SINGAPORE: When the government announced higher additional buyer’s stamp duties in the latest round of property cooling measures, real estate consultant Aric Lim’s foreign clients were concerned that this may not be the final hike.
“They were asking, ‘Is 60 (per cent) the last stop?’ Nobody knows right?” said Mr Lim, who works for Huttons Asia.
The doubling of the additional buyer’s stamp duty (ABSD) from 30 per cent to 60 per cent for foreign buyers may initially discourage those who want to settle down in Singapore, he told CNA’s Steven Chia on the Heart of the Matter podcast.
But they will soon “come to terms with it, bite the bullet and move on”.
Mr Lim was discussing the impact of the ABSD rate increase with Dr Lee Nai Jia, head of real estate intelligence, data and software solutions at PropertyGuru Group.
Among the fresh round of hikes announced on late Wednesday night (Apr 26), the raising of the ABSD rate for foreigners was the highest increase.
This is the third round of cooling measures since December 2021.
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