Hefty Stamp Duty Hike Targets Foreign Buyers

Headline Hefty stamp duty hike targets foreign buyersMediaTitle The Straits Times (Front Page) (Thu - Sat)Date 08 Dec 2011 Color Black/whiteSection Front Page Circulation 389,248Page No A1,A10 Readership 1,167,744Language English ArticleSize 755 cm²Journalist N/A AdValue S$ 9,080Frequency Daily PR Value S$ 27,241 Hefty stamp duty hike targets foreign buyers Additional 10 tax The changes take effect today buyers in the last property boom in 2007 Hardest hit are foreigners who have and 2008 from today a bid been snapping up a rising share of non landed homes in recent years They Singaporeans and permanent residents PRs who invest in property are also to cool housing market now must pay a hefty additional buyer s affected stamp duty of 10 per cent on any pur PRs who buy a second and subsequent I BY ESTHER TEO chase of a residential property here residential property will pay 3 per cent in PROPERTY REPORTER This is on top of the existing buyer s additional stamp duty Overseas proper stamp duty of about 3 per cent and ap ties will be excluded from this count THE Government unveiled a set of plies to the purchase price or market val Singaporeans who already have two unprecedented stamp duty taxes last ue of the property whichever is higher residential properties will have to pay the night in what many industry watchers Corporate entities including compa additional 3 per cent on their third and have called the toughest round of curbs nies trusts and collective investment yet on Singapore s private property mar schemes are now also subjected to the ket new 10 per cent tax They were active

Headline Hefty stamp duty hike targets foreign buyersMediaTitle The Straits Times (Front Page) (Thu - Sat)Date 08 Dec 2011 Color Black/whiteSection Front Page Circulation 389,248Page No A1,A10 Readership 1,167,744Language English ArticleSize 755 cm²Journalist N/A AdValue S$ 9,080Frequency Daily PR Value S$ 27,241 Concern over investment demand ing correction further down the road Despite four previous rounds of proper ty market cooling measures private subsequent home purchases home prices have continued climbing for Options granted yesterday or earlier the past two years and exercised within three weeks will not And even though price gains moderat be subjected to the new rules ed to just 1 3 per cent in the three months This is the first time in 15 years that to September property prices are now at foreign buyers have been targeted by a a record high 13 per cent above the set of measures to cool the property mar 1996 peak and 16 per cent above the most ket recent peak in 2008 Until yesterday they faced only cer Sales of new private homes hit a tain restrictions in buying landed homes record 16 292 last year This year looks to In a statement Deputy Prime Minister be another banner year with 13 688 units and Finance Minister Tharman Shanmuga sold in the first 10 months ratnam said that Singapore had always The numbers have clearly been given a had markets open to foreign investment boost by foreign buyers who accounted and must keep them that way for 19 per cent of all private residential However the reality is that invest property purchases in the second half of ment flows into our property market are this year up from 7 per cent in the first now larger than before and unlikely to half of 2009 And these figures exclude recede as long as interest rates remain purchases by PRs low he warned Property experts said they expect the The additional buyer s stamp duty new measures to reduce demand for should help cool investment demand and homes by up to 25 per cent in certain seg avoid the prospect of a major destabilis ments of the market

Headline Hefty stamp duty hike targets foreign buyersMediaTitle The Straits Times (Front Page) (Thu - Sat)Date 08 Dec 2011 Color Black/whiteSection Front Page Circulation 389,248Page No A1,A10 Readership 1,167,744Language English ArticleSize 755 cm²Journalist N/A AdValue S$ 9,080Frequency Daily PR Value S$ 27,241 tion of Singapore Redas had sharp words for the Government last night In a statement it said that it was disap pointed by the lack of consultation on the latest measures and called the mea sures untimely given the expected slow down in the economy next year The measures came as a surprise as the current market outlook is uncertain it said The good take up rate in the primary market is driven by the increased number of new launches and unique selling points of certain projects It is not indicative of a return to a speculative market Meanwhile the Government also an nounced yesterday the release of 41 new sites under the government land sales pro gramme for the first half of next year The 14 sites on the confirmed list and 27 on the reserve list site are in popular areas like Farrer Road Tiong Bahru and Tampines and can potentially yield about 14 100 private homes On the list are six sites for executive condominiums ECs which have seen robust demand in recent launches Commenting on this Minister for National Development Khaw Boon Wan said the supply of new EC sites will help higher income Singaporeans own private condominium units in an affordable way since foreigners and PRs cannot buy EC units First time home buyer Yang Sue Ann 25 a civil servant welcomed the mea sures as she and her fiance had been hold ing off buying a home in the hope that prices would fall It will curb investment demand for sultancy head Ong Teck Hui said that the These measures will help us greatly in private homes drastically In the next one measures will have a stronger impact on getting our first home We were thinking to two months the home buying demand the prime and mid prime markets of buying at the end of next year but hope from non resident foreigners will almost where foreigners accounted for nearly a fully if prices drop we can get something dry up warned SLP International quarter of transactions in the third quar by early next year before we get married research head Nicholas Mak ter in June she said Credo Real Estate s research and con The Real Estate Developers Associa esthert@sph com se

Hefty Stamp Duty Hike Targets Foreign Buyers

by Perry Lai on Dec 09, 2011

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Hefty Stamp Duty Hike Targets Foreign Buyers — Document Transcript

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