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QC rules still apply for conversions to serviced apartments

A key motivation for developers seeking change is hope of exemption from 2-year sales deadline, without paying any penalty

Singapore

DEVELOPERS that may be thinking of converting private residential projects on sites that are subject to Qualifying Certificate (QC) conditions to serviced apartments may be heading for a dead end.

The Singapore Land Authority (SLA) would still require them to sell the whole project within the stipulated two years after completion - or pay extension charges.

An SLA spokesman told BT: "Land which is bought with approval under a qualifying certificate is bound by the QC condition that all the completed units must be sold within two years of obtaining TOP (Temporary Occupation Permit). This condition remains in force even where a developer obtains URA approval to convert the entire development...

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