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SingaporePropertyGuru
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On 7 December 2011, the Singapore Government announced the implementation of additional buyer’s stamp duty (ABSD) to be paid by certain profiles of people who buy or acquire residential properties (including residential land).
The affected buyers on and after 8 December 2011 would have to pay ABSD on top of the existing buyer’s stamp duty (BSD).
Affected Buyers
a) Foreigners and non-individuals
b) Singapore Permanent Residents (PR) who already own 1 or more residential properties, whether owned wholly, partially, or jointly with others
c) Singapore Citizens (SC) who already own 2 or more residential properties, whether owned wholly, partially, or jointly with others
The new ABSD is payable by affected buyers at fixed rates on the actual price paid or market value of the property whichever is the higher.
The ABSD rate will be 10% for (a),and 3% for (b) and (c),on the total price or market value of the property.
But based on anecdotal evidence from the National University of Singapore, mass market private residential property price is beginning to recover with prices for completed private apartments in the Non-Central Region climbing 1 percent in January.
In general, buyers for mass market private residential property in Singapore is dominated by domestic demand. Moreover as this segment is perceived as the entry level for Singaporeans who aspire for private residential property, demand is expected to remain strong
The affected buyers on and after 8 December 2011 would have to pay ABSD on top of the existing buyer’s stamp duty (BSD).
Affected Buyers
a) Foreigners and non-individuals
b) Singapore Permanent Residents (PR) who already own 1 or more residential properties, whether owned wholly, partially, or jointly with others
c) Singapore Citizens (SC) who already own 2 or more residential properties, whether owned wholly, partially, or jointly with others
The new ABSD is payable by affected buyers at fixed rates on the actual price paid or market value of the property whichever is the higher.
The ABSD rate will be 10% for (a),and 3% for (b) and (c),on the total price or market value of the property.
But based on anecdotal evidence from the National University of Singapore, mass market private residential property price is beginning to recover with prices for completed private apartments in the Non-Central Region climbing 1 percent in January.
In general, buyers for mass market private residential property in Singapore is dominated by domestic demand. Moreover as this segment is perceived as the entry level for Singaporeans who aspire for private residential property, demand is expected to remain strong
