Arcachon
04-03-20, 11:00
1. 8 percent of the land purchase price, pro-rated on the number of unsold units in the first year; this goes up to 16 percent in the second year and 24 percent a year in the third and subsequent years.
Listed property developers with 'substantial connection to Singapore' can be exempted from qualifying certificate scheme
https://www.straitstimes.com/business/listed-property-developers-with-substantial-connection-to-singapore-can-be-exempted-from
Under the current regime, a majority of developers that are deemed foreign companies need to complete their projects within five years of acquiring the site, and to sell all the units within two years of completion.
If they fail to meet this deadline, the penalties are punitive. They incur extension charges at 8 per cent of the land purchase price, pro-rated on the number of unsold units in the first year; this goes up to 16 per cent in the second year and 24 per cent a year in the third and subsequent years.
Since the introduction of the QC regime, housing developers have paid about $200 million in extension charges.
As of Jan 6, there are 122 current QC holders who hold 136 QCs. Of the 122 QC holders, 37 are wholly owned by publicly listed entities.
https://www.ifaq.gov.sg/sla/apps/fcd_faqmain.aspx?qst=hRhkP9BzcBImsx2TBbssMsxu7lqt6UJK70a1wAEVmyecBi3k5cUy2CmMf5YGl8exCdbfFhI1uN%2FLnuDnfXrI7V%2BvIp%2FeHVOO1Eh0SWTza3fUMIp3Q1ww%2FexXLdjErhfzq4umpDA2mIrUiPUnz%2BMpPru%2Fd6xvJykg2I8Yhjj89KUVELRJMnOKt76qDyDETUr7dBEwXiZQizkABp7gITSUiWJFLfVzn3kz5XKxVWXblFo%3D#FAQ_126418
Listed property developers with 'substantial connection to Singapore' can be exempted from qualifying certificate scheme
https://www.straitstimes.com/business/listed-property-developers-with-substantial-connection-to-singapore-can-be-exempted-from
Under the current regime, a majority of developers that are deemed foreign companies need to complete their projects within five years of acquiring the site, and to sell all the units within two years of completion.
If they fail to meet this deadline, the penalties are punitive. They incur extension charges at 8 per cent of the land purchase price, pro-rated on the number of unsold units in the first year; this goes up to 16 per cent in the second year and 24 per cent a year in the third and subsequent years.
Since the introduction of the QC regime, housing developers have paid about $200 million in extension charges.
As of Jan 6, there are 122 current QC holders who hold 136 QCs. Of the 122 QC holders, 37 are wholly owned by publicly listed entities.
https://www.ifaq.gov.sg/sla/apps/fcd_faqmain.aspx?qst=hRhkP9BzcBImsx2TBbssMsxu7lqt6UJK70a1wAEVmyecBi3k5cUy2CmMf5YGl8exCdbfFhI1uN%2FLnuDnfXrI7V%2BvIp%2FeHVOO1Eh0SWTza3fUMIp3Q1ww%2FexXLdjErhfzq4umpDA2mIrUiPUnz%2BMpPru%2Fd6xvJykg2I8Yhjj89KUVELRJMnOKt76qDyDETUr7dBEwXiZQizkABp7gITSUiWJFLfVzn3kz5XKxVWXblFo%3D#FAQ_126418