Cooling measure again for Singapore property market

Edison1220
2023-04-27

Again, government implemented cooling measure at late night, doubled ABSD for foreigners, increased ABSD for second and third property.

Singapore government has done good job during Covid period, many rich foreigners have settled down in Singapore, and more are coming. They are bringing in their wealth, and of course they want and need to buy property here, thus, developers are happy, $PROPNEX LIMITED(OYY.SI)$ $APAC REALTY LIMITED(CLN.SI)$ and their agents are happy, but normal people may suffer from the inflation causing by their "crazy spending".

Government is not against with their big spending on local properties, but to protect locals, and only let super rich foreigners can afford to buy, the moststraight method is to increase the foreigner ABSD, and definitely it will hurt developers $UOL GROUP LIMITED(U14.SI)$ $CITY DEVELOPMENTS LIMITED(C09.SI)$ $CapitaLandInves(9CI.SI)$ etc.

My guess is property price won't be affect too much, especially for OCR and RCR areas, rental will increase significantly for CCR since foreign rich people who likes to stay there now can only rent instea of buying

Let's see how it goes after this new cooling measure.

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Comments

  • neo26000
    2023-04-27
    neo26000
    60% is good. But must raise much more tax for PRs too who just stay but refuse to
    take up citizenship.
  • SHANEPNSTOCK
    2023-04-27
    SHANEPNSTOCK
    Those developers whose portfolio are diversified overseas should have minimum or lesser impact.😀
  • VivianChua
    2023-05-02
    VivianChua
    ok
  • CAI_LIM
    2023-04-27
    CAI_LIM
    good info!
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