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Temporary Relief Measures for Property Sector due to Coronavirus Disease 2019 (COVID-19) Pandemic

The Government announced today temporary relief measures for property developers and individuals affected by disruptions to construction timelines and sales of housing units resulting from the COVID-19 pandemic, and in particular the implementation of the circuit breaker from 7 April to 1 June 2020.

The temporary relief measures, to be implemented with immediate effect, are:

(i) Extension of the Project Completion Period (PCP) by 6 months for residential, commercial and industrial development projects;

(ii) Extension of time by 6 months for the commencement and completion of residential development, and sale of housing units in residential development projects in relation to the remission of the Additional Buyer’s Stamp Duty (ABSD) for housing developers[1];

(iii) Extension of the PCP and/or disposal period by up to a total of 6 months for residential development projects under the Qualifying Certificate (QC) regime for foreign housing developers; and

(iv) Extension of time by 6 months for the sale of the first residential property in relation to the remission of ABSD for the second residential property purchased by a Singaporean married couple[2].

– May 6, 2020

Read Full Article at https://www.mnd.gov.sg/newsroom/press-releases/view/temporary-relief-measures-for-property-sector-due-to-coronavirus-disease-2019-(covid-19)-pandemic

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