16 Jan '13, 2pm

Singapore gets tough on foreign property buyers via @Telegraph

Singapore gets tough on foreign property buyers via @Telegraph

As central banks around the world increase liquidity, much of this cash is finding its way into Asian property. Foreign investors are attracted to the stable governments of Hong Kong and Singapore along with their robust economies. Although foreign buyers will feel the brunt of the new taxes, the Singapore government has also introduced a 7 per cent ABSD for Singaporeans buying their second home to curb property speculation. Those investors buying industrial property to get around the residential property stamp duties have also been targeted. A new sellers’ stamp duty has been introduced for industrial property ranging from 5 per cent to 15 per cent. Steve Melhuish, CEO of Singapore-based property portal PropertyGuru, said: “The government will need to maintain a sharp focus to ensure these measures do not send the market into a downward spiral. Many analysts and market-wa...

Full article: http://www.telegraph.co.uk/finance/personalfinance/expat-...

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