SINGAPORE - Buyers of some commercial and industrial property who are unable to fulfil their contractual obligations owing to Covid-19 will continue to get temporary reliefs from legal and enforcement action for an additional two to three months.
For hire-purchase, conditional sales and rental agreements for commercial equipment or commercial vehicles, the existing Nov 19 deadline will be extended to Jan 31 next year. To take up this repayment scheme, the agreement must still be in force and the hirer or renter must serve notice on all parties to the contract within six weeks of the Re-Align Framework coming into force.
MinLaw said the extension will help buyers of residential, commercial and industrial properties who need more time to make their payments, particularly those who pay developers directly without taking a bank loan. It will also have a minimal impact on developers' cash flow.
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