Developers face hefty extension charges over unsold units (Amended)

PROPERTY developers may incur up to S$90 million in extension charges for unsold units in their condo projects from April to December 2015, followed by S$238 million in 2016 if the health of Singapore’s real estate market does not improve.

This adds up to a staggering S$328 million that developers are expected to fork out in the worst-case scenario should they fail to sell any units by end-2016, according to calculations by property consultancy firm Cushman and Wakefield (C&W).

Source: www.businesstimes.com.sg

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