Singapore, 2 July 2021 – The government has announced an extension to the temporary relief measures for property developers affected by disruptions to construction timelines, as border measures were tightened from April and May 2021 because of a resurgence in COVID-19 infections.
These are in addition to the temporary relief measures announced on 6 May 2020 and 8 October 2020. These temporary relief measures do not alter the existing residential property market cooling measures which remain to ensure that private residential property prices are broadly consistent with economic fundamentals.
The extensions to the temporary relief measures are:
- Extension of the Project Completion Period (PCP) by six months for qualifying residential, commercial and industrial development projects;
- Extension by six months for 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;1 and
- Extension of the PCP by six months for residential development projects under the Qualifying Certificate (QC) regime for qualifying foreign housing developers.
While construction works have gradually resumed since August 2020, construction projects continue to face challenges. The sector may experience manpower shortages and further disruptions to construction timelines due to the tightening of border measures from April and May 2021 that limit the inflow of migrant workers.
All housing developers will continue to be subject to the prevailing ABSD regime. Qualifying housing developers will have a six-month extension of the remission condition timelines for commencement and completion of the residential development projects. There is no further extension of 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 government will continue to support developers and contractors in their efforts to complete development projects in a timely manner, while ensuring compliance with safety measures.
With the extension to the measures, the government expects developers to similarly provide relief and support to their main contractors and consultants.
– Construction+ Online
Source: Ministry of National Development
