Extension of timelines for Additional Buyer's Stamp Duty (ABSD) remission and Project Completion Period (PCP) to facilitate transition

Q1: Have the authorities considered the impact on Additional Buyer’s Stamp Duty (ABSD) remission timelines for housing developers?

To facilitate the transition to CORENET X, licensed housing developers of private residential projects submitted through CORENET X are eligible for a 6-month extension to their ABSD (HD) remission commencement, completion, and sale timelines, if all of the following criteria are met:

1. The project entirely undergoes the CORENET X approval process for building works (i.e. submit and secure clearance for Design and Construction Gateways);
2. The first submission (at Design Gateway) is made during the transition period from:
   
   • 18 Dec 2023 to 31 Dec 2025 (inclusive) if the project has a total GFA of 30,000 sqm or more, or
   • 18 Dec 2023 to 31 Dec 2026 (inclusive) if the project has a total GFA of less than 30,000 sqm; and
3. The project has a minimum of 6 months left of its 2-year commencement timeline, at the point when the first submission (at Design Gateway) is made under the CORENET X approval process for building works.

Information on ABSD remission can also be found at www.iras.gov.sg.

Q2: Have the authorities considered the impact on Project Completion Period (PCP) timelines for housing developers?

To facilitate the transition to the new systems and processes, the PCP timeline will be extended by 6 months for qualifying residential, commercial and industrial development projects. These include residential, commercial and industrial development projects on Government sale sites, or on land which was directly alienated or had their lease renewed by the Singapore Land Authority (SLA), residential development projects under the Qualifying Certificate (QC) regime and other Residential Property Act (RPA) approvals requiring the completion of all units in a residential development for foreign housing developers.

The 6-month extension to the PCP timeline can apply if all of the following criteria are met:

1. The project entirely undergoes the CORENET X approval process for building works (i.e. submit and secure clearance for Design and Construction Gateways); and
2. The first submission (at Design Gateway) is made during the transition period from:
   • 18 Dec 2023 to 31 Dec 2025 (inclusive) if the project has a total GFA of 30,000 sqm or more, or
   • 18 Dec 2023 to 31 Dec 2026 (inclusive) if the project has a total GFA of less than 30,000 sqm.

Queries regarding the PCP timeline / QC regime can be addressed to the respective Land Sales Agents (i.e. URA, HDB and JTC), SLA’s Land Transfer and Land Sales (LTSD) for directly alienated or had lease renewed by the SLA, and SLA’s Land Dealings Approval Unit (LDAU) at SLA_LDU@sla.gov.sg for sites under the QC regime.

The PCP and ABSD are 2 separate regimes. As such, requests for PCP extensions are assessed independently from ABSD remission extensions.