{"id":116153,"date":"2020-05-08T12:12:13","date_gmt":"2020-05-08T05:12:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-unveils-temporary-relief-measures-for-property-developers-individuals\/"},"modified":"2020-05-08T13:02:44","modified_gmt":"2020-05-08T06:02:44","slug":"government-unveils-temporary-relief-measures-for-property-developers-individuals","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-unveils-temporary-relief-measures-for-property-developers-individuals\/","title":{"rendered":"Government unveils temporary relief measures for property developers, individuals"},"content":{"rendered":"


\nSingaporean 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
\nThe Singapore government has rolled out temporary relief measures for individuals and property developers affected by disruptions to sales of housing units and construction timelines due to the COVID-19 pandemic and the implementation of the circuit breaker measures.
\nABSD extension for individuals
\nWith the new relief measures, Singaporean married couples will now have a year to sell their first property in order to get the Additional Buyer\u2019s Stamp Duty (ABSD) remission for their second property, six more months from previously.\u00a0
\nTo qualify for this extension, the married couple should have jointly acquired the second residential property on or before 1 June 2020, while the original timeline for the sale of the first residential property expired on or after 1 February 2020.
\nRelief measures for developers
\nThe government has also extended the project completion period (PCP) for residential, commercial and industrial development projects by six months.
\nTo qualify, the land should have been awarded on or before 1 June 2020, or the land was directly alienated or had its lease renewed by the Singapore Land Authority (SLA) on or before 1 June 2020. The project was originally set to be completed on or after 1 February 2020.
\nEligible developers need not apply as they will be notified by their respective agencies, said the Ministry of National Development, Ministry of Finance, Ministry of Law and Ministry of Trade and Industry in a joint release.
\nDevelopers will also be given another six months extension for the start and completion of residential developments, and for the sale of housing units\u00a0in relation to the ABSD remission.
\nIn order to qualify, the land should have been acquired by the developer on or before 1 June 2020. The original timeline for completion of the housing project and sale of all residential units within the development expired on or after 1 February 2020.
\nThe government also extended the disposal period for residential development under the Qualifying Certificate (QC) regime for foreign property developers by six months.
\nThe extension also applies to other SLA approvals that require the completion and sale of all units within the residential project.
\nUnder the QC regime, foreign developers subject to the QC rules are mandated to complete construction of all housing units within a residential development project in five years from the date of issue of the QC or the collective sale order, and dispose of all housing units in two years from the issuance of Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC).
\nTo qualify, the QC or SLA approval requiring the completion and sale of all units within the residential project has to be issued on or before 1 June 2020, with the original timeline for completion and sale of units in the residential development expiring on or after 1 February 2020.
\nThe Real Estate Developers\u2019 Association of Singapore (REDAS) welcomed the \u201cpragmatic decision\u201d of the government to extend temporary relief measures for developers, reported CNA.
\n\u201cThe government\u2019s proactive spirit of collaboration and support also abodes confidence for the real estate industry and help mitigate the impact on the construction sector,\u201d said REDAS.
\n\u201cGiven that the COVID-19 battle is still very volatile and likely to be long-drawn and coupled with major disruptions and economic fall-out both in Singapore and globally, we hope the government will continue to monitor the situation closely and provide flexibility to assist the built environment sector return to normalcy.\u201d
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Government unveils temporary relief measures for property developers, individuals<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singaporean married couples will now have a year instead of six months to sell their...<\/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-116153","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-udr","jetpack-related-posts":[{"id":118661,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-cooling-measures-all-the-more-necessary-amid-economic-crisis-says-desmond-lee\/","url_meta":{"origin":116153,"position":0},"title":"Property cooling measures all the more necessary amid economic crisis, says Desmond Lee","date":"September 17, 2020","format":false,"excerpt":"\r \u201cA home is a big ticket item and it\u2019s for the well-being of Singaporeans that some of the measures are there,\u201d said Mr Lee. National Development Minister Desmond Lee believes the property cooling measures are necessary to safeguard the well-being of Singaporeans by encouraging prudence and caution in long-term\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123833,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-unveils-new-property-cooling-measures\/","url_meta":{"origin":116153,"position":1},"title":"Singapore unveils new property cooling measures","date":"December 16, 2021","format":false,"excerpt":"\r Singapore unveils new property cooling measuresThe new Singapore property cooling measures, which include a higher ABSD, lower TDSR, and tighter LTV, will take effect from today, 16 December 2021. The Government on Wednesday (15 December) unveiled a package of measures to cool the private residential and HDB resale markets.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/Buildings-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":104022,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-wishlist-for-budget-2019\/","url_meta":{"origin":116153,"position":2},"title":"Property wishlist for Budget 2019","date":"February 15, 2019","format":false,"excerpt":"\r Some experts are hoping that the latest round of cooling measures introduced in July will be eased. Property market watchers are looking forward to Singapore\u2019s 2019 Budget, which is set to be delivered by Finance Minister Heng Swee Keat on Monday (18 Feb). In last year\u2019s budget, the government\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":93257,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-cools-property-market-with-higher-absd-rates-tighter-ltv-limits\/","url_meta":{"origin":116153,"position":3},"title":"Govt cools property market with higher ABSD rates, tighter LTV limits","date":"July 6, 2018","format":false,"excerpt":"\r Buyers rushing to submit their cheques at Riverfront Residences before the 12am deadline to avoid the revised ABSD rates. (Photo: Jeanice Ong) The government has raised the Additional Buyer\u2019s Stamp Duty (ABSD) rates and tightened the Loan-to-Value (LTV) limits on residential property purchases, in a bid \u201cto cool the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/07\/Adjustments-to-ABSD-rates.jpg?fit=1000%2C562&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":112995,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-chief-wants-absd-extension-to-ease-immense-pressure\/","url_meta":{"origin":116153,"position":4},"title":"CDL chief wants ABSD extension to ease "immense pressure"","date":"December 11, 2019","format":false,"excerpt":"\r (Above: The recently launched Sengkang Grand Residence by CDL) One of Singapore\u2019s largest developers, City Developments Ltd (CDL), has put the finger on the Additional Buyer\u2019s Stamp Duty (ABSD) levy imposed by the government\u00a0as the indirect cause of\u00a0the large property supply overhang in Singapore. According to the rules, developers\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":142682,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-to-offer-962-punggol-bto-flats-in-february-sales-exercise-budget-2024-absd-refund-for-single-singaporean-seniors-and-more\/","url_meta":{"origin":116153,"position":5},"title":"HDB To Offer 962 Punggol BTO Flats in February Sales Exercise, Budget 2024: ABSD Refund for Single Singaporean Seniors and More","date":"February 19, 2024","format":false,"excerpt":"\r 14\u00a0\u2013 19\u00a0February 2024 After more than four years, the Housing and Development Board (HDB) will launch the first Build-to-Order (BTO) project in Punggol \u2013 Matilda Riverside \u2013 in its February sales exercise. Meanwhile, single Singaporean seniors, or those aged 55 and above, can now claim a refund of Additional\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2024\/02\/Punggol_BTO_SG.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/116153"}],"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=116153"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/116153\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=116153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=116153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=116153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}