SC Global Developments has revealed that it needs to fork out S$5.5 million to obtain a six-month extension to sell all units at The Marq on Paterson Hill (pictured).
In a statement, the developer said it has received a letter from the Singapore Land Authority (SLA) indicating that it should pay the said amount to continue sales beyond the normally permitted seven years.
SLA indicated that in principle, the Controller of Residential Property is prepared to approve the limited qualifying certificate extension if SC Global pays the S$5.5 million by 1 February, reported The Straits Times.
As provided in the Residential Property Act, a qualifying certificate to buy residential property for development should be obtained by developers if their shareholders and directors are not all Singaporeans.
This certificate gives developers up to five years to develop the project and two years to sell the units. If this deadline is not met, developers may face a pro-rated extension charge, depending on the number of unsold units.
Currently, 34 of the 66 units at The Marq are still unsold.
Meanwhile, SC Global did not comment on other qualifying certificate charges that it may have to pay.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
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