SC Global has managed to cancel the qualifying certificates (QCs) that were issued to its developments after it delisted from the stock market in March, saving millions of dollars it would otherwise have to pay for failing to meet the sales deadline under the government's QC rules.

The luxury property firm is the first to delist and obtain QC cancellations since tough additional buyers' stamp duties (ABSD) were introduced for land bought from late 2011 onwards. The duties upset listed property developers because they face a double whammy from hefty ABSD and QC charges if they fail to sell all units at their developments within the time stipulated by both rules.

While SC Global would not have been hit with the ABSD for the projectsit got the QC cancellations for, its case is significant because many developers and market watchers had believed that the rule was not retroactive, and would still apply to its existing projects. It was therefore seen as a test case. SC Global successfully obtained the QC cancellations on March 1 this year, although news of the cancellations has not been made public.

BT understands that the cancellations include the QC issued for the 66‐unit The Marq on Paterson Hill. Its sales deadline came up in January this year and would have cost SC Global $5.5 million for a six‐month extension.

The Singapore Land Authority (SLA), in response to BT's queries on the QC cancellations for SC Global, said: "As SC Global's wholly‐owned subsidiary companies that had acquired residential development sites satisfied the conditions of being Singapore companies, the subsidiary companies had applied for, and were issued with, clearance certificates on 1 March 2013. The QCs issued for those developments have been cancelled and the QC conditions are no longer applicable.

Source: AmFraser