“As Singaporeans and permanent residents (PRs) account for a lion’s share of private home sales at 95% in FY2022, we do not expect the doubling of the additional buyer’s stamp duty (ABSD) rate for foreigners to severely impact the overall market and our other major revenue segments of project marketing (new launches) and private resale,” the agency writes in its statement on April 27.
PropNex’s (SGX:OYY
) rental, HDB resale, landed, commercial and industrial segments are unlikely to be much affected by the latest cooling measures, barring unforeseen circumstances.
Citing its “resilient business model” with “diversified rental streams”, the SGX-listed property agency notes that the above segments accounted for around 40% of its total revenue for the FY2022 ended Dec 31, 2022.
