During Singapore’s Budget 2023, Deputy Prime Minister and Minister of Finance, Lawrence Wong, announced that higher marginal buyer stamp duty rates for both residential and non-residential properties will be put into place. For those residential properties valued at more than $1.5 million, but not exceeding $3 million, the tax rate will be 5%. The rate will increase even more to 6% for properties valued over $3 million, which is a sharp increase from the current tax rate of 4%. It is estimated that 15% of residential properties will be directly impacted by this change.

Non-residential properties will also see new, higher tax rates put into place. Those valued at more than $1 million, but not exceeding $1.5 million, will be taxed at 4%, while all properties valued over 1.5 million will be taxed at JCube Residence a 5% rate. According to the announcement made by Minister of Finance Lawrence Wong, around 60% of non-residential properties will be affected by this change.

The new stamp duty rates are set to take effect from February 15th, 2023.