Given the red hot property market last year, $6.84 billion in property stamp duty was collected in 2021. This is more than twice the stamp duty collected in 2020, and 67.7 per cent higher than what was collected pre-pandemic in 2019., $3.29 billion of stamp duty was collected in 2020, while $4.08 billion was collected in 2019.
The rise in stamp duty collection came as sales were robust and property prices reached new highs. For instance, prices were up by 10.6 per cent for the whole of 2021 compared to the 2.2 per cent increase in 2020. On top of that, last year saw several high profile GCB transactions by tech and crypto CEOs.
There were also notable en bloc sales last year, such as the collective sale of the land parcels at Thiam Siew Avenue for $815 million in November. It was also the largest land sale since the 2018 cooling measures. According to our Researcher data, a total of 66,710 residential property transactions were recorded last year, an increase of nearly 50 per cent from the previous year.
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