Mr Desmond Lee explained that the increase of between 3 per cent and 5 per cent in rates should be sufficient to dampen investment demand.SINGAPORE - The new round of increases in Additional Buyer’s Stamp Duty rates are aimed at preemptively dampening investment demand and prioritising Singaporeans buying homes for owner-occupation, said National Development Minister Desmond Lee on Thursday .
The rate will be raised from 17 per cent to 20 per cent for Singapore citizens buying their second residential property, and from 25 per cent to 30 per cent for those buying their third and subsequent property. “Over successive rounds of property-related measures, you’ve seen foreign investment, as a proportion of property transactions fall from some 20 per cent in 2011, to about 3 to 4 per cent over the last few years. The average from 2017 to 2019 was around 6 per cent,” he said.
He added that as Singaporeans and PRs are “very sensitive to changes in ABSD ”, the increase of between 3 per cent and 5 per cent in rates should be sufficient to dampen investment demand from this group.
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