There are at least eight private residential projects that are now racing the clock to sell remaining units within the two-year completion period, as mandated by the government.
For instance, high-end projects such as the Hilltops in Cairnhill Circle and the The Marq on Paterson Hill have been completed for at least a year, but they still have hundreds of units yet to be sold, reported The Straits Times.
If these units are still unsold within the next 12 months or less, their developers will have to pay extension charges to buy themselves more time if the two-year deadline lapses.
Consequently, they will have to fork out eight percent, 16 percent and 24 percent of the property’s purchase price for the first, second and third extra-year, respectively. The amount is pro-rated based on the percentage of unsold units.
In particular, SC Global’s 241-unit Hilltops was completed in Q2 2011 and the developer has until June 2013 to sell its 196 apartments that remain unsold as of September 2012.
On the other hand, its other luxury development the 66-unit The Marq which was completed in Q1 2011 has until March 2013 to sell the remaining 33 units.
Other projects experiencing a similar dilemma include Wheelock Properties’s Scotts Square in Scotts Road with 72 units not yet sold, Residences at Emerald Hill with all 33 units unsold and the 88-unit Martin No. 38 with 21 unsold units.
Source : PropertyGuru – 21 Nov 2012