On developers’ deadlines, big deals and the latest data downloads

The five-year deadline that developers face for new residential project sales has been a bugbear for the industry for years. Real estate players have to complete and sell all units built on a housing site within a five-year timeframe, or stump up a hefty stamp duty payment amounting to up to 35 per cent of the land acquisition price. 

A slight rollback was introduced at this year’s Budget in February. Developers no longer have to sell all project units within the five-year timeframe, and qualify for concessions as long as they sell at least 90 per cent of the project. 

Leslie Yee makes a case for a further easing of rules, which could help revive interest in the deadlocked collective sales market. En bloc sales of ageing private condos sitting on huge plots can significantly boost housing supply and optimise land use. Massive parcels like the Pine Grove site, for instance, could yield 2,000 new homes on a piece of land that currently houses less than 700 units.