By Mr. Propwise
On the evening of December 7th the Government announced an Additional Buyer’s Stamp Duty (ABSD) to be imposed on certain categories of residential purchases. The intent is crystal clear – stamp out (pardon the pun) investment demand, especially from foreigners. There have been a flurry of news reports and opinion pieces, and I’d like to add on my thoughts here in this article. I believe that this Government measure will be a turning point for the residential property market.
Details of the ABSD
The ABSD will be collected on top of the current Buyer’s Stamp duty, and will apply to the higher of the purchase price or market value of the property for the following:
- Foreigners and non-individuals (including corporates, trusts and collective investment schemesetc) buying any residential property will be hit with an ABSD of 10%
- Permanent Residents (PRs) buying a second or greater residential ...
