Additional Buyer's Stamp Duty Fees and Qualifying Certificate Extension Charges Paid by Developers since Implementation

Mr Gan Thiam Poh asked the Minister for National Development (a) how much Additional Buyer's Stamp Duty (ABSD) fees and Qualifying Certificate (QC) extension charges have been paid by developers each year since the rules were implemented; (b) how many unsold residential property units have been subjected to both ABSD fees and QC charges, categorised by years of vacancy as at 31 December 2017; and (c) what is the projected number of unsold residential property units that will be subjected to these fees and charges in 2018.

Mr Lawrence Wong: As of 31 December 2017, developers have paid about $200 million in Additional Buyer’s Stamp Duty (ABSD) fees, and about $180 million in Qualifying Certificate (QC) extension charges, since the regimes were implemented.

As of 31 December 2017, no residential development has been subjected to both ABSD and QC extension charges on their unsold units.

Around 80 developments (with a total of about 750 unsold units) could be subjected to these fees and charges in 2018 if either or both disposal conditions are not met.