ABSD rules for development sites – Singapore property for sale/ rent
- Remission of ABSD is allowed for development projects with more than 4 residential units, on the condition that the developer follows through the intention to develop the residential properties for sale.
- ABSD on the purchase of vacant residential land (include sites purchased from the Government), development sites, and en-bloc purchase of residential properties for the purpose of housing development of more than 4 units, may be remitted upfront subject to the buyer (developer) giving the undertaking to:
(a) Develop and dispose of all the residential units in the new development within 5 years of the date of Contract or Agreement to purchase the site.
(b) Produce the Qualifying Certificate where relevant and housing developer licence within 2 years of the date of Contract or Agreement.
(c) Produce proof of piling and foundation works and any demolition works within 2 years of the date of Contract or Agreement.
(d) Produce proof of disposal of all residential units in the development within 5 years of the date of Contract or Agreement to purchase the site.
- If conditions (b) and (c) are not met, ABSD (with interest) becomes payable immediately upon the expiry of 2 years.
- If condition (a) is not met, ABSD (with interest), becomes payable immediately upon the expiry of 5 years.
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