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44 projects granted ABSD remission extension, says Wong

The figure represents 12% of projects with a sales deadline within 2021-2023.

The government has granted 44 projects with an extension on their sale timelines to qualify for Additional Buyer's Stamp Duty (ABSD) remission.

In response to Parliament queries,  Deputy Prime Minister Lawrence Wong said the total number of developments granted an extension translates to 12% of projects with a sale deadline between 2021-2023.

“These appeals were approved as they involved extenuating circumstances, such as the developer-facing site-specific delays that were unforeseen and beyond its control,” Wong said,

Wong also clarified that the 44 projects do not include those granted extension under the COVID-19 Temporary Relief Measures.

The DPM underscored that the “vast majority of housing developers have met the sale timeline for ABSD remission, after taking into account the extension provided under the COVID-19 Temporary Relief Measures.” 

Housing developers purchasing residential sites can be exempt from paying ABSD if they meet specified timelines for the commencement and completion of the housing development and the sale of units within the residential development.

Housing developers buying residential sites may qualify for an exemption from the Additional Buyer's Stamp Duty (ABSD) if they meet specific timelines for starting and finishing the housing development and the sale of units within the residential development.

“These conditions for ABSD remission for housing developers ensure the timely commencement and completion of development and sale of residential units, and encourage housing developers to bid for land prudently,” Wong said.

“Requests for extensions to the specified timelines are considered by the government on a case-by-case basis,” the DPM added.
 

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