{"id":101490,"date":"2018-11-21T11:25:30","date_gmt":"2018-11-21T04:25:30","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/non-consenting-owners-of-en-bloc-properties-still-have-to-pay-stamp-duty-wong\/"},"modified":"2018-11-21T12:02:52","modified_gmt":"2018-11-21T05:02:52","slug":"non-consenting-owners-of-en-bloc-properties-still-have-to-pay-stamp-duty-wong","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/non-consenting-owners-of-en-bloc-properties-still-have-to-pay-stamp-duty-wong\/","title":{"rendered":"Non-consenting owners of en bloc properties still have to pay stamp duty: Wong"},"content":{"rendered":"


\nMinister Lawrence Wong was responding to a query on whether the seller\u2019s stamp duty is waived for those who do not sign the collective sale agreement. (Photo: Wikimedia Commons)
\nHomeowners who opposed the collective sale of a private residential development are still required to pay the seller\u2019s stamp duty (SSD) if the sale occurred within the holding period, said Second Minister for Finance Lawrence Wong in Parliament on Tuesday (20 Nov).
\nThis comes as the collective sales committee is given the power to enter into a sale and purchase agreement on behalf of all unit owners when it obtains the requisite consent of residents. This makes the agreement binding on all owners, Wong explained.
\nMore: Developers\u2019 En Bloc Appetite Diminishing: RHB
\nWong, who also serves as the National Development Minister, was replying to Lim Biow Chuan (Mountbatten)\u2019s query on whether the SSD is waived for those who do not sign the collective sale agreement.
\nAimed at discouraging short-term holding of residential properties, SSD is part of \u201cthe government\u2019s measures to ensure a stable and sustainable property market\u201d.
\nThe consent of 90 percent of residents by strata area and share value is needed for the en bloc sale of properties less than 10 years old, and 80 percent for those aged 10 years or older, reported the Straits Times.
\nThe SSD payable varies depending on how long a person has held the property.
\nFor instance, a person who acquired a property in April 2017 and sold it in March this year will pay a 12 percent stamp duty based on the property\u2019s market value or selling price, whichever is higher. Thus, if the house was sold for $1.5 million, the SSD payable is $180,000.
\nWong noted that homeowners who are against a collective sale can file their objections with the Strata Titles Board. \u201cObjections could be on the grounds of financial loss, and\/or other reasons,\u201d he said.
\nMore:\u00a0Understanding The En Bloc Process (August 2018)
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Non-consenting owners of en bloc properties still have to pay stamp duty: Wong<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Minister Lawrence Wong was responding to a query on whether the seller\u2019s stamp duty is...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-101490","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-qoW","jetpack-related-posts":[{"id":101328,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-cooling-measures-averted-a-10-15-growth-in-home-prices\/","url_meta":{"origin":101490,"position":0},"title":"Property cooling measures averted a 10-15% growth in home prices","date":"November 16, 2018","format":false,"excerpt":"\r National Development Minister Lawrence Wong clarified that the government wants to stabilise the property market so that prices may move broadly in line with income growth. 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(Photo: Nitroacid \/ Wikimedia Commons) It is premature to lift the property cooling measures as it could undo the government\u2019s efforts to make home prices affordable, revealed National Development Minister Lawrence Wong during a parliamentary session on Monday (29 Feb), and reported Channel NewsAsia.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":47413,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-tweaks-property-cooling-measures-for-ssd-and-tdsr\/","url_meta":{"origin":101490,"position":2},"title":"Govt tweaks property cooling measures for SSD and TDSR","date":"March 10, 2017","format":false,"excerpt":"\r The government will now reduce the holding period for imposing the Seller\u2019s Stamp Duty from the current four years to three years. With effect from 11 March, the government will implement changes to the Seller\u2019s Stamp Duty (SSD) and Total Debt Servicing Ratio (TDSR) framework, but will retain the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123929,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-hopefuls-march-ahead-with-tenders-despite-new-curbs\/","url_meta":{"origin":101490,"position":3},"title":"En bloc hopefuls march ahead with tenders despite new curbs","date":"December 22, 2021","format":false,"excerpt":"\r Despite the increased ABSD rates for developers, tenders for properties such as Lakepoint Condominium, Dublin Lodge, Sixth Avenue Centre, Baode Building, and Hillview Terrace will continue. 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