News At A Glance

Extension Charges Or QC Penalties “Almost Nothing” As Market Picks Up

Extension Charges Or QC Penalties “Almost Nothing” As Market Picks Up

Mr Lim Sim Seng, Chairman of the Singapore Land Authority (SLA), said that developers are paying “almost nothing” in extension charges this year. This is in comparison to the $50 million paid by developers in extension charges or what is also known as qualifying certificate (QC) penalties. QC rules require all foreign developers, defined as having at least one foreign shareholder and/or director, as well as listed developers to finish building their projects within five years of acquiring the site and also sell all the units within two years of obtaining their temporary occupation permit. The...

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JB-Singapore Rapid Transit System (RTS) On Track For Completion In 2024

JB-Singapore Rapid Transit System (RTS) On Track For Completion In 2024

On 18 April 2018, Singapore’s Transport Minister Mr Khaw Boon Wan gave an update of the progress of the Rapid Transit System (RTS) Link, after visiting the sites at the Woodlands North station in Singapore as well as the Bukit Chagar station in Johor Bahru. Mr Khaw wrote about the RTS Link that, “When completed in 2024, it should be the preferred mode of transport for commuters crossing the Johor Strait.”, noting that the trip between the two stations takes just five minutes. The RTS will be run by a joint venture formed by rail operators SMRT and Prasarana Malaysia, for the first concession o...

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March Delivers Best Showing Of Developers' Sales In Q1 2018

March Delivers Best Showing Of Developers' Sales In Q1 2018

In URA’s statistics on developers’ sales for the month of March 2018, developers reported that they had launched 614 new units and sold 716 units in the month. In March, there were only two new projects launched, namely 8 Hullet and The Tapestry. Out of the 716 units sold, only 344 units (48%) were from these new launches. The other 372 units (52%) were from projects that were already in the market. Based on URA monthly statistics on developers’ sales, the total number of unsold units has been reduced by almost half from 12,212 in March 2017 to 6,641 in March 2018. That partly explains the rel...

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Airbnb-type Accommodation In Singapore Soon?

Airbnb-type Accommodation In Singapore Soon?

The Urban Redevelopment Authority (URA) has made some suggestions to be considered as part of a regulatory framework for using private homes as short-term accommodation (STA). These include private apartment and condominium owners who want to rent out their homes for STA will be able to do so for 90 days a year, provided they fulfil several requirements. The requirements include obtaining 80 per cent consent from owners within their development, and they will also need to register their guests’ details. In 2015, URA had conducted a public consultation exercise to better understand the public’s...

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