21 Mar '16, 8am

#Singapore developers confident of selling before ABSD deadline

Alex Residences in Redhill has 173 unsold units. Some developers in Singapore are optimistic they can sell all the remaining units in their private residential projects before the stipulated deadline, even if they don’t offer huge discounts, reported The Business Times . Under the Additional Buyer’s Stamp Duty (ABSD) rules introduced in December 2011, these companies need to build, complete and sell all units within five years of purchasing the land. If there are any unsold units after that period, they need to pay a 10 percent levy, which was subsequently raised to 15 percent for land parcels purchased as of 12 January 2013. According to SingLand’s General Manager Michael Ng, they are confident of clearing all units before the deadline, and they don’t intend to slash prices. Last month, its luxury projects Mon Jervois and Pollen & Bleu in District 10 reported 61 and 94 un...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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