SINGAPORE - The Government has moved to maximise the timeframe in which property developers are required to complete residential projects on collective sale sites.
The change has been welcomed by some developers as fair but others are already calling for greater clarity as they fear it could have unintended consequences.
Developers have long called for greater flexibility over the rules applying to completion dates for residential projects.
They worry strict rules force them to complete projects when market conditions are not necessarily favourable.
In the latest change detailed in a circular to industry players by the Singapore Land Authority (SLA), the project completion period (PCP) for a collective sale site will now start from the date the collective sale order is granted.
Previously, the starting date was when the developer's qualifying certificate (QC) was issued.
The change applies to QCs issued on or after July 1 this year.
It is to enable the developer to have the full PCP to complete the project.
It was sent to the Real Estate Developers' Association of Singapore (Redas), law firms and other organisations yesterday.
Separately, the Ministry of Finance (MOF) also told The Straits Times that it will adopt the same approach for the start date of the additional buyer's stamp duty (ABSD).