Dear readers, in an unexpected and surprised move, the Singapore Government announced yesterday night a slew of higher additional stamp duties for property purchases with effect from today.
Among the new ABSD is the 20% rate for second residential property, up from the previous rate of 17% for Singapore Citizens.
I would think that a number of the Singapore Citizen buyers for second residential property are ordinary Singaporean folks who beside owning a HDB house as their first house, buy a second residential property, likely and frequently a private condominium.
For many private condominiums, the minimum price tag is $1 million and the new ABSD alone translates into $200,000 for just these additional taxes.
I would think only Singaporean citizens who are very flushed with liquidity these days can afford a second residential property in these days of higher ABSD.
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