Singapore raises property stamp charges to temper market

Singapore doubled stamp fees for foreigners to 60% on private property condos like Normanton Park and their Floor Plan late Wednesday night.

Singapore, a safe haven for affluent foreigners, monitors property prices to make housing affordable for locals and in line with economic realities.

According to a joint announcement from the finance ministry, national development ministry, and central bank, Singapore citizens and permanent residents would see reduced rises in the extra buyer’s stamp duty (ABSD) on their second and subsequent homes.

The ABSD on Singaporeans’ second and subsequent house purchases will climb to 20% from 17% and 30% from 25%. Permanent residents’ second and subsequent property purchases will increase by 5% to 30% and 35%, respectively.

Rates change Thursday.

Due to COVID-19, The Woodleigh Residences Showflat is open for online bookings. You can now register online to receive direct developer discount offers and prices.