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Subscribe to this list via RSS Blog posts tagged in Qualifying Certificate QC rules

En Bloc Potential: 7 Reasons Why a Collective Sale Tender Fails

Posted by Property Launch Invest on Sunday, 15 July 2018 in Property News

Having en bloc potential is not a sure sign you’ll hit the jackpot. Even when enough signatures are gathered, some collective sale attempts appear to have as much chance of going through as a US-North Korea peace deal. Many condos have proceeded to the tender stage, such as Faber Gardens, Windy Heights and Casa Meyfort (just to name a few), only to find a lack of interested developers at their stated reserve price.

What is Qualifying Certificate (OC) Scheme and ABSD?

Posted by Property Launch Invest on Monday, 01 August 2016 in Property News

Additional Buyer Stamp Duty (ABSD)

From late 2011, property developers have to develop all residential site that they buy and then ensure that the units are 100% sold within 5 years. Failing that, developers have to pay ABSD of 10% on the purchase price of the site. For sites bought from 12 Jan 2013, they will have to incur higher ABSD of 15%.

Developers sanguine about selling out before ABSD deadlines

Posted by Property Launch Invest on Tuesday, 22 March 2016 in Property News

Singapore- DESPITE much industry lobbying for an extension of deadlines for developers to meet the conditions for additional buyer's stamp duty (ABSD) remission on residential sites, it appears that many developers are sanguine about the looming deadlines.

While tight-lipped about their marketing strategies, developers whom BT spoke to are confident that their projects will sell out before the respective ABSD deadlines - without having to resort to massive price cuts.

Home prices starting to fall as stamp duty deadline nears

Posted by Property Launch Invest on Wednesday, 20 January 2016 in Property News

Possible bargains for buyers as developers face pressure to sell off units or incur duty

Apartment prices are starting to be cut as the spectre of the Additional Buyer's Stamp Duty (ABSD) looms over developers.

The possibility of buyers picking up some bargains now all comes down to the date the ABSD was introduced - Dec 8, 2011.

It stipulated that developers had five years to complete a residential project and sell all the units. If not, they must pay ABSD. The rate was initially set at 10 per cent of the purchase price of the site, and was raised to 15 per cent on Jan 12, 2013.

The first five-year deadline comes up at the end of this year.

Unsold homes big drag on developers' coffers

Posted by Property Launch Invest on Monday, 22 June 2015 in Property News

Developers have collectively paid up to $55.1 million in extension fees for unsold units in their private condo projects since 2012. They could potentially fork out another $80.7 million to extend the sales period for another year if they do not sell their inventory by year-end.

A total of 24 condo projects, mostly high-end ones, are still not fully sold two years after receiving their temporary occupation permits (TOPs) between 2010 and 2012, the study showed. Under the government's Qualifying Certificate (QC) rules, developers have to pay extension charges to extend the sales period after two years of the project's TOP.

More Concerns Over Singapore Property Market

Posted by Property Launch Invest on Thursday, 09 April 2015 in Property News

Sales of Singapore’s high-end properties have been sluggish for a while, and developers faced with a ticking clock on high charges for unsold units may take drastic measures to change that, but probably not price cuts. “Price is not the issue. The issue is there’s no demand,” Derrick Heng, a property analyst at Maybank-Kim Eng, said Tuesday.

It’s not just a matter of sitting on the unsold units while waiting for buyers to return. Developers in Singapore are running out of time: any units still unsold two years after a project’s completion face an “extension charge,” of 8 percent of the proportional land cost for the first year, rising to 16 percent in the second year and 24 percent in the third. It’s a measure aimed at preventing property hoarding by “foreign” developers in the land-starved city-state.

The only way to avoid the charges is if the developer is Singaporean or the company has only Singaporean shareholders and board members. “Penalties for unsold units under the qualification certificate (QC) ruling may persuade some developers to go down the de-listing path,” Heng said in a note late last month.

5 things you need to know about the Qualifying Certificate (QC) and how we can benefit from it.

Posted by Property Launch Invest on Saturday, 30 August 2014 in Property News

1. Who needs to obtain QC?

Under the Residential Property Act, Foreign Housing Developers with one or more non-Singaporean shareholder and director are affected.
All public listed ones are included too.

Majority of unsold units located in central areas

Posted by Property Launch Invest on Tuesday, 12 August 2014 in Property News

The possibility of a surplus of private homes as well as a poor rental market are keeping home seekers from purchasing completed homes, particularly in the city centre, reported the media.

Notably, majority of the unsold units at completed developments in Singapore are located in upmarket districts 9, 10 and 11, showed data last week.

PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

Additional Buyer Stamp Duty (ABSD)

Possible bargains for buyers as developers face pressure to sell off units or incur duty

1. Who needs to obtain QC?