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Listed property developers with ‘substantial connection to Singapore’ can be exempted from qualifying certificate scheme

Listed housing developers “with a substantial connection to Singapore” can apply to be exempted from the qualifying certificate (QC) scheme, which imposes certain conditions when they buy residential land for development.

The Ministry of Law announced on Thursday (Feb 6) that it will allow these developers to be treated as a Singapore company under the Residential Property Act (RPA) when they buy residential land for development, based on criteria such as having a track record in Singapore and a significantly Singaporean substantial shareholding interest.

The changes kick in with immediate effect.

– 6 February 2020

Read Full Article at https://www.straitstimes.com/business/listed-property-developers-with-substantial-connection-to-singapore-can-be-exempted-from

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