Property cooling measures: Additional buyer’s stamp duty to be raised for Singaporeans and PRs buying their second and subsequent properties
SINGAPORE: The government announced new property cooling measures on Wednesday , increasing the additional buyer’s stamp duty rates.
“The implementation of the property market measures in December 2021 and September 2022 have had a moderating effect. However, in 1Q2023, property prices showed renewed signs of acceleration amid resilient demand,” said the statement. b. Raise ABSD rate from 25 per cent to 30 per cent for Singapore citizens purchasing their third and subsequent residential property, and Singapore permanent residents purchasing their second residential property;
e. Raise ABSD rate from 35 per cent to 65 per cent for entities or trusts purchasing any residential property, except for housing developers. 8. For acquisitions made jointly by two or more parties of different profiles, the highest applicable ABSD rate will apply. 11. The revised ABSD rates will apply to all residential properties acquired on or after 27 April 2023. There will be a transitional provision, where the ABSD rates on or before 26 April 2023 will apply for cases that meet all the conditions below:b. This OTP is exercised on or before 17 May 2023, or within the OTP validity period, whichever is earlier; and12.
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