Budget 2009 - Property Market

Measures tt affect the pty mkt:

1) For Developers:
- Allowing 1yr extension of project completion period.
- Allowing re-assignment of Govt sale sites & pte land owned by foreign developers.
- Giving QC holders <=4yrs (fr date of issue of TOP) to dispose of all pte residential units in the development.
- Allowing QC holders to rent out unsold private residential units for a max of 4yrs (fr date of issue of TOP or date of application, whichever is later).
- Allowing up to 2yrs of pty tax deferral for land approved for development.

2) For Pty Owners:
- 40% pty tax rebate for owner-occupied residential properties.
- 40% pty tax rebate for commercial & industrial properties.
- Exemption of <=$150k of Net Annual Value for one owner-occupied residential pty.
- Deferment of increase in assessment rate for hotel rms.
- Additional CPF Housing Grant (AHG) for 1st time home-buyers: Max quantum will be increased fr $30k to $40k, and the household income ceiling will be increased fr $4k to $5k.

* Budget 2009 , URA - Dev , IRAS - Tax *