Whenever private home prices start to soar in Singapore, there's a tendency to look toward foreign buyers. We were, for instance, subject to a slew of news reports about Chinese buyers rushing into the Singapore market during Covid-19; and veterans of the property market will recall similar fears in the aftermath of 2008/9 Global Financial Crisis. But how much do...
Table: Straits Times Graphics Source: Ministry of National Development
Just to put things into perspective, this means that on a $10 million property, ABSD rates will set you back another cool $3 million.A realtor we spoke to, who deals often with foreign clients, pointed out that Singapore's ABSD is now much higher than regional alternatives. She says that Australia's foreign purchaser stamp duty is just eight per cent, whereas Hong Kong's stamp duty for foreigners is 15 per cent.
Common examples were the sale of ultra-luxe Swire Eden, when the Tsai family purchased the entire development for $293 million, or the sale of a $20 million unit at The Nassim . This was followed by the recent bulk purchase of 20 units at CanningHill Piers for around $85 million. These buyers are also targeting ultraluxe properties; they are not the competing with Singaporeans to buy mass-market condos in the Rest of Central Region , Outside Central Region . Even if tomorrow all these ultra-high net worth buyers disappear, Singaporeans will not suddenly see their condo prices drop."
But if you check out the ABSD rate hikes, these are the exact three categories of buyers who now face the highest stamp duties. The cause of rising home prices is more likely to be limited supply, and inflation in construction costs
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