12 Oct '15, 4pm

New: Singapore Property News This Week #229

According to the Ministry of Finance (MOF), there will be no change to the 5-year deadline for developers to complete and sell of a residential project. If developers fail to meet this deadline, they will have to pay 15% additional buyer’s stamp duty with interest calculated at 5% per annum starting from 14 days after the date of contract or agreement. According to MOF, this measure was intended to encourage the supply of housing units and to help moderate residential property prices. Due to the sluggish real estate market, developers have been struggling to meet the deadline, and several had requested for an extension. The tight deadline also meant that developers are less willing to take up bigger projects as they may not be able to clear stock in the midst of a weak market. In response, a spokesperson from MOF said that the government will continue to monitor the market...

Full article: http://www.propwise.sg/singapore-property-news-this-week-...

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