The relief period for OTP, and SPAs with developers will be extended for an additional three months, up to June 30. This will help buyers of residential, commercial and industrial properties who require more time to make their payments, following amendments to the Covid-19 Temporary Measures Act, which were passed on Mon to provide further reprieve for the built environment sector. The relief measures, which took effect from Apr 20, 2020, are being extended for the third time. At the same time, construction firms facing difficulty in performing their contractual obligations due to the Covid-19 pandemic will have an additional six months of reprieve, up to Sept 30. Under the Act, firms affected by the pandemic can seek temporary relief from legal and enforcement action. The relief period for co-sharing of additional non-manpower-related qualifying costs between contracting parties due to delays caused by Covid-19 is also extended for an additional six months up to Sept 30. Five MPs spoke on the amendments to the Act, acknowledging the aid that these would provide to the hard-hit built environment sector and raising several clarifications on the changes.... Continue Reading