Developers under Pressure

Developers under Pressure

No U-turn as clock ticks for developers Govt stands firm on sell-by deadline for projects with any foreign ownership By Mindy Tan [SINGAPORE] The authorities are standing firm on the rule that all units in projects with any foreign ownership must be sold within two years of the project receiving its temporary occupation permit (TOP), even as developers lobby the government to extend the timeframe. Last year, the Real Estate Developers' Association of Singapore (Redas) submitted a proposal to extend this two-year period. According to the Ministry of Law, however, "the disposal period remains as two years after the developer has achieved the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) for the project, whichever is earlier". The ministry has received 17 applications to extend the disposal period since 2011, of which six developers have paid ...

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