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Singapore Property News

Developers paying 'almost nothing' in extension charges this year

Developers are paying "almost nothing" in extension charges this year, said Singapore Land Authority chairman Lim Sim Seng on Monday (April 30).

Posted on 02-May-2018

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Developers paying 'almost nothing' in extension charges this year

Developers are paying "almost nothing" in extension charges this year, said Singapore Land Authority chairman Lim Sim Seng on Monday (April 30).

It is an indication of the active property market which includes purchases of replacement homes by those who sold en bloc, said Mr Lim, DBS Bank Singapore country manager.

The previous year's extension charges or qualifying certificate (QC) penalties  paid by developers amounted to about S$50 million, said Mr Lim.

Developers are paying "almost nothing" in extension charges this year, said Singapore Land Authority chairman Lim Sim Seng on Monday (April 30).

It is an indication of the active property market which includes purchases of replacement homes by those who sold en bloc, said Mr Lim, who was speaking to the Business Times on the sidelines of the DBS Group Holdings' first-quarter results briefing. Mr Lim is also DBS Bank Singapore country manager.

The previous year's extension charges or qualifying certificate (QC) penalties paid by developers amounted to about S$50 million, said Mr Lim.

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