-- Singapore has no immediate plans to ease property curbs, Deputy Prime Minister Heng Swee Keat said, amid renewed calls by developers to loosen a measure that penalizes them if they fail to complete and sell new projects within five years.
Singapore imposed curbs in July 2018 to arrest house-price growth. To stop land hoarding, developers have five years from the time of purchase to build and sell all units at a site or risk being hit with a 25% levy, a measure which developers have labeled as punitive. Earlier this month, the government loosened another restriction for some developers, exempting listed companies with a substantial connection to Singapore from the Qualifying Certificate regime. The regime requires firms to complete development within five years and sell all units in a project within two years of its completion.
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