On 6 May 2020, the Ministry of National Development announced temporary relief measures to support the overall property market with both developers and homeowners getting help.

Measures

  1. Extension of the Project Completion Period by 6 months for residential, commercial and industrial development projects
  2. Extension of the commencement and completion of residential development and sale of housing units in residential developments relating to the remission of the ABSD by 6 months
  3. Extension of the PCP and/or disposal period by up to a total of 6 months for residential development projects under the QC regime for foreign housing developers
  4. Extension of time by 6 months for the sale of 1st residential property relating to the ABSD remission for the 2nd residential property for a Singaporean married couple (at least 1 Singapore Citizen)
Impact on developers
Understandably this is a slight positive for developers given that construction sites and show-flats have to be closed during the circuit breaker period. For
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