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Author: leahlim   |   Latest post: Wed, 28 Oct 2020, 3:24 PM

 

Extended relief for commercial and industrial property buyers

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SINGAPORE (EDGEPROP) - Commercial and industrial property buyers have been given temporary relief from legal and enforcement actions in the event they are unable to meet certain contractual obligations as result of Covid-19, according to the (MMinistry of Law inLaw) and the Ministry of National Development (MND) in their respective releases on Oct 12.
 
The relief covers only options to purchase (OTP) and sale and purchase agreements (S&P agreements) for commercial and industrial properties to ensure parity in treatment after MND had considered feedback from purchasers and developers. The relief, which took effect from Oct 9, will expire on Dec 31, 2020.
 
 
 
 

 

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