Residential

Changes made to restrictions on redevelopment of en bloc sites

In response to feedback from the industry, there have been changes made to the regulations of the redevelopment of en bloc sites. Currently, foreign developers buying residential en bloc sale sites are given a five-year project completion period (PCP) which starts  from the date of the issue of a Qualifying Certificate (QC), which foreign developers must obtain from the authorities to buy private residential land in Singapore. Now, for QCs issued on or after July 1, 2012, the PCP will start from the date of the collective sale order. Similarly, for the ABSD, the start date of the five-year period to qualify for the ABSD remission for en bloc sales will start from the date of the collective sale order.

Separately, developers who had rented out the units in the existing development of en bloc sale sites instead of ...