08 Feb '18, 4am

I would like to invite you to Real Estate Consumer Empowerment Seminar By Mr. Ismail Gafoor…

DEVELOPERS have paid a total of S$380 million in fees and charges to the government for not being able to sell all residential units in their projects within stipulated deadlines. As at end-2017, they have coughed up S$200 million in additional buyer's stamp duty (ABSD) fees and S$180 million in qualifying certificate (QC) extension charges since the regimes were introduced. These figures were provided by the Ministry of National Development (MND) in response to queries from Gan Thiam Poh, a Member of Parliament for Ang Mo Kio GRC. "Around 80 developments (with a total of about 750 unsold units) could be subjected to these fees and charges in 2018 if either or both disposal conditions are not met." While there were no comparative numbers given, stacking those figures against estimates by the Real Estate Developers' Association of Singapore (Redas) a year ago suggests that ...

Full article: https://www.srx.com.sg/singapore-property-news/45822/deve...

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