Finance ministry has made an exceptional announcement on 7 May for developers to get deferment on completion, sale, ABSD & QC deadlines.
The temporary relief measures have come to rescue after more than 50% of the developers call out the need for new launch discounts. While the massive discounts are going to impact the real estate market negatively, these measures are served to protect the developers from the implications of global pandemic.
The temporary measures include:
1. A six-month extension of the project completion period for all residential, commercial and industrial developments
2. Six-month extension for the commencement, completion and sale of housing units in residential development projects relating to Additional Buyer’s Stamp Duty (ABSD) remission for housing developers.
3. An extension of the PCP and/or disposal period by up to six months for residential development projects under the Qualifying Certificate regime for foreign housing developers.
This is a required move to protect the price sustainability of real estate in Singapore. And in these instances, where developers get to defer the ABSD penalties by 6 months, is there still a need to call for large discounts off their units?
While the recent news released has forecasted that real estate prices are not going to go down, should potential homebuyers take advantage of the pricing today before the next price adjustment?
What are some of the new launches or resale properties that are offering a good discount off market valuation? Get your virtual viewings today with us. My name is Jen Tan, drop me a private message or give me a call at +65-90662926 & we will get back to you soonest.