Time is fast running out for some developers, with a five-year deadline to complete and sell all units at their residential projects due next year. Companies with unsold stock are ramping up marketing efforts to avoid multimillion-dollar penalties that stem from the additional buyer's stamp duty ABSDbut home hunters should not expect a fire sale any time soon.
The clock started ticking back in December with new rules that developers must build and sell all units in residential projects within five years of buying the site.
ABSD deadline fast approaching, but developers stay cool, Singapore News & Top Stories - The Straits Times
If they fail to move the units, they face a 10 per cent levy on the site's purchase price plus 5 per cent interest. The levy was later raised to 15 per cent for sites bought from Jan 12, The first projects in the firing line could be Bartley Ridge, built by City Developments CDL and joint venture partners, and The Trilinq by IOI Properties.
CDL said it is confident of clearing the remaining units before the deadline - January for Bartley Ridge and September for another project, The Venue Residences.
There were two unsold units at Bartley Ridge and 97 at The Venue Residences as of Oct IOI Properties, which did not respond to a Straits Times query, had unsold homes at the unit The Trilinq as of Oct Other ways to sweeten the deal for buyers include offering the deferred payment scheme, which may be considered chadstone shopping centre open melbourne cup day Singapore Land SingLand.
Mr Michael Ng, group general manager of UIC, SingLand's best time to trade forex in canada company, said: Keppel Land said it work at home orangetee be work at home orangetee to clear unsold stock at The Glades in Tanah Merah, which has sold over 80 per cent of the units.
Market watchers said developers that have sold at least 60 per cent of units in a project can consider setting up a company to buy the rest. Despite the ABSD deadline, analysts say, developers are unlikely to sell units on the cheap to clear stock. OrangeTee head of research and consultancy Wong Xian Yang said "developers have been largely keeping prices steady in as the demand for new homes has picked up".
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The Straits Times Singapore Toggle navigation. The Trilinq in Clementi could be one of the first projects in the firing line as the five-year ABSD deadline for developers looms. Potential ABSD payable in A version of this article appeared in the print edition of The Straits Times on November 29,with the headline 'ABSD deadline fast approaching, but developers stay cool'.
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