SINGAPORE: From 2018 to 2021, about 0.5 per cent of private residential properties transacted involved “99-to-1” or similar arrangements, and action will be taken against both buyers and property agents, said Senior Minister of State for Finance Chee Hong Tat in Parliament on Friday .
By structuring the transaction in this manner, the parties involved have effectively reduced the Additional Buyer's Stamp Duty on the property purchase. IRAS is looking into the second way – private property buyers who have entered into split agreements with the possible intention of avoiding ABSD. When a residential property is jointly purchased by two or more buyers, the ABSD rate arising from the buyer with the highest ABSD profile will apply on the entire value of the purchase.