En bloc sale market gets a leg up with longer ABSD deadline for developers of large residential sites
The Singapore government is extending the deadline for developers to complete large residential en bloc projects to up to seven years. This policy change aims to encourage land intensification and provide developers more flexibility in managing market conditions.
Why it matters
Adjusting property development timelines is a key tool for governments to manage housing supply and stabilize the real estate market.
The 15-month wait-out in the HDB resale market for private property owners is also lifted, as the market has cooled
[SINGAPORE] The government will extend a critical sales timeline for developers of large en bloc sites to up to seven years, a move expected to give a boost to collective sale land deals often stalled by viability concerns.
At the Singapore Economic Conference on Tuesday (Jul 28), National Development Minister Chee Hong Tat announced that from Wednesday (Jul 29), large en bloc redevelopments of at least 700 units will have their critical sales deadline extended by one year, instead of six months. This means developers will have six years to complete construction and sell all units.
Developers of mega en bloc projects of at least 1,400 units will have the deadline extended by two years, bringing the additional buyer’s stamp duty (ABSD) remission timeline to seven years.
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