44 residential projects given ABSD deadline extension to clear units

Developers’ appeals approved because of extenuating circumstances: DPM Wong

- Grace Leong

Forty-four residential projects, or 12 per cent of projects with a sale deadline within the 2021 to 2023 period, were granted more time to clear all unsold units, aside from the extensions provided under Covid-19 temporary relief measures, Deputy Prime Minister Lawrence Wong said on April 2.

In his written parliamentary response, DPM Wong disclosed that "excluding generally available extensions provided under the Covid-19 temporary relief measures", a small group of developers had applied for and received an extension to their specified sale timeline.

He was responding on April 2 to questions from People's Action Party MP Sitoh Yih Pin (Potong Pasir) and Workers' Party MP Louis Chua (Sengkang GRC), who asked for the reasons behind granting a deadline extension to the developers of District 10 luxury leasehold condominium Cuscaden Reserve, and whether other projects were granted similar extensions.

The Straits Times was first to report on March 8 that the 192-unit Cuscaden Reserve's initial sales deadline to clear its remaining 180 unsold units in 2023 had been extended to 2024.

But ST's queries to the authorities on the number of residential projects that had secured similar extensions, and the amount of additional buyer's stamp duty (ABSD) penalties assessed and deferred, were not answered.

On April 2, DPM Wong, who is also Finance Minister, said the appeals by developers of the 44 projects were approved "as they involved extenuating circumstances, such as the developer facing sitespecific delays that were unforeseen and beyond its control".

"Requests for extensions to the specified timelines are considered by the Government on a case-bycase basis. I would not comment on individual cases, as the details include confidential taxpayer-specific information," he said.