Getting to know Normanton Park
Normanton Park is one of the most anticipated mega projects by Kingsford Huray Development Pte Ltd which will be launched in January 2021. The largest city-fringe launch is a 99-year leasehold mega-development that houses 1,862 residential units ranging from 1 bedroom to 5 bedrooms, terrace houses and commercial units. It is located under District 5; next to Kent Ridge Park; 1.4km walking distance to Kent Ridge MRT; and near the One-North development area. Normanton Park is expected to be completed in January 2023.
Project details aside, Kingsford Huray, the developers behind Normanton Park, have certain issues with their track record. Back in January 2019, they were issued a no-sale license by the Urban Redevelopment Authorities (URA) for Normanton Park due to them having “failed to meet the requirements for a sale license”. This was largely due to the Building and Construction Authority’s (BCA) findings that “some building works at Kingsford Waterbay (an earlier project by Kingsford) had deviated from requirements under the Building Control Act and Regulations”.
What is a no-sale license?
No-sale licenses are issued by the Controller of Housing (COH) when developers fail to meet all the requirements of a sale license. This prevents developers from commencing the sale of their units during the construction of the project. However, these licenses can be converted into sale licenses before obtaining a Temporary Occupation Permit (TOP), provided the developer satisfies COH’s requirements.
How has this impacted the development of the project?
As per IRAS regulations, for housing developers that have acquired sites before 6 July 2018, they will be subjected to 15% additional buyer’s stamp duty (ABSD) which may be remitted upfront upon the fulfillment of conditions such as building and selling a project within a period of 5 years.
The estimated timeframe for Kingsford to sell all units before getting penalised by ABSD is from 2017 to 2022. With IRAS’ imposing temporary COVID-19 relief measures for the property sector, Kingsford has been granted an additional 12 months -and a more comfortable timeframe- to sell all Normanton Park units by 2023 and allow the remittance of the imposed 15% ABSD.