Developer request an extension to completion date

State Development, the Ministry of Finance and the Department of Justice and Department of Trade and Industry Department on Wednesday issued a joint statement after the closed lists as one of the measures, including Singaporean married couples to purchase a second property, if you want to avoid additional buyer stamp duty, they exit the first real estate, would also be extended for a period of six months.

The government announced a series of temporary relief measures for developers and home buyers Coronavirus Outbreak Response to 2019 the impact of the disease with immediate effect.

These measures will include residential, commercial and industrial development project to extend the completion date for the six months. The developer certificate (QC) regulations, which limit foreign developers of residential projects are completed and sold off, will be extended for a period of six months. The developers to apply for an extension of the deadline extension, can also be exempted from paying the costs of up to six months.

In addition, under existing regulations, developers are required to complete projects within a certain time period homes and put all units sold, otherwise it will have to pay extra stamp duty for buyers of land (Abs.d.) in temporary measures, the developer of commencement and completion of the project will be deferred for a period of six months.

The other measures, a Singaporean national, married couples (including a Singapore citizen) to purchase a second property, if you want to avoid additional buyer stamp duty, they exit the first real estate, would also be extended for a period of six months.

State Development, the Ministry of Finance and the Department of Justice and Department of Trade and Industry Department on Wednesday issued a joint statement after the closure, announced the measures.

developers and individuals must meet certain requirements before they can receive aid relief measures. For example, developers to extend a deadline to avoid the extra stamp duty, they shall be the plot of land on or before June 1 this year to buy; They expand the project’s original deadline, must also be on or after February 1 expiration.

Development that is near Temporary Occupation Period (TOP) such as Stirling Residences by Logan Property is less likely to be affected since the development is well built and developer is ready to handover anytime soon.

As for Singapore, if you are a married couple in the purchase of second homes, the extra stamp duty exemption for the buyer’s eligibility, their second homes must be in on or before June 1 this year a joint purchase. In addition, they were the first sale of the homes should also be in for a longer period of time, on February 1 this year or later.

Crown said proclamation, disease outbreak in the relevant governments and public health measures, disrupting the supply chain and cause a shortage of manpower.

Developers hope can turn to support major contractors
This year in China from April 7 to block implementation of the measures, has also led to a building site in engineering, real estate developers to sell the operation of the office, as well as suspended showings. the construction timetable and the impact of property sales.

The government also hopes developers will be able to have their main contractor to provide assistance and support, especially in the period of the suspension to block the measures.

The government will continue to closely watch the progress of the construction project as well as the impact of the property sector, and will provide the necessary policy adjustments.

Message said that the government will continue to ensure that home prices are largely in line with economic fundamentals. Therefore, without the bailout measures more than other existing measures to cool the housing market to make a change.

Singapore industry Developers Association (REDAS) said last night welcomed the government’s pragmatic decisions. It said: “This timely adjustments, in some degree will help alleviate qualified Singapore couple of short-term concerns and needs, they need more time to sell the first property and the purchase of a second.”

“The government in a positive spirit to cooperate and help give the real estate industry confidence and help reduce the impact of the construction industry. This was also fighting with the crown of a very severe disease, and may be prolonged, plus local and global face of interference and economic consequences, we hope that our government will continue to closely monitor the situation and provide flexibility to help restore normal area of built environment. ”

A spokesman for the estate freyzers on demand, said: “We welcome this temporary measure, and they will be in this challenging time for us to provide some help. construction of residential projects, construction, completion and sales period was extended for six months, there will be some benefits. ”

A sign of real estate research group director Li party believes that, given the potential to end the outbreak by the end of the year, developers face the deadline should be extended for a further 12 months. If the outbreak continues to hope that the government could consider extending bailout measures.