20 Feb '18, 11am

Singapore Home Tax Hike Not a Market Cooling Move, Minister Says

Singapore’s tax increase on home purchases exceeding S$1 million ($758,960) is aimed at making duties more equitable rather than imposing an additional property curb, said S. Iswaran, minister of trade and industry. Stamp duty on the portion of a property’s price above S$1 million will be raised starting Tuesday to 4 percent from 3 percent, the government said in its budget Monday. Home prices have rebounded in the past two quarters , prompting aggressive land bids from developers as the property market shrugged off cooling measures ranging from additional taxes to limits on loans to emerge from a four-year slump. "The measures have had the desired effect," Iswaran said. "If in fact there’s any concern, you would have seen far more significant measures." While a recovery in home prices is not a cause for concern, “exuberance” in the so-called en-bloc market for redevelopme...

Full article: https://www.bloomberg.com/news/articles/2018-02-20/singap...

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