Cooling Measures - ABSD raised to 60 % for foreigners !

Wan Le , Wan Le , BBQ Le…

This time around , we think this would significantly slow the rising property market especially for new launches . New launches average prices rose over 30 % last quarter compared to the last.

The most significant impact will be on foreigners  from 30%  ABSD doubled to 60 % 😳

This weekend launch - THE CONTINUUM , a mega Freehold launch in the East, would be the litmus test. It was anticipated to be have a good take up rate . With these measures , it may be difficult to close at 30 %. 

a.      Raise ABSD rate from 17% to *20%* for Singapore Citizens (SCs) purchasing their 2nd residential property;

b.     Raise ABSD rate from 25% to *30%* for SCs purchasing their 3rd and subsequent residential property, and Singapore Permanent Residents (SPRs) purchasing their 2nd residential property;

c.      Raise ABSD rate from 30% to *35%* for SPRs purchasing their 3rd and subsequent residential property;

d.     Raise ABSD rate from 30% to *60%* for foreigners purchasing any residential property; and

e.      Raise ABSD rate from 35% to *65%* for entities or trusts purchasing any residential property, except for housing developers.