The QC regime requires a housing development to be completed within five years, and all units to be sold within two years of completion.
SGX-listed housing developers can now apply for exemption from the QC regime on the basis that they have a substantial connection to Singapore. The application will be assessed by reference to a set of criteria, including having a signficantly Singaporean substantial shareholding interest in the company. This means either one of the following two conditions must be met:
Veteran property consultant Karamjit Singh, CEO of Showsuite Consultancy, said:"Prior to this move, a substantially Singaporean-owned listed company was placed in the same category as a completely foreign-owned company. This move now creates a distinction in favour of the former thereby aligning them with private developer companies like Far East Organization and SC Global."
Analysts described the move as a welcome one, but said the bigger worry for developers might be avoiding ABSD."I don't think this will have a significant impact on listed developers," said RHB Securities analyst Vijay Natarajan, describing it as a technical refinement of the policy by the government."ABSD still applies to all and supercedes QC at the five-year mark. ABSD is much more punitive than QC, and unlike QC, is not pro-rated.
Source: News Formal (newsformal.com)
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