{"id":36522,"date":"2016-11-30T12:03:08","date_gmt":"2016-11-30T05:03:08","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-confident-of-selling-homes-before-absd-deadline\/"},"modified":"2016-11-30T12:16:54","modified_gmt":"2016-11-30T05:16:54","slug":"developers-confident-of-selling-homes-before-absd-deadline","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-confident-of-selling-homes-before-absd-deadline\/","title":{"rendered":"Developers confident of selling homes before ABSD deadline"},"content":{"rendered":"


\nThe Venue Residences must be fully sold by September 2017 in order for CDL to avoid the ABSD charge.
\nDespite the multi-million dollar fines involved if they fail to sell all their residential units within five years, property developers in Singapore are unlikely to cut home prices to attract buyers, reported The Straits Times.
\n\u201cI don\u2019t think they will be slashing prices drastically, as many of them still have some holding power,\u201d said Alan Cheong, Head of Research at Savills Singapore. OrangeTee\u2019s Head of Research and Consultancy also concurs, saying \u201cdevelopers have been largely keeping prices steady in 2016 as the demand for new homes has picked up\u201d.
\nUnder the Additional Buyer\u2019s Stamp Duty (ABSD) rules introduced in December 2011, developers must construct and dispose of all units in residential projects within five years of acquiring their sites. Otherwise, they need to fork out a 10 percent levy based on the land price, plus a five percent interest. Subsequently, the levy was increased to 15 percent for sites purchased from January 12, 2013 onwards.
\nAmong the projects with imminent deadlines is CDL\u2019s Bartley Ridge, but its developer is optimistic that it can offload the remaining two units there before the January deadline, as well as the remaining 97 units in another project, The Venue Residences, before September next year. If it fails to sell the unsold units, CDL would need to pay ABSD plus interest of around S$79 million.
\n\u201cTo further speed up sales, we have initiated various marketing and promotional activities, such as the CDL Dream Draw, which is applicable to The Venue Residences and three other projects,\u201d said a spokesperson.
\nMeanwhile, The Trilinq by IOI Properties still had 303 remaining units as of October 31. If these units are not disposed of by January, the developer is liable to pay S$50.9 million.
\nSingLand has three developments with unsold inventory: Mon Jervois, Pollen & Bleu, and Alex Residences. If it fails to find buyers for these projects by February, June and December respectively, it must fork out a total of about S$70 million.
\n\u201cFor Mon Jervois, if we have to pay ABSD, I think our margins will be able to absorb that and still provide a decent profit,\u201d noted Michael Ng, Group General Manager of UIC, the parent firm of SingLand. \u201cIt may be better to hold on to the units and try to sell at a higher price later on, as the market for this segment is improving,\u201d he added.
\n\u00a0
\nCheryl Marie Tay, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories, email cheryl@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Developers confident of selling homes before ABSD deadline<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Venue Residences must be fully sold by September 2017 in order for CDL to...<\/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-36522","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\/p75ss1-9v4","jetpack-related-posts":[{"id":112995,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-chief-wants-absd-extension-to-ease-immense-pressure\/","url_meta":{"origin":36522,"position":0},"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":112208,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-remain-upbeat-despite-2020-absd-deadline\/","url_meta":{"origin":36522,"position":1},"title":"Developers remain upbeat despite 2020 ABSD deadline","date":"November 8, 2019","format":false,"excerpt":"\r While the seven projects still have a total of 95 unsold units, most have already moved more than 90% of their inventory as at end-September. Developers of seven housing projects are confident of beating the 2020 additional buyer\u2019s stamp duty (ABSD) deadline, on the back of robust demand and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8928,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/its-crunch-time-for-sg-developers-before-the-buyers-stamp-deadline\/","url_meta":{"origin":36522,"position":2},"title":"It\u2019s crunch time for SG developers before the buyer\u2019s stamp deadline","date":"March 23, 2016","format":false,"excerpt":"\r Developers are confident that they can dispose their unsold units in time Alex Residences in Redhill has 173 unsold units Some developers in Singapore are optimistic they can sell all the remaining units in their private residential projects before the stipulated deadline, even if they don\u2019t offer huge discounts,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116153,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/government-unveils-temporary-relief-measures-for-property-developers-individuals\/","url_meta":{"origin":36522,"position":3},"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":114099,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/public-listed-developers-welcome-qualifying-certificate-exemption\/","url_meta":{"origin":36522,"position":4},"title":"Public-listed developers welcome qualifying certificate exemption","date":"February 7, 2020","format":false,"excerpt":"\r Public-listed companies with \u2018substantial connections to Singapore\u2019 can now be exempted from the QC regime. 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