,Singapore

SG extends relief measures for property sector

The 6-month extension was imposed after the tightening of measures in April and May.

The government granted a six-month extension on the relief measures for property developers whose operations were disrupted during the pandemic.

This is in light of the tightened restrictions from April and May 2021 due to a rise in COVID-19 cases, the Ministry of National Development (MND) said.

It noted that the relief measures will not alter existing residential property market cooling measures.

The extension will be applied to project completion period (PCP) for qualifying residential, commercial, and industrial development projects; and the PCP for residential development projects under the Qualifying Certificate (QC) regime for qualifying foreign housing developer.

It will also cover the commencement and completion timelines of residential development projects in relation to the remission of the Additional Buyer’s Stamp Duty (ABSD) for qualifying housing developers.

Meanwhile, no further extension will be imposed on the remission condition timeline for the sale of all housing units in the residential development project.

“The extension to the measures will provide targeted relief to developers in the near term with regard to the construction timeline-related requirements of the PCP, ABSD regime and QC regime,” the MND said.

“With the extension to the measures, the Government expects developers to similarly provide relief and support to their main contractors and consultants.”

The construction sector continues to face challenges, despite showing signs of gradual recovery. It is expected to still experience disruptions and manpower shortages due to the recent tightening of border measures.

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