21 Nov '12, 7am

Projects racing to beat sales deadline

There are at least eight private residential projects that are now racing the clock to sell remaining units within the two-year completion period, as mandated by the government. For instance, high-end projects such as the Hilltops in Cairnhill Circle and the The Marq on Paterson Hill have been completed for at least a year, but they still have hundreds of units yet to be sold, reported The Straits Times. If these units are still unsold within the next 12 months or less, their developers will have to pay extension charges to buy themselves more time if the two-year deadline lapses. Consequently, they will have to fork out eight percent, 16 percent and 24 percent of the property’s purchase price for the first, second and third extra-year, respectively. The amount is pro-rated based on the percentage of unsold units. In particular, SC Global’s 241-unit Hilltops was completed ...

Full article: http://lushhomemedia.com/2012/11/21/projects-racing-to-be...

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