08 Dec '11, 12am

Stamp duty hike targets foreign buyers of residential property

File photo of agents and prospective buyers looking at the scale model of Bedok Residences. The Government has imposed a hefty new 10 per cent stamp duty on foreigners, excluding PRs, and companies buying residential property in Singapore to help cool the market.-- ST PHOTO: RAJ NADARAJAN By Esther Teo, Property Reporter The Government unveiled a set of unprecedented stamp duty taxes on Wednesday night, in what many industry watchers have called the toughest round of curbs yet on Singapore's private property market. The changes take effect on Thursday. Hardest hit are foreigners, who have been snapping up a rising share of non-landed homes in recent years. They now must pay a hefty additional buyer's stamp duty of 10 per cent on any purchase of a residential property here. Related Links New rates Impact on buyers This is on top of the existing buyer's stamp duty of about 3...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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