24 Mar '18, 10pm

Commentary: Higher buyer’s stamp duty a wealth tax with mixed impact on the property market https://t.co/T3GnawGQDC

SINGAPORE: One of the biggest purchase for most Singaporeans, it’s no surprise many watch property prices closely like hawks. Yet the recent announcement of a 1 per cent hike on the Buyer’s Stamp Duty (BSD) on the top slice of residential properties in excess of S$1 million announced at Budget 2018 caught most by surprise, including many industry watchers. For years, many had expected authorities to lift cooling measures, including the additional buyer’s stamp duty (ABSD). Its immediate effect was seen in a tumble of 1.7 per cent in the FTSE Straits Times Real Estate Holding and Development Index, the benchmark indicator for real estate developers. Shares of property developers such as CDL, UOL Group, Wing Tai and CapitaLand also dropped by between 1.9 per cent and 3.3 per cent the following day. Nonetheless, most experts say the additional BSD is unlikely to dampen the cu...

Full article: https://www.channelnewsasia.com/news/singapore/higher-buy...

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