With effect from April 27, Singapore citizens will have to pay an additional buyer’s stamp duty (ABSD) of 20% on their second residential property, up three percentage points from 17%. Singaporeans will also have to pay a higher ABSD of 30% for their third and subsequent property, up from the previous rate of 25%. In addition, the ABSD for foreign buyers was doubled to 60%.
Property developers are expected to see a “negative knee-jerk reaction” in their share prices following the latest round of property cooling measures say the analysts from DBS Group Research, OCBC Investment Research (OIR) and Citi Research.
The Singapore government had introduced yet another round of property cooling measures – barely six months after the last round in September 2022 – in the middle of the night on April 26, surprising market watchers.
