With effect from April 27, Singapore citizens have to pay a 20% ABSD, or additional buyers' stamp duty, on their second residential property. They now pay 17%.
The government is levying higher ABSD rates, in a bid to cool the property market that remains firm even with a dimmer economic outlook.
“The revisions to the ABSD rates to help moderate investment demand will complement our efforts to ramp up supply, to alleviate the tight housing market for both owner-occupation and rental,” says the Ministry of Finance, Ministry of National Development, and the Monetary Authority of Singapore in a joint statement late in the evening of April 26.
