Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Analysis of the Singapore Government’s Temporary Relief Measures for Developers during COVID-19


The Temporary Relief Measures are definitely timely and very generous in terms of the extension due to the impact of Covid-19. This will give developers, especially the large developments some reprieve as some already have challenges meeting the 5 year ABSD remission deadline. The impact on developments that will hit the ABSD and PCP deadline for 2020 is quite minimum. This is because according to our calculation, only about 30 over units remain unsold across 5 projects. Even without the extension, I believe these developers have ways to clear the unsold stock in time to meet the deadline. Even in 2021, there are only about 15 projects with about 400 units unsold. However, given that the Covid-19 pandemic is unprecedented and developers’ new home sales have been severely impacted due to social distancing and 2 month long lockdowns, property transactions would likely to take some time to recover. As such, the 6-month-extension might not be adequate and might need further tweaks if the pandemic is protracted.

Even when things start to re-open, we also expect social distancing measures to continue affecting the showflat activities and buyers sentiment in view of the bleak climate in the whole global economy. We are of the view that the extension should not be a one-off measure, as Covid-19 continues to evolve with the potential second and subsequent waves or even lockdowns in the foreseeable future. Hence, the government should continue to engage the stakeholders, such as developers, REDAS, individuals who are affected by the sales and ABSD remission and provide the much-needed help if the situation is protracted.

Related Insights

main streets across the world 2023

Main Streets Across the World 2023

In this 33rd edition of Main Streets Across the World, we’ll explore the near-term outlook for the retail sector; headline rent and ranking changes for best-in-class urban locations across the world; key indicators and global main street rankings; and key trends to watch such as the cost-of-living crunch, e-commerce and more.
Dominic Brown • 21/11/2023
Reworking the office
Research • Workplace

REWORKING the Office Asia Pacific

Our ‘REWORKING’ series examines decision-making for occupiers under four key considerations: Cost, Carbon, Culture and Community – under which the changing demands, needs and impacts on office spaces and strategies can be examined.
Grant Carter • 03/11/2023
Insights • Economy

Cushman & Wakefield Comments on URA private residential price index Q3 2023

Overall sales volume declined by 3.5% qoq in Q3 2023, reversing the past two consecutive quarters of increase. The fall in overall sales volume was driven by the new sales market, which declined by 8.5% qoq to 1,946 units in Q3 2023.
Xian Yang Wong • 27/10/2023

Related Stories

Dexcom Philippines New Office Fit-out Project
Dexcom Philippines • Healthcare
Learn More
Cushman & Wakefield Stories Philippines Inc. • Travel
Learn More
Cushman & Wakefield Stories
OMD Philippines • Advertising
Learn More
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All