SINGAPORE (Feb 7): On Feb 6, Singapore-listed property groups such as CapitaLand, City Developments (CDL) and UOL Group, as well as the Real Estate Developers Association of Singapore (Redas), welcomed the move by the government to exempt public-listed housing developers with substantial stakes in Singapore from the Qualifying Certificate (QC) requirements.

“It is also timely especially due to the outbreak of the Novel Coronavirus, where Singapore developers and the real estate industry are facing unprecedented and rapidly evolving challenges,” says Liam Wee Sin, group CEO of UOL Group.

Under the Residential Property Act, foreign residential property developers which purchase private residential land for development have to apply for QC. A QC holder will have to complete a residential project within five years and sell all the units within two years of completion. Failing to sell out the project would mean incurring extension charges of of 8%, 16% and 24% for the first to third years respectively. However, the extension charges are prorated according to the balance unsold units.

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