A housing developer who intends to purchase restricted property to construct flats or dwelling house for sale.

A housing developer means:

(a) an individual who is not a Singapore citizen; or 

(b) a foreign company, a foreign limited liability partnership or a foreign society; or

(c) a Singapore company, limited liability partnership or society which is not holding a clearance certificate.

(a) Complete the construction and obtain the Temporary Occupation Permit or Certificate of Statutory Completion within 5 years from the date of issue of the QC or the collective sale order, whichever is applicable;

(b) Dispose of all the residential units within 2 years from the date of issue of the Temporary Occupation Permit or Certificate of Statutory Completion, whichever is earlier;

(c) Must not, without approval, change the shareholding of the housing developer after QC is issued;

(d) Must not, without approval, sell the land in its vacant or undeveloped state; and

(e) Provide security (Banker’s Guarantee of at least 10% of purchase price of land).

It is required to submit an online application for variation of condition for an extension of time to complete the housing development.  A non-refundable application fee is payable.

The extension charge payable for an extension of time is – 8% of the purchase price of the land for the first year extension, 16% for the second year of extension and 24% for the third and subsequent years.

It is required to submit an online application for variation of condition for an extension of time to dispose of the units in the development.  A non-refundable application fee is payable.

The extension charge payable for an extension of time is – 8% of the purchase price of the land for the first year extension, 16% for the second year of extension and 24% for the third and subsequent years.  The number of unsold units will be taken into consideration when computing the charge.