Under the Residential Property Act, developers are required to pay an Additional Buyer Stamp Duty (ABSD) of 10 percent for land bought after December 2011 and 15 percent for land acquired after January 2013.
But the government will waive the fee if they agree to build, complete and then sell all their units within a stipulated period, namely four years for executive condominiums (ECs) and five years for private residential properties.
So the deadline starts from Dec 2016 onwards.
Fast forward to 2016. The imposed deadline is now 1 year away. Developers that did not managed to sell all their units face a grim prospect of paying a hefty penalty.
The following are the residential properties whose land was acquired from Dec 2011 till Sep 2012. If these developments are not fully sold, will the developers cut prices for those unsold units this year?
For those in the know, if you are aware of those developments that are fully sold, please update me.
Development Name Echelon - fully sold, Michael's Residence, Bartley Ridge, Kovan Regency, Mon Jervois, Bedok%20South'>EcoBedok South, Hillview Peak, Q Bay, J Gateway - fully sold, Vue 8 Residences, '>Jewel, Pollen & Bleu, Sant Ritz, Urban Vista, The Siena, The Venue Residences, The Skywoods, The Crest
Edited by tenyawph, 02 January 2016 - 10:14 AM.