The Ministry of National Development has announced an extension of the Additional Buyer’s Stamp Duty (ABSD) timeline for complex projects by six months to one year. This change is expected to benefit developers and support urban rejuvenation efforts by acknowledging the additional time needed for planning and selling larger or more intricate projects.
According to Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, this extension is “great news for developers and also for urban rejuvenation.” He noted that the additional time could provide a much-needed boost to the en bloc market, particularly for larger en bloc projects. However, Lee cautioned that the success of such projects remains heavily reliant on setting a realistic selling price.
The extension reflects the government’s recognition of the challenges faced by developers in managing complex projects, which often require more time for thorough planning and execution. By easing the timeline constraints, the MND aims to facilitate smoother project completions and potentially stimulate more activity in the property market.
As the en bloc market continues to navigate various challenges, this policy adjustment could serve as a catalyst for renewed interest and investment, provided developers approach pricing strategically.
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