Developers’ calls to extend project deadline meet with a “no”

THE government has rebuffed calls by some developers to extend the five-year deadline for them to complete a residential project and sell all its units – part of a slew of property cooling measures introduced in recent years.

Meeting the conditions gave developers an upfront remission of the 15 per cent additional buyer’s stamp duty (ABSD) on the purchase price of the residential site, but many are struggling to do so because of the sluggish real estate market.

“Currently, we do not see a need to relax this condition as the deadlines remain relevant and reasonable,” a Ministry of Finance spokeswoman told BT.

Sourced through Scoop.it from: www.businesstimes.com.sg

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