Dennis shared about the recent property measures implemented by the government as well as some of the impacts to the market during the 2nd MasterYourFinance.com gathering:

Seller stamp duty has increased from 2% to 16% for first year, 12% within 2 years, 8% within 3 years, and 4% within 4 years. Compared to Hong Kong at 15%. This is worse than capital gain tax because for the latter, you pay tax only when you made money from the sale. Whereas, seller’s stamp duty forces you to pay as long as you made a sale, regardless is it is a profitable transaction.

Impact #1

In his opinion, all the speculation in the property market has been eliminated as property price need to go up 22% in one year to break even.

Why 22%? Here’s how it adds up:

#1 Buyer stamp duty – 1% on S$180,000, 2% on next S$180,000, ...