Real Estate

Temporary Relief Measures against Disruptions Caused by COVID-19 and 'Circuit Breaker' Measures for Eligible Property Developers & Married Couples

On 6 May 2020, the Singapore Government announced temporary relief measures for eligible property developers and married couples affected by the COVID-19 'circuit breaker' measures. Eligible property developers will be granted six months' extension of time to comply with the regulatory and authority-imposed timelines / deadlines, including completing the construction of the development projects and selling the units being built, while eligible married couples purchasing a second residential property will be granted an additional six months to sell their first residential property so as to be eligible for a remission of the Additional Buyer’s Stamp Duty paid on the second property. In this Update, we look at the key elements of these temporary relief measures, as well as their efficacy for property developers.