20 projects could benefit from new extension rule

20 projects could benefit from new extension rule

http://www.straitstimes.com/premium/...-rule-20130110 20 projects could benefit from new extension rule Published on Jan 10, 2013 By Esther Teo Property Reporter ABOUT 20 residential properties could enjoy an extended project completion period under new rules announced by the Singapore Land Authority (SLA). Usually, developers with any foreign shareholder have up to seven years to sell all the units in a new project - or they could face hefty charges for an extension. But the rules are being relaxed as the developers concerned had responded to a government call in 2008 to defer the redevelopment of collective sale sites. They had rented out the properties to alleviate a rental housing supply crunch then, the Ministry of Law told The Straits Times. No charge will apply to extensions granted under the new rule. City Developments' project on the former Lucky Tower site in Gra...

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