12 Dec '11, 12am

Singapore property may lose shine among foreigners

Singapore property may lose shine among foreigners

The heavier stamp duties announced last week may have already dented Singapore's standing as a major property investment destination while giving rivals such as Hong Kong a boost, said analysts. Britain-based consultancy Black Brick Property Solutions said it has received inquiries from Asian and overseas investors who had been thinking of investing in Singapore property, but who have been deterred by the new tax rules. Other property agencies said they expect more clients to ask about their investment options after the festive period. Background story BRITAIN 'Stamp duty can be significantly reduced in Britain if the property is owned in a company name. Buyers pay very little or no tax on the acquisition,' says Ms Camilla Dell, managing director of Black Brick Property Solutions. HONG KONG It is looking attractive because of the government's non-intervention policy... Its...

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

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