The Government of Singapore announced on 6 May 2020 the introduction of temporary relief measures for property developers and individuals affected by disruptions to construction timelines and sales of housing units caused by the pandemic and the implementation of the circuit breaker from 7 April to 1 June 2020.
“The government will continue to ensure that prices for private residential properties remain broadly consistent with economic fundamentals. Hence, these temporary relief measures do not alter the other existing residential property market cooling measures,” said the Ministry of National Development, Ministry of Finance, Ministry of Law and Ministry of Trade and Industry in a joint statement.
Under the temporary relief measures, providing that they meet the criteria, projects will be extended by six months, which include the Project Completion Period (PCP) for residential, commercial and industrial development; projects under the Additional Buyer’s Stamp Duty (ABSD); and projects under the Qualifying Certificate (QC) regime for foreign housing developers.
The Government of Singapore will continue to closely monitor the impact of the COVID-19 pandemic on the progress of work within the construction industry, and on the property sector, and will adjust policies as necessary.
Eligible developers will be notified by the respective agencies. No application is necessary.
Click here to find out more information about the temporary relief funds
– Construction+ Online
