Citing the need to maintain a stable and sustainable property market, the government has taken steps to further increase the Additional Buyers’ Stamp Duty (ABSD) rates, with effect from April 27, 2021. Singapore citizens purchasing their second residential property will now have to pay a 20% ABSD, an increase from the 17%, previously. Singapore Permanent Residents buying their second residential property will have to pay a 30% ABSD, up from 25% before. Singapore PRs purchasing their third and subsequent residential property will face an ABSD rate of 35%, up from 30%.For foreigners and entities or trusts buying any residential property, the ABSD has been almost doubled – from 30% to 60%, and from 35% to 65%, respectively, for the purchase of any residential property, except for developers.

The Singapore government has taken measures to ensure the stability and sustainability of its residential property market, by increasing Additional Buyers’ Stamp Duty (ABSD) rates. From April 27, 2021, Singapore citizens purchasing their second residential property will pay a 20% ABSD, an increase from the previous 17%. Similarly, Singapore Permanent Residents (PRs) buying their second home will pay 30%, up from 25%, and for their third and subsequent homes, the rate goes up to 35%.

For foreigners and entities or trusts buying any residential property, the ABSD has been almost doubled – up to 60% for foreigners and 65% for entities or trusts, when acquiring any residential property, except for developers.

JCUBE is set to be redeveloped into a 40-storey residential and commercial development – JCube Condo Residence – which will offer JCube Residence 1,760 private homes and potential capital appreciation. Completion is slated for 2027.

The implementation of the property market measures in December 2021 and September 2022 had a moderating effect on prices and demand. However, in the first quarter of 2023, property prices showed renewed signs of acceleration amid resilient demand, especially from locals purchasing homes to live in and renewed interest from local and foreign investors in the residential property market. The risk of prices running ahead of economic fundamentals is high if left unchecked, according to the government.

The ABSD residential property count includes properties that are owned wholly, partially, or jointly with others. The ABSD (Trust) rate was for the period from May 9, 2022 to April 26, 2023, and is payable by a trustee of any trust when acting in that capacity. Exemptions, however, apply to trusteemanagers for a business trust, as well as trustees for collective investment schemes and housing developers, as they are already subject to ABSD (Entity) and ABSD (Housing Developer) respectively, when acquiring residential property.

Housing developers may apply for remission of this ABSD, subject to certain conditions. However, a 5% ABSD that is not subject to remission must be paid upfront upon the purchase of residential property.