Singapore announces new property cooling measures, additional buyer's stamp duty
The Singapore government has announced a new round of property cooling measures that will see ABSD raising to 60% for foreigners, with effect from 27 April 2023.
The latest round of cooling measures aims to prioritise housing for owner-occupation.
The specific ABSD rates increases are as follows:
a. Raise ABSD rate from 17% to 20% for Singapore citizens purchasing their second residential property;
b. Raise ABSD rate from 25% to 30% for Singapore citizens purchasing their third and subsequent residential property, and Singapore permanent residents purchasing their second residential property;
c. Raise ABSD rate from 30% to 35% for Singapore permanent residents purchasing their third and subsequent residential property;
d. Raise ABSD rate from 30% to 60% for foreigners purchasing any residential property; and
e. Raise ABSD rate from 35% to 65% for entities or trusts purchasing any residential property, except for housing developers.
What is the outlook for Singapore developers that are already facing high construction costs and high borrowing costs?
Modify on 2023-04-27 00:29
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
