Listed property developers with 'substantial connection to Singapore' can be exempted from qualifying certificate scheme

Under the current regime, a majority of developers that are deemed foreign companies need to complete their projects within five years of acquiring the site, and to sell all the units within two years of completion.- ST

SINGAPORE (The Straits Times/ANN): Listed housing developers "with a substantial connection to Singapore" can apply to be exempted from the qualifying certificate (QC) scheme, which imposes certain conditions when they buy residential land for development.

The Ministry of Law announced on Thursday (Feb 6) that it will allow these developers to be treated as a Singapore company under the Residential Property Act (RPA) when they buy residential land for development, based on criteria such as having a track record in Singapore and a significantly Singaporean substantial shareholding interest.