By now you will have heard of a new round of cooling measures which is a huge increase in ABSD (Additional Buyers Stamp Duties). But not all buyers are affected equally. How will the increase in ABSD affect you ?
Recent cooling measures
This new increase follow the last ABSD increase in Dec 2021, where ABSD was hiked up too.
Then on 30th Sep 2022, there was a round of three big cooling measures, including an amazing 15 months wait for sellers of private property before they can buy HDB resale.
And don’t forget just in Feb 2023, we had an increase in buyer stamp duties, although it is at the higher end of the value of properties.
Examples of how will the increase in ABSD affect you
Let Propnex show you some examples to help you understand.
Also take note of how the ABSD (Trust) has raised to a shocking 65%. Read about ABSD (Trust) here on this post.
Singapore now has the highest property tax for foreigners
After the latest round of cooling measures, Singapore now has one of the highest tax rates and stamp duties for foreigners buying residential properties – far surpassing major cities such as New York, London, and Hong Kong.
It remains to be seen how would the property market react to these new changes. The super high net worth buyers cum super rich buyers will probably not be too affected by the increase (yes, it is a doubling of ABSD) as they are looking for safe havens for their money. And in the long term, the Singapore property market will probably be still be value for money.
Do remember you are still NOT allowed to get involved in any TRUST arrangements if you are still serving your MOP for your HDB.