09 Jul '18, 6am

Government tightens property cooling measures by raising stamp duties

Some may consider it pre-mature and some, timely, but the Singapore government has announced a 5% increase on property stamp duties last Friday. Hillion Residence. Picture: iProperty 5% increase in stamp duties for developers, local and foreign buyers The authorities’ latest move could be a reaction to the market exuberance that seems to forebode bubbling over. For many industry players who have hoped that the government’s rein on the series of property cooling measures increasingly met out since 2011 would be loosened, the tables seemed to have been turned. From 7 pm last Friday, there will be a 5% increase in property stamp duties. This change applies to: Singapore citizens and Permanent Residents purchasing their second and subsequent properties Foreigners purchasing any property in Singapore, even their first. The recent rise in private home prices has brought the cons...

Full article: https://www.iproperty.com.sg/news/government-tightens-pro...

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