What this undertaking does
A qualifying non-licensed housing developer gives this written undertaking under rule 3(2)(e) of the Stamp Duties (Non-Licensed Housing Developers) (Remission of ABSD) Rules 2015. Address it to the Commissioner of Stamp Duties, identify the property/land, company, director and director’s NRIC/FIN/passport details, and insert the date, name and designation. The director signs on behalf of the company. The form contains conditions of remission, not the full eligibility test or the applicable ABSD rate.
Identify the transaction date before counting time
The Transaction Date means the date of the purchase contract/agreement or transfer, whichever is earlier, or the Collective Sale Order date where applicable. The footnote also directs readers to rule 3(3). The undertaking’s deadlines all run from that defined date, rather than from signing the undertaking or starting construction.
Development and sale milestones
Commence housing development on the site within two years. Complete the development, comprising four or fewer housing accommodation units, and sell all units within three years. Evidence of commencement includes URA Written Permission, BCA’s permit for structural works and an architect/professional engineer declaration dating piling, foundation or demolition works. Completion evidence is a BCA Temporary Occupation Permit or Certificate of Statutory Completion; disposal evidence includes the developer’s declaration that all units were sold within three years. Submit the specified proof within the respective two- and three-year deadlines.
Unsold-unit reporting and additional information
If not all units are sold at the three-year point, submit a list of all sold and unsold units, with purchasers’ names and identity numbers as at that point, within three years and one month of the Transaction Date. Also provide any other documents or information IRAS requires under the undertaking. Reporting unsold units is an additional obligation; it does not extend the three-year sale condition.
Recovery and interest after a breach
If any undertaking in clauses (a), (b) or (c) is not met, the company undertakes to repay the remitted ABSD as a debt to the Singapore Government, with interest at 5% per annum from fourteen days after the Transaction Date. The recoverable sum must be paid in the place and manner stated in the Commissioner’s notice, within one month after service. The interest starting point is therefore much earlier than the date a later breach is discovered.
Official source
This article independently explains the substantive contents of the official PDF, including the relevant conditions, procedures and annexes. The linked document remains the authoritative source for its original wording, and later changes should be checked separately.
Read the official PDF ↗