With the new cooling measures and higher foreigner ABSD, lagi can't sell hahahaha

[SadPlumpGal]

but the guy super duper rich already, no difference to him



SC Global bids for sales extension at The MarqJan 10, 2013 - PropertyGuru.com.sg
Comment E-mail to friend Bookmark & Share By Cheryl Tay:

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.


Cheryl Tay, Editor of CommericalGuru, wrote this story. To contact her about this or other stories, email [email protected]

 

[GOD IS MY DOG]

wah, half of units unsold after 7 years..................and with the market so good last few years..................game over laio lah...............mut rent out cheap cheap lah.............

 

[shctaw]

Wait till Keppel's Reflection and Capitaland D'Leedon reach dateline.

LAGI吃力

 

[iluvgst]

Simon so rich should just buy up the remaining units himself. Problem solved.

 

[watchman8]

Simon so rich should just buy up the remaining units himself. Problem solved.

If can already done it liao. Why need to take company private at below market rate? I think he is going to be in very tight spot if this continues. The super luxury market has cooled down significantly. If the fed raises rates in 2014, this chap will start to pee in his pants and the old vultures will swop in for the kill.

 

[LadyArwen]

If can already done it liao. Why need to take company private at below market rate? I think he is going to be in very tight spot if this continues. The super luxury market has cooled down significantly. If the fed raises rates in 2014, this chap will start to pee in his pants and the old vultures will swop in for the kill.

Your ladyship thinks the man can sell all the units to some friends in white at a discount.

 

[watchman8]

Your ladyship thinks the man can sell all the units to some friends in white at a discount.

His fair weather friends in white will hover around waiting for banks to foreclose before buying cheap. Why buy at SC Global list price when you can get at 50% discount?

 

[Bigfuck]

Wait till Keppel's Reflection and Capitaland D'Leedon reach dateline.

LAGI吃力

Reflection is a sick building property. Overpriced with very bad and stale air. Fittings are really substandard for the price.
Basically Singapore buildings are too overpriced and not worth the shit - seriously. If you can pay 4-5 million, buy gold. Do not buy air and lousy construction materials and lousy workmanship