SINGAPORE - Additional temporary relief measures were unveiled on Thursday for property developers affected by the Covid-19 pandemic.
The Ministries of National Development, Finance, Law and Trade and Industry noted in a joint statement that developers have raised concerns regarding the additional costs and financial penalties that may be incurred because of delays due to the pandemic. "With these additional support measures, the Government expects developers to continue to similarly provide relief and support to their main contractors," said the statement.
Land for residential projects must have been bought on or before June 1, or the land was directly alienated or had their lease renewed by the Singapore Land Authority on or before June 1. In addition, the original timeline for starting construction would have expired on or after Feb 1. Licensed developers will have six years to complete and sell units in projects in relation to the remission of ABSD, instead of the usual five years.