Developers paid S$380m in ABSD, QC extension charges

Singapore

DEVELOPERS have paid a total of S$380 million in fees and charges to the government for not being able to sell all residential units in their projects within stipulated deadlines.

As at end-2017, they have coughed up S$200 million in additional buyer's stamp duty (ABSD) fees and S$180 million in qualifying certificate (QC) extension charges since the regimes were introduced.

These figures were provided by the Ministry of National Development (MND) in response to queries from Gan Thiam Poh, a Member of Parliament for Ang Mo Kio GRC.

No residential development has been subjected to both the ABSD and QC extension charges on their unsold units, MND said.

"Around 80 developments (with a total of about 750 unsold units) could be subjected to these fees and charges in 2018 if either or bo…