Room to refine qualifying certificate rules

THE pick-up in volumes in the residential market should take some heat off developers with unsold inventory. But for those with pressing deadlines to sell out inventory, the propensity for creative restructuring to escape the penalties remains.

The latest example is Top Global Limited, which recently sold the remaining 17 units in 139-unit The Quinn to certain wholly owned subsidiaries to avoid extension charges that would kick in by June 2018 under the qualifying certificate (QC) conditions.

It is now taking the privatisation route to avoid QC penalties on unsold units in two other projects, E Maison and R Maison, where extension charges will apply after March 2018. An offer document and circular have since been dispatched to shareholders, with the offer closing on May 16.