SINGAPORE - Buyer’s stamp duties (BSD) for higher-value residential and non-residential properties will be raised with effect from Feb 15, Finance Minister Lawrence Wong said in his Budget speech on Tuesday (Feb 14). Read more at straitstimes.com.
SINGAPORE - Buyer’s stamp duties for higher-value residential and non-residential properties will be raised with effect from Feb 15, Finance Minister Lawrence Wong said in hisThis is expected to generate an additional $500 million in revenue per year. But the actual amount will depend on the state of the property market, he said.
For non-residential properties the portion of the value of the property in excess of $1 million and up to $1.5 million will be taxed at 4 per cent, while that in excess of $1.5 million will be taxed at 5 per cent. This is up from the current rate of 3 per cent. Mr Wong said these changes are expected to affect 60 per cent of non-residential properties - which are commercial or industrial properties.additional registration fee for motor vehicles.
Based on URA’s 2022 data, nearly 55 per cent of the total private residential transactions were priced at least $1.5 million, while 15.4 per cent were priced at least $3 million. About 39.2 per cent were valued between $1.5 million and less than $3 million, according to OrangeTee & Tie senior vice-president of research and analytics Christine Sun.
Moreover, properties priced at $3 million and above tend to have unique attributes and those above $10 million tend to be rare, which will continue to attract investor interest, Ms Sun said.Mr Ismail Gafoor, chief executive of PropNex Realty, said he believes that the announced increase in BSD “builds on the increase in property tax rates announced in the 2022 Budget.”
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