The appeals were approved due to 'extenuating circumstances', such as unforeseen site-specific delays.
Cuscaden Reserve’s initial sales deadline to clear its remaining 180 unsold units in 2023 has been extended to 2024.
On April 2, DPM Wong said the appeals by developers of the 44 projects were approved “as they involved extenuating circumstances, such as the developer facing site-specific delays that were unforeseen and beyond its control”. In response to ST’s queries, the Inland Revenue Authority of Singapore confirmed that the revisions, announced in Budget 2024, are not applicable to housing development projects with residential land acquired before July 6, 2018.
Mr Sitoh had asked if Cuscaden Reserve was the first residential project for which developers were granted an ABSD deadline extension besides that given as pandemic relief, and if other projects had been granted similar extensions. He also asked for the criteria applied by Iras in approving appeals. But the specifics of whether the developers of the 44 projects had their ABSD penalties deferred owing to this extension cannot be confirmed for now, as the details and conditions of the extensions they received for their specified sale timelines are unavailable, Ms Chia Siew Chuin, JLL’s head of residential research for Singapore, noted.
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