The Singapore government stepped up additional buyer stamp duty (ABSD) rates for residential properties, in a fresh round of cooling measures aimed at curbing investment demand. For Singapore citizens, ABSD for the purchase of their second property will be raised to 20 per cent from 17 per cent and to 30 per cent from 25 per cent for their third...
The Singapore government stepped up additional buyer stamp duty rates for residential properties, in a fresh round of cooling measures aimed at curbing investment demand.
The new measures are expected to impact about 10 per cent of all residential property transactions, and are meant "to pre-emptively manage investment demand", said a joint press statement from the Ministry of Finance, Ministry of National Development and the Monetary Authority of Singapore. ABSD was introduced in December 2011, as one of several property market cooling measures. Rates were hiked in 2013, 2018 and 2021.
Some exemptions still apply, such as for married couples with one Singapore citizen spouse who jointly buy a second property - they can apply for a refund subject to selling their first property within six months of the purchase of the second property. The ABSD increases also do not affect HDB and executive condominium purchases from developers with upfront remission if the spouse is a Singapore citizen.
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