Towards Financial Freedom
SC Global saves millions with QC cancellations
SC Global saves millions with QC cancellations. 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. While SC Global would not have been hit with the ABSD for the projects it 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. SC Global stood to lose as much as $71.7 million in 2013 if it failed to obtain a waiver, deadline extension or a cancellation of the QCs for three of its projects - Hilltops, Martin No 38 and The Marq, according to a Maybank Kim Eng report. (Business Times)
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