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Subscribe to this list via RSS Blog posts tagged in additional buyer stamp duty

BUYERS with HDB addresses are opting for smaller apartments when they venture into the private housing market, according to research done by a property consultancy firm.

It found that 66 per cent of HDB home owners bought units of less than 100 sq m in the first quarter of this year, up from the 62 per cent in the final three months of last year. The median size of the purchased units fell 2.3 per cent to 85 sq m.

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The Government has cut the supply of land for residential development under its biannual sales programme to the lowest since the global financial crisis — a move that analysts say signals an attempt to stabilise the market amid a rising supply glut in the pipeline.

Under the Government Land Sales (GLS) programme for the second half of the year, four sites that can yield 2,130 homes, including one executive condominium (EC) land parcel that can be developed into 520 units, will be made available under the Confirmed List, the Ministry of National Development (MND) said yesterday.

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Posted by on in Residential

The Singapore government will continue to monitor the property market closely and consider suitable adjustments to its cooling measures when necessary, said a Ministry of Finance (MOF) spokesman.

These actions are aligned with the government's objective to promote a stable and sustainable property market, she said.

MOF was responding to a BT query about strong market sentiments that there will be changes to cooling measures - in particular, the additional buyer's stamp duty (ABSD) - in the near term.

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The property cooling measures adopted by Singapore from 2009-13 - known to economists as "macroprudential measures" - were an essential complement to monetary policy and have succeeded in containing the property market bubble, according to Monetary Authority of Singapore (MAS) managing director Ravi Menon.

However, they were introduced during a "highly unusual situation". As such, they will not be a permanent feature of policy and will only be used from time to time.
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Regulatory measures taken to cool the property market have raised the purchase costs of luxury residential developments to the second-highest in the world for foreign buyers.

Singapore was second only to Hong Kong when it came to the purchase cost of new-build prime residential property.
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The government yesterday announced its seventh and most sweeping package of property cooling measures in over three years.

Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam described the package as the "most significant to date" and stronger than those introduced in previous rounds. Some measures will be temporary and will be reviewed later, once prices soften, while others are likely to stay for the long term.
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Posted by on in Uncategorized
Resale prices of non-landed private residences grew at a faster pace last year despite a fall in transaction volumes from the year before.

Buyers paid an average of $1,233 per square foot (psf) in the fourth quarter of 2012, the Singapore Real Estate Exchange (SRX) said yesterday. That was 6.6 per cent higher than the third quarter's $1,157 psf.
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Showflats were quiet yesterday, following a surge of customers last Friday eager to beat the new cooling measures which kicked in on Saturday.

The government announced its seventh and most sweeping package of property cooling measures on Friday, including higher additional buyers' stamp duty as well as stricter borrowing limits.
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The introduction of the additional buyer's stamp duty (ABSD) last December has had its intended effect of shrinking non-permanent resident foreigners' share of total private-home purchases in the first three quarters of this year.

Conversely, Singaporeans have seen a 10.6-percentage point jump in their share of the home-buying pie. PRs' share has risen slightly.
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Posted by on in Uncategorized

By?Romesh Navaratnarajah:

Over half a million dollars was collected by the taxman from additional stamp duties for property purchases, of which S$450 million came from the additional buyer’s stamp duty (ABSD) introduced last December, according to the Inland Revenue Authority of Singapore (IRAS).

In a?Straits Times?report, IRAS noted that S$51 million was contributed by the seller’s stamp duty (SSD), which was imposed in February 2010.?

On the other hand, S$2.5 billion in stamp duties was collected from sale and purchase agreements (SPA) for the full year ended 31 March last year.?

Of the ABSD’s share, approximately S$261 million was attributed to non-PR foreigners who bought around 1,400 homes within nine months; representing one in four buyers who paid additional tax.?

Analysts feel that the figures show renewed buying interest after an initial cooling period when the measures were first implemented.?

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alexcanal

A bullish bid of more than half a billion dollars for a Redhill residential site has left market watchers stunned.

The site attracted several big players but none matched the knockout price offered by a consortium comprising Wingstar Investment, Metro Australia Holdings and Maxdin.

They lodged an offer of $516.3 million, or $960 per sq ft per plot ratio (psf ppr), for the 99-year leasehold site in Prince Charles Crescent. Experts had tipped a top offer of $950 psf ppr, with most expecting bids well below that.

Wingstar is a unit of Wing Tai Holdings, which has projects like Le Nouvel Ardmore and Nouvel 18 in the posh Ardmore Park area. Metro Australia is owned by local firm Metro Holdings, while Maxdin is part of United Engineer's Greatearth Holding.


Credit from Straits Times

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