10 Jul '18, 4am

Latest property curbs aimed at reining in en bloc sales and speculative purchases

The latest round of property cooling measures seemed to be mainly aimed at taming the collective sale fever. Brookvale Park. Picture: iProperty Stamp duty hikes targeted at en bloc market While there were stamp duty hikes implemented for buyers and developers, it is the latter who will be hit the hardest. As of last Friday, developers will have to pay a 10 percentage point hike, from 15% to 25%, in additional buyer’s stamp duty (ABSD) unless they fulfill conditions laid out such as selling their units within a prescribed period. In light of the new measures, developers are also likely to reconsider purchasing larger land sites. At the end of the last work week, developers were going all out with launches to entice buyers to close deals before the new measures take effect. For buyers who have exercised their Option to Purchase (OTP) on or before 5 July 2018, and if no varia...

Full article: https://www.iproperty.com.sg/news/latest-property-curbs-a...

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