new cooling measures effective 8dec 2011

[fiat500]

foreigners buying 1st home 13% stamp duty upfront.
PR 2nd home 6% stamp duty upfront.
singaporean 3rd home 6% stamp duty upfront..
yeeeehaaa...time to celebrate.

[jwong71]

foreigners buying 1st home 13% stamp duty upfront.
PR 2nd home 6% stamp duty upfront.
singaporean 3rd home 6% stamp duty upfront..
yeeeehaaa...time to celebrate.

http://app.mnd.gov.sg/Newsroom/NewsP...11&RA1&RA2&RA3

[fiat500]

foreigners buying 1st home 13% stamp duty upfront.
PR 2nd home 6% stamp duty upfront.
singaporean 3rd home 6% stamp duty upfront..
yeeeehaaa...time to celebrate.

figures could b wrong..sorry!

[hyenergix]

D-day for condos. A lot of recent launches (or those going to be launched) should be stuck in a limbo.

[hyenergix]

The Singaporean part is easy to overcome...

a) Foreigners and non-individuals[1](corporate entities) buying any residential property will pay an ABSD of 10%;

b) Permanent Residents (PRs) owning one[2] and buying the second and subsequent residential property will pay an ABSD of 3%; and

c) Singapore Citizens (Singaporeans) owning two2 and buying the third and subsequent residential property will pay an ABSD of 3%. But if you have wife, mother, father, grandpa or grandma, it shouldn't be an issue.

[maisonjai]

u waiting to buy 2nd ppty?

[esther]

SINGAPORE: The government has imposed an additional buyer's stamp duty for private property of between 3 per cent and 10 per cent for Singaporeans, Permanent Residents and foreigners from December 8.

Foreigners will pay 10 per cent Additional Buyer's Stamp Duty (ABSD) for any residential property.

Permanent Residents owning one and buying second and subsequent properties will pay 3 per cent ABSD.

Singaporeans owning two and buying third and subsequent residential properties will pay 3 per cent Additional Buyer's Stamp Duty.

- CNA/de

Comments?

[fiat500]

The Singaporean part is easy to overcome...

a) Foreigners and non-individuals[1](corporate entities) buying any residential property will pay an ABSD of 10%;

b) Permanent Residents (PRs) owning one[2] and buying the second and subsequent residential property will pay an ABSD of 3%; and

c) Singapore Citizens (Singaporeans) owning two2 and buying the third and subsequent residential property will pay an ABSD of 3%. But if you have wife, mother, father, grandpa or grandma, it shouldn't be an issue.

unless u are filty cash rich..
how is the bank gona grant yr grandpa n grandma loan unless they r still working?

[Laguna]

put my monies elsewhere...
kill the market, especially the foreign buyers

[hyenergix]

unless u are filty cash rich..
how is the bank gona grant yr grandpa n grandma loan unless they r still working?

Some grandma and grandpa are very rich. Mine are already in another world many years ago or could have re-borned by now...

[august]

goddamn it...

[hyenergix]

SINGAPORE: The government has imposed an additional buyer's stamp duty for private property of between 3 per cent and 10 per cent for Singaporeans, Permanent Residents and foreigners from December 8.

Foreigners will pay 10 per cent Additional Buyer's Stamp Duty (ABSD) for any residential property.

Permanent Residents owning one and buying second and subsequent properties will pay 3 per cent ABSD.

Singaporeans owning two and buying third and subsequent residential properties will pay 3 per cent Additional Buyer's Stamp Duty.

- CNA/de

Comments?

You should start shopping soon. I think developers' knees will tremble at this.

[kane]

Huh? Wasn't the market very cool? Archipelago already having slow sales, only BR was hot. Capitaland must regret not being able to launch before these new measures.

[art10626]

I am a bear and was looking for softening... but hey with lower volume, stablised prices and uncertainties ahead, isn't that a bit too aggressive?

Queue queue queue now queue until got problem liao

[dmonddd]

i doubt mass market will be affected
and developer would be in the loop

anyway, these cooling measures will impact the resale market
although the foreigners have the cash to pay for upfront, it is a signal to all to slow down.

entry barrier to those borderline foreign buyers.

i thought ssd will be relaxed...looks like there will be more

have to really read hard the minister's statements - read between the lines
need to get another pair of more powerful specs LOL

[esther]

Huh? Wasn't the market very cool? Archipelago already having slow sales, only BR was hot. Capitaland must regret not being able to launch before these new measures.

Ok la, bedok one alrdy launched. Alot units sold right? Lol

[azeoprop]

Oh no! There goes my shopping!

[dmonddd]

Majority PRs hardly into 2nd property ...from conversations with colleagues.
they find singapore too expensive compared to their home country's

no impact for PRs as there's no intention...my take

6% of $1 milllion = $60,000 can buy COE and nice renovations

[Antione]

Central banks have just recently printed trillions of fiat currencies to save the Euro. Rich foreigners looking at protecting their wealth are heading here. Our govt is collecting protection money from them.

[andy]

SINGAPORE: The government has imposed an additional buyer's stamp duty for private property of between 3 per cent and 10 per cent for Singaporeans, Permanent Residents and foreigners from December 8.

Foreigners will pay 10 per cent Additional Buyer's Stamp Duty (ABSD) for any residential property.

Permanent Residents owning one and buying second and subsequent properties will pay 3 per cent ABSD.

Singaporeans owning two and buying third and subsequent residential properties will pay 3 per cent Additional Buyer's Stamp Duty.

- CNA/de

Comments?

Good call to cool down long queues in developer launches where demand may not genuine

[hyenergix]

i doubt mass market will be affected
and developer would be in the loop

anyway, these cooling measures will impact the resale market
although the foreigners have the cash to pay for upfront, it is a signal to all to slow down.

entry barrier to those borderline foreign buyers.

i thought ssd will be relaxed...looks like there will be more

have to really read hard the minister's statements - read between the lines
need to get another pair of more powerful specs LOL

Two very impactful cooling measures this year. It is sending a clear signal to foreign investors that they are not welcome to speculate in local properties or park their money in local properties and inflate prices.

[hyenergix]

Mr Basic could be right afterall...

[bullman]

Option granted by tonight is still safe though.

[taggy]

"For purchases made jointly by two or more parties (e.g. a Singaporean with a PR, or a PR with a foreigner), the higher applicable ABSD rate will be imposed. For example, if a citizen purchases a property with a foreigner, the ABSD of 10% will apply. In the case of a joint purchase by Singaporeans, who each already owns properties, the ABSD of 3% will apply as long as one of the purchasers already owns two properties."

sg-pr couple who own 1 home, looking to buy another, without disposing first also kenna... no 50% tax discount for this type case

[azeoprop]

Crappyland's bishan condo is doomed. The 1+study can sell me for 600k

[newbie11]

Must be the Q at BR that caused this

[maisonjai]

Two very impactful cooling measures this year. It is sending a clear signal to foreign investors that they are not welcome to speculate in local properties or park their money in local properties and inflate prices.

Additional Buyer's Stamp Duty (ABSD), sounds more like Anti-locking Brake System Duty. Sales on brakes, those taking baby steps into ppty exempted.

[azeoprop]

Must be the Q at BR that caused this

Stupid crappyland spoil market...

[andy]

Two very impactful cooling measures this year. It is sending a clear signal to foreign investors that they are not welcome to speculate in local properties or park their money in local properties and inflate prices.

"Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister for Finance, said, “We have always had open markets and must keep them that way. However, the reality is that investment flows into our property market are now larger than before, and unlikely to recede as long as interest rates remain low."

Not sure it is about speculation but rather where to park the money to keep it's value in line with inflation. I take this as a good sign that S'pore properties is rated AAA

[hyenergix]

"For purchases made jointly by two or more parties (e.g. a Singaporean with a PR, or a PR with a foreigner), the higher applicable ABSD rate will be imposed. For example, if a citizen purchases a property with a foreigner, the ABSD of 10% will apply. In the case of a joint purchase by Singaporeans, who each already owns properties, the ABSD of 3% will apply as long as one of the purchasers already owns two properties."

sg-pr couple who own 1 home, looking to buy another, without disposing first also kenna... no 50% tax discount for this type case

Divorce first then buy, then re-marry again on the next day