The current economic slowdown has prompted many real estate
developers to consider holding back developments. In order to
assist the developers, the Government has announced measures which
will give the developers more flexibility to stage the construction
and sale of their projects in accordance with market
Applications can be made for a one-year extension of the
project completion period. The extension is similarly made
available to private residential projects undertaken by foreign
Applications can be made for a one-time re-assignment of
Government sale sites and private land owned by foreign developers.
The re-assignment can be either through the disposal of the land or
the disposal of the controlling interest in the company which owns
In view of the current weak property market, developers can now
apply for extension of time from two years to four years from the
date of issue of Temporary Occupation Permit (TOP). TOP is required
for all completed properties before they are considered fit for
To provide developers with greater flexibility in managing
their unsold units, they can now apply for approval to rent out
such unsold units for up to four years.
With effect from 22 January 2009, property tax payable on land
which have been approved for development, can be deferred for up to
two years. This is intended to provide cash flow relief to
No new sites will be added to the Government Land Sale (GLS)
programme for at least the first half of 2009. Currently, the GLS
programme consists only of sites in the Reserve List. Under the
Reserve List System, the Government will release a site for sale
only if an interested party submits an application for the site to
be released for tender with a minimum price that is acceptable to
the Government. This system provides greater flexibility for the
market to adjust to the current economic conditions.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The Council announced planning policies to encourage more inner suburban retirement village and aged care development.
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