News Flash: Additional buyer's stamp duty for private property from Dec 8

Centurion9990

Well-Known Member
SINGAPORE: The government has imposed an additional buyer's stamp duty for private property of between 3 per cent and 10 per cent for Singaporeans, Permanent Residents and foreigners from December 8.

Foreigners will pay 10 per cent Additional Buyer's Stamp Duty (ABSD) for any residential property.

Permanent Residents owning one and buying second and subsequent properties will pay 3 per cent ABSD.

Singaporeans owning two and buying third and subsequent residential properties will pay 3 per cent Additional Buyer's Stamp Duty.

A joint statement by the Finance Ministry and Ministry of National Development said the Government's objective is to promote a sustainable residential property market where prices move in line with economic fundamentals.

It said prices of private residential properties have continued to rise, albeit more slowly in the last two quarters. Prices are now 13 percent above the peak in 2Q1996 and 16 percent above the more recent peak in 2Q2008.

The statement said even with the current economic uncertainties, the demand for private residential property remains firm.

Given the uncertainty in stock markets and with interest rates remaining low, private property in Singapore continues to attract investors, local and foreign.

Excessive investment demand will however make the property cycle more volatile, and thus increase the risks to our economy and banking system.

It said the Government has therefore decided to impose the ABSD to moderate investment demand for private residential property and promote a more stable and sustainable market.

A higher ABSD rate for foreign buyers in particular is necessary, in view of the large pool of external liquidity and strong buying interest from abroad, and the relatively small size of the Singapore market.

Foreign purchases account for 19 percent of all private residential property purchases in 2H2011, up from 7 percent in 1H2009.

The statement added that the Government will continue to monitor the property market and adjust our property policies in step with changes in the market and the economy.

- CNA/de

:wtf::wtf::wtf: Men in White are hungry... First Transportation increase, now Additional Stamp Duty, what's next...
 
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Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

ho say liao ... more good years ahead :D
 
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Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

wt_know;712460 said:
ho say liao ... more good years ahead :D

Knn in 2 days got 2 channels of increase revenues... sibei hungry... from transport to house... i reckon GST will be next...
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

i remember tharman said gst 10% is a myth during election
let's see ...

Centurion9990;712463 said:
Knn in 2 days got 2 channels of increase revenues... sibei hungry... from transport to house... i reckon GST will be next...
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

i think petrol too............













cheers
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

dun think will have much effect on mkt la
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

policy makers never ever learn! increasing prices never solve anything in SG

1. Car prices(COE) at a high and still no reduction in traffic jams!

2. Lots more ERP and still jam everywhere!

3. Property prices at record high and everyone still buying!

4. More expensive = better. High-end products have always enjoy good sales in SG (seems like tons of people will believe expensive = good. Cheap = bad)

5. Public transport fares increase year on year and still always late/breakdowns/No cabs in sight

6. Taxi fares increase for the past 15 years but taxi drivers seems to be earn the same or less than 15 years ago. Fare increase = rental increase = same pay for taxi drivers but more profit for the companies.

7. Cigarettes prices went up 10times within the last 30 years but still as many smokers!

8. Utilities prices went up but comsumption remains the same!

9. Minister pay increase year on year. still same suxxy policies every year!
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

taxi fare compare with hk/tokyo/etc and conclude sg still cheap after increase
then how come minister's pay is not compareable you-know-who says
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

Wah this is quite a drastic measure. I hope the next step wont be to charge additional property tax on third property onwards. Right now 4%/10% already very steep. Plus this year IRAS revise all the annual value steeply upwards.
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

helbreath;712522 said:
Wah this is quite a drastic measure. I hope the next step wont be to charge additional property tax on third property onwards. Right now 4%/10% already very steep. Plus this year IRAS revise all the annual value steeply upwards.

Will not be surprise for such a move on property tax in time to come...
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

Now government still high over Nathan's contributions and no other news. National security
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

...sienz ....no need buy liow....wtf...:shock:...time 2 find Robert...:chinese:..
...:lol::lol::lol:
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

You cannot anyhow say Iscoupe is a robert
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

Chocs;712536 said:
...sienz ....no need buy liow....wtf...:shock:...time 2 find Robert...:chinese:..
...:lol::lol::lol:

wah sis chocs multi private properties owner :D
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

Plural, Roberts...........
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

Centurion9990;712541 said:
wah sis chocs multi private properties owner :D

...boh ler...poor woman here looking for Robertos....Plural...Kentonna say one...:chinese:
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

Chocs said:
...boh ler...poor woman here looking for Robertos....Plural...Kentonna say one...:chinese:
Still cannot spell my name properly, you Crocs.
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

To the rich, this is nothing. Just transfer the property lai (here) and transfer ki (there), make the 1st property the most sexpensive one, and 3rd one the cheapest. Tax or stamp duty or wat, there will be a thousand and one ways to make it cheaper.
 
Re: News Flash: Additional buyer's stamp duty for private property from Dec 8

weird logic la ...

HDB skyhigh prices dont introduce Additional Buyer Stamp Duty ...

Private property skyhigh prices they introduce Additonal Buyer Stamp Duty..

if that is not double standard i dont know what is....

last time theres a grp of ppl complaining HDB resale price high... COV high...BTO too little...

in future there will be a new grp of complainers ie ppl complaining to expensive to buy 2nd property for investment...
 

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