Dear readers, the government has announced higher additional buyer’s stamp duties (ABSD) with effect from today (16 Dec 2021) for Singapore citizens, Permanent Residents and Foreigners.
For example, for Singapore citizens buying their second residential property, the additional buyer’s stamp duties (ABSD) has increased from 12% to 17%. And for Singapore citizens buying their third and subsequent residential property, the ABSD has increased from 15% to 25%.
For many Singaporean HDB dwellers who would wish to buy a second property in the form of a condominium, assuming an average minimum price of a condominium to be $1 million, these Singapore citizens would need to pay an extra $50,000.
I understand that the latest round of government’s measures is to cool the Singapore property market, to mainly curb speculation. But I believe the measures also make it more difficult for an average humble Singaporean citizen family living in HDB flat, who work hard amidst the high cost of living here to aspire to buy another property like a condominium.
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