Is Singapore property tax hike a boon for Malaysia?
On April 26, 2023, the Singapore government announced that effective the next day, ABSD rates would be raised “to promote a sustainable property market”.
On April 26, 2023, the Singapore government announced that effective the next day, ABSD rates would be raised “to promote a sustainable property market”. For Singapore citizens buying their second residential property, the ABSD has been increased by 3% to 20%, and for those buying their third and subsequent property, the tax is now 30%, from 25% previously. Meanwhile, Singapore PRs buying their second residential property are taxed 30% and 35% for third and subsequent properties.The ABSD rate is computed based on the buyer’s profile as at the date of the property acquisition.
Cost-wise, it makes good sense for Singaporeans and foreigners who call Singapore home to invest in Johor because of the close proximity and positive currency exchange. Malaysia is not alone in wooing Singapore and we need to work harder and move faster so as not miss the boat. There is a long list of “must dos” to attract foreigners to invest and live here and these, I believe, are neither new nor unknown to the authorities.For starters, connectivity between the two countries must be enhanced quickly — be it land, sea or rail. Any unnecessary red tape must be dismantled immediately. And no flip-flopping, please, for obvious reasons.
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