The joint statement also announced that there will be an increase of the SSD rates by four percentage points for each tier of the holding period. The SSD rates will now be 16% for the first year of sale and steadily decrease by four percentage points per year before falling to 0% after four years.
The market impact on the property sector is likely to be marginal after the government announced two changes to the seller’s stamp duty for residential properties.
On July 3, the Ministry of National Development (MND), Ministry of Finance (MOF) and the Monetary Authority of Singapore (MAS) issued a joint statement to announce that the holding period of the SSD will be increased from three to four years.
