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PR Newswire
24-01-2015, 02:17 PM
Good afternoon everyone.
**Under the Residential Property Act’s Qualifying Certificate rules, all developers with non-Singaporean directors or stockholders need to obtain their private housing projects’ Temporary Occupation Permit (TOP) within 5 years, and sell all units within two years thereafter.
Failure to comply with this timetable would result in developers forfeiting their banker’s guarantee of 10 percent of the land purchase price. To extend the deadline, developers will have pay an additional 8 percent, 16 percent and 24 percent of the land purchase price for the first, second and subsequent years respectively. The amount is pro-rated accordingly to the proportion of unsold units.
Topping the list is xxxxxxxx with x remaining units, representing x percent of its x total. Should the developer fail to move these units by September 2015, it is estimated to pay $41.5 million to extend the deadline by one year.
Another project affected by the QC rule is the x-unit xxxxxx by xxxxxxx with x unsold units, accounting for x percent of its total. If the remaining houses are not unloaded by December 2015, the builder is expected to pay a fine of $104.7 million for the first year.
To incur less taxes, some developers set up another company to bulk purchase all the remaining units incurring only 3% BSD.
Referenced to above, developer transferring remaining units to another holding company will incur 15% ABSD also. If they intend to hold for more than 1 years, transferring to another company is more beneficial.**
**Under the Residential Property Act’s Qualifying Certificate rules, all developers with non-Singaporean directors or stockholders need to obtain their private housing projects’ Temporary Occupation Permit (TOP) within 5 years, and sell all units within two years thereafter.
Failure to comply with this timetable would result in developers forfeiting their banker’s guarantee of 10 percent of the land purchase price. To extend the deadline, developers will have pay an additional 8 percent, 16 percent and 24 percent of the land purchase price for the first, second and subsequent years respectively. The amount is pro-rated accordingly to the proportion of unsold units.
Topping the list is xxxxxxxx with x remaining units, representing x percent of its x total. Should the developer fail to move these units by September 2015, it is estimated to pay $41.5 million to extend the deadline by one year.
Another project affected by the QC rule is the x-unit xxxxxx by xxxxxxx with x unsold units, accounting for x percent of its total. If the remaining houses are not unloaded by December 2015, the builder is expected to pay a fine of $104.7 million for the first year.
To incur less taxes, some developers set up another company to bulk purchase all the remaining units incurring only 3% BSD.
Referenced to above, developer transferring remaining units to another holding company will incur 15% ABSD also. If they intend to hold for more than 1 years, transferring to another company is more beneficial.**
Not a call to Buy or Sell
Mr Bump: All I Can Smell Is My FEAR
Mr Bump: All I Can Smell Is My FEAR
). I am sure our foreign construction workers are heartened to know that 5 of them can in fact stay in a 3rm HDB flat and not in a dormitory room. This is a ridiculous number imo and to make it worse; the supply of new residential units will be outstripping the real demand as our govt is reducing FW. 