28 May '14, 1am

Review cooling measures: Foo Mee Har, Singapore Property News, Singapore Property Guides & Articles - STProperty

Review cooling measures: Foo Mee Har, Singapore Property News, Singapore Property Guides & Articles - STProperty

SOME property market cooling measures should be reviewed to make it easier for more Singaporeans to upgrade their homes, Ms Foo Mee Har (West Coast GRC) said in Parliament yesterday. This would help give more Singaporeans "a chance to realise their aspirations and 'level up'", she said during a debate on the President's Address. For instance, additional buyer's stamp duty (ABSD) could be collected upon the completion of a new property rather than upfront, she said. And if a genuine upgrader sells his first flat within a certain period, he should not need to pay ABSD at all. Singaporeans pay no ABSD on their first home purchase, but incur a 7 per cent levy when buying a second home. Upgraders can already get an ABSD refund if they sell their HDB flat within six months of getting a private home, subject to certain conditions. Ms Foo noted yesterday that property upgrading ha...

Full article: http://www.stproperty.sg/articles-property/singapore-prop...

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