengthens the government\u2019s support for local developers, considering the difficulty of qualifying listed developers as a 100% Singapore company.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Public-listed developers welcome qualifying certificate exemption<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Public-listed companies with \u2018substantial connections to Singapore\u2019 can now be exempted from the QC regime....<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-114099","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tGj","jetpack-related-posts":[{"id":120581,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/minlaw-refines-two-criteria-for-qualifying-certificate-exemption\/","url_meta":{"origin":114099,"position":0},"title":"MinLaw refines two criteria for qualifying certificate exemption","date":"June 30, 2021","format":false,"excerpt":"\r MinLaw refines two criteria for qualifying certificate exemptionPublicly listed developers with shares that are held by Singapore shareholders\u00a0via white-listed nominee companies will now be counted towards fulfilling the shareholding interest criterion. Collective interest held by members of the same family may also be considered, subject to certain criteria. The\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/06\/singapore-prime-districts.jpg?fit=810%2C421&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":116153,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-unveils-temporary-relief-measures-for-property-developers-individuals\/","url_meta":{"origin":114099,"position":1},"title":"Government unveils temporary relief measures for property developers, individuals","date":"May 8, 2020","format":false,"excerpt":"\r Singaporean married couples will now have a year instead of six months to sell their first property in order to get the ABSD remission for their second property.\u00a0 The Singapore government has rolled out temporary relief measures for individuals and property developers affected by disruptions to sales of housing\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114393,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-plans-to-ease-property-curbs-deputy-pm\/","url_meta":{"origin":114099,"position":2},"title":"No plans to ease property curbs: Deputy PM","date":"February 20, 2020","format":false,"excerpt":"\r His statement comes after developers made renewed calls to loosen a measure penalising them for their failure to complete and sell new projects in five years.\u00a0 Singapore\u2019s Deputy Prime Minister and Finance Minister Heng Swee Keat revealed that the government has no plans to ease the property cooling measures.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93453,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-rationale-for-new-property-cooling-measures-says-redas\/","url_meta":{"origin":114099,"position":3},"title":"No rationale for new property cooling measures, says REDAS","date":"July 9, 2018","format":false,"excerpt":"\r The Real Estate Developers\u2019 Association of Singapore (REDAS) sees no rationale in imposing new property cooling measures considering that the Singapore property market is still in the \u201cearly stages of a recovery and the recovery is in line with economic fundamentals\u201d, reported Channel News Asia. Among the new curbs\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":51196,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/investment-property-sales-down-38-5-in-q1\/","url_meta":{"origin":114099,"position":4},"title":"Investment property sales down 38.5% in Q1","date":"April 7, 2017","format":false,"excerpt":"\r Several bulk residential sales were recorded in Q1 2017 as some foreign developers tried to offload their remaining unsold units to avoid paying hefty penalties. Singapore saw sales of investment properties, or big-ticket property transactions of at least $10 million, drop 38.5 percent to $5.2 billion in Q1 2017,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":34824,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/primary-sales-take-up-prices-may-not-be-sustainable\/","url_meta":{"origin":114099,"position":5},"title":"Primary sales take-up, prices may not be sustainable","date":"November 18, 2016","format":false,"excerpt":"\r Industry sources have said it is too early to tell if primary property sales take-up and prices will be sustainable. The sustainability of primary sales take-up and prices remain unclear, given the bleak economic outlook and the substantial new supply coming onstream, reported The Business Times, citing the Real\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/114099"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=114099"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/114099\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=114099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=114099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=114099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}