Dear Readers,
A simple read on the rationale of getting developers to follow the timeline of 5 years, in order for them to avoid the Additional Buyer Stamp Duty.
Cheers!
Lovely Regards,
Lynn ONG (王丽英)
Lynn ONG (王丽英)
Senior District Manager
ECG Property Novena District
ECG Property Novena District
L3009759F / R014-395F
BSc. Real Estate (NUS)
Mobile: (+65) 8479 3149
BSc. Real Estate (NUS)
Mobile: (+65) 8479 3149
Website: http://www.LYNNONG.net/
Blog: http://www.lynnlovelyhomes.blogspot.com/
[Blogging on Analysis of Listings and Real Estate News]
[Blogging on Analysis of Listings and Real Estate News]
- Published on Dec 10, 2011
Property measures: Why projects must be built and sold in 5 years
The Government has explained its rationale behind a new rule requiring developers to build and sell all units on residential sites within five years or face a 10 per cent stamp duty.
In response to questions posed by The Straits Times, the Ministry of Finance (MOF) said the five-year limit is imposed to ensure that developers follow through with the development.
'A five-year condition for completion of development and sale is needed, as otherwise, developers holding on to their units are no different from corporate entities holding investment properties,' an MOF spokesman added.
Developers will have to develop any residential land parcels they buy from Dec 8 and sell all the units in the project in the timeframe - if they want to avoid paying the new 10 per cent additional buyer's stamp duty.
In response to questions posed by The Straits Times, the Ministry of Finance (MOF) said the five-year limit is imposed to ensure that developers follow through with the development.
'A five-year condition for completion of development and sale is needed, as otherwise, developers holding on to their units are no different from corporate entities holding investment properties,' an MOF spokesman added.
Developers will have to develop any residential land parcels they buy from Dec 8 and sell all the units in the project in the timeframe - if they want to avoid paying the new 10 per cent additional buyer's stamp duty.
Source: Straits Times
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