26 Feb '13, 4am

Budget 2013: Analyst Comments #PR

The new property tax rates of between 12 to 20 percent for non-owner occupied residential properties introduced in Budget 2013 will make investing in high-end properties less attractive, said experts. According to Alan Cheong, Research Head at Savills Singapore, the revisions to the tax structure wouldn’t have much impact on the rental market as rents are determined by supply and demand factors. But owning a luxury property in Singapore as an investment will become less attractive compared to investing in other developed economies where taxes are higher. Ultimately, this would encourage more investors to move their capital overseas. “The graduated property tax on luxury properties may impact investors, particularly corporates and high-net-worth investors,” noted Petra Blazkova, Head of CBRE Research for Singapore and South East Asia. While “it may put pressure on the holdi...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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