Additional Levies on Unsold Non-landed Housing Units

Mr Gan Thiam Poh asked the Minister for National Development as of May 2014 (a) what is the total number of non-landed housing units that will be subject to additional levies if they remain unsold within the prescribed period; and (b) how many of these units have been converted into service apartments for rental.

A developer which obtained a Qualifying Certificate (QC) to develop a residential site must sell all units in the development within two years of obtaining Temporary Occupation Permit (TOP). If the developer fails to meet this disposal requirement, it must pay a fee to extend the deadline.

As at May 2014, 5,339 units from 32 private residential developments had a disposal deadline falling within the two-year period between May 2014 and May 2016. Of these, 791 units, or 15%, remain unsold.

Between 2012 and May 2014, there were no private residential units developed by QC holders which were approved for conversion into serviced apartments.