{"id":8928,"date":"2016-03-23T14:49:24","date_gmt":"2016-03-23T07:49:24","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/its-crunch-time-for-sg-developers-before-the-buyers-stamp-deadline\/"},"modified":"2016-03-23T14:58:24","modified_gmt":"2016-03-23T07:58:24","slug":"its-crunch-time-for-sg-developers-before-the-buyers-stamp-deadline","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/its-crunch-time-for-sg-developers-before-the-buyers-stamp-deadline\/","title":{"rendered":"It\u2019s crunch time for SG developers before the buyer\u2019s stamp deadline"},"content":{"rendered":"


\nDevelopers are confident that they can dispose their unsold units in time
\nAlex Residences in Redhill has 173 unsold units
\nSome 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, reported\u00a0The Business Times.
\nUnder the Additional Buyer\u2019s Stamp Duty (ABSD) rules introduced in December 2011, these companies need to build, complete and sell all units within five years of purchasing the land. If there are any unsold units after that period, they need to pay a 10 percent levy, which was subsequently raised to 15 percent for land parcels purchased as of 12 January 2013.
\nAccording to SingLand\u2019s general manager Michael Ng, they are confident of clearing all units before the deadline, and they don\u2019t intend to slash prices.
\nLast month, its luxury projects Mon Jervois and Pollen & Bleu in District 10 reported 61 and 94 unsold units respectively, while Alex Residences in Redhill had 173 unsold units. These developments will be penalised with an ABSD of 10 percent if there are any leftover units by February, June and December 2017, respectively.
\nMore: Singaporean homes still a hit for Chinese buyers
\n\u201cFor boutique projects, our priority is to hit temporary occupation permit (TOP) quickly, as many interested parties for luxury homes want to see the completed units. For Alex Residences, we will clear all units before TOP,\u201d he said.
\nSimilarly, City Developments Limited (CDL) is bullish that they can offload all unsold units at Jewel@Buangkok and two joint venture projects, Bartley Ridge and The Venue Residences, before their respective ABSD deadlines in 2017. This is because the developments are located in established neighbourhoods, and the number of unsold units is low.
\n\u201cThere are no significant ABSD issues for the three projects which have been selling steadily,\u201d said a CDL spokesperson. As of February 2016, there were three, 31 and 160 unsold units at these three developments respectively.
\nAs of last month, the projects with the most unsold units are Malaysian developer IOI Properties\u2019 The Trilinq (524 units), The Crest (365 units) by a Wing Tai-led consortium, and The Glades (331 units), jointly developed by Keppel Land and China Vanke.
\nFurthermore, SingLand or CDL could be hit with the heftiest ABSD penalty of approximately SGD70 million (USD51.21 million), based on their stakes in projects with leftover units, assuming there are still leftover units after the deadline.
\nThis story was originally published by PropertyGuru.com.sg on 21 March 2016.
\n
\nSource : property-report.com
\nRead more…It\u2019s crunch time for SG developers before the buyer\u2019s stamp deadline<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Developers are confident that they can dispose their unsold units in time Alex Residences in...<\/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-8928","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\/p75ss1-2k0","jetpack-related-posts":[{"id":112208,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-remain-upbeat-despite-2020-absd-deadline\/","url_meta":{"origin":8928,"position":0},"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":36522,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developers-confident-of-selling-homes-before-absd-deadline\/","url_meta":{"origin":8928,"position":1},"title":"Developers confident of selling homes before ABSD deadline","date":"November 30, 2016","format":false,"excerpt":"\r The Venue Residences must be fully sold by September 2017 in order for CDL to avoid the ABSD charge. 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(Artist\u2019s impression) To avoid paying additional extension charges for the 50 remaining units at Waterscape At Cavenagh, the developer of the 200-unit freehold residential project in District 9 had no choice but to be acquired by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8203,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-respite-from-mounting-extension-charges-for-developers\/","url_meta":{"origin":8928,"position":4},"title":"No respite from mounting extension charges for developers","date":"March 3, 2016","format":false,"excerpt":"\r Luxury apartments in the Orchard area. (Photo: Cheryl Marie Tay) Property developers forked out $24.9 million in extension fees last year for failing to dispose of all the residential units in their developments within the mandated period, reported The Straits Times. 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