03 Apr '17, 9am

The discount that you've been holding out for... #willitevercome

Developers may be forced to offer residential units at a discount, which could prolong the three-year decline in property values. Property developers in Singapore are faced with a difficult decision, to discount unsold luxury homes or pay penalties for failure to meet government-mandated sales deadlines, after the government closed a tax loophole that enabled them to offload residential units in bulk to institutional investors and wealthy individuals, reported Bloomberg . To prevent land hoarding, the government now requires developers with non-Singaporean shareholders or directors to complete construction of projects and obtain the Temporary Occupation Permit within five years of acquiring the land. They are given another two years to sell all residential units or face hefty fines. Since December 2011, developers have been given a five-year period to sell all units within...

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

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