{"id":42517,"date":"2017-02-01T10:00:36","date_gmt":"2017-02-01T03:00:36","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/replace-absd-with-a-new-property-tax-jll\/"},"modified":"2017-02-01T11:19:05","modified_gmt":"2017-02-01T04:19:05","slug":"replace-absd-with-a-new-property-tax-jll","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/replace-absd-with-a-new-property-tax-jll\/","title":{"rendered":"Replace ABSD with a new property tax: JLL"},"content":{"rendered":"


\nMore calls to tweak the property cooling measures.
\nWith house prices under considerable pressure, given the subdued economic outlook both locally and globally as well as the expectations of rising interest rates, now could be the right time to consider property cooling measures, said JLL in a report.
\nThis is to enable the residential market to resume a course for moderate growth, and eventually \u201cavoid a sharper correction down the line\u201d, it said.
\nSingapore saw private home prices ease further in Q4 2016, its 13th consecutive quarter of decline, and its lowest level in six years, revealed flash estimates from the Urban Redevelopment Authority (URA).
\nJLL estimates that prices for luxury prime properties corrected by 18 percent on average, while those in the mass market moderated by around 10 percent. Some residential projects, particularly those in the prime districts, witnessed a price correction of between 25 and 30 percent since the market\u2019s peak in 2011.
\nWith this, JLL\u2019s Head of Southeast Asia Research, Chua Yang Liang, called for a reduction or removal of the Additional Buyer\u2019s Stamp Duty (ABSD) for Singaporeans, replacing it with a tax based on the investment period.
\nHe believes that this would be a \u201csustainable way to revive demand, bring some activity back into the market and prevent prices falling further\u201d.
\n\u201cWith (the) TDSR in place, it is unlikely that removing (the) ABSD will cause prices to run away,\u201d he said.
\n\u201cTaking a long-term view, this approach will align property prices with real income growth instead of keeping prices artificially low. If prices become too low relative to affordability, it becomes increasingly difficult to remove cooling measures as prices will rapidly rebound to open market levels,\u201d he added.
\nContinuing with the measures will force Singaporeans to turn overseas for property investments. In fact, data from the Monetary Authority of Singapore (MAS) showed that the value of overseas property acquisitions by Singaporeans hit over $2 billion in 2013, albeit the value eased to $0.4 billion in H1 2015.
\n\u201cMaintaining Singapore\u2019s status as a global city through an open and investment-friendly environment, which includes encouraging investment in residential real estate while at the same time preventing foreign capital from pushing up prices to unaffordable levels, is a delicate balance,\u201d noted Chua.
\n\u201cBut a thaw to certain elements of the cooling measures could be particularly beneficial for the property market.\u201d
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Replace ABSD with a new property tax: JLL<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

More calls to tweak the property cooling measures. With house prices under considerable pressure, given...<\/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-42517","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-b3L","jetpack-related-posts":[{"id":8192,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/prime-properties-now-more-affordable-jll\/","url_meta":{"origin":42517,"position":0},"title":"Prime properties now more affordable: JLL","date":"March 9, 2016","format":false,"excerpt":"\r Singapore\u2019s prime residential property is now more affordable than in other top global cities. (Photo: Erwin Soo, Wikimedia Commons) Prime residential property in Singapore is significantly more affordable now than in the rest of the world\u2019s best cities, according to the latest JLL report. \u201cSingapore ranks amongst the top\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57700,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-government-an-accomplice-in-skyrocketing-home-prices-says-jll\/","url_meta":{"origin":42517,"position":1},"title":"Hong Kong government an \u2018accomplice\u2019 in skyrocketing home prices, says JLL","date":"June 13, 2017","format":false,"excerpt":"\r Hong Kong government\u2019s property cooling measures have frozen transactions in the secondary market and distorted overall housing supply, says a major property consultant. Joseph Tsang, managing director at JLL accused the government of being an \u201caccomplice in Hong Kong\u2019s skyrocketing home prices\u201d, as sales in the secondary market had\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1359,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-now-might-be-a-good-time-to-buy-residential-property-in-singapore\/","url_meta":{"origin":42517,"position":2},"title":"Why now might be a good time to buy residential property in Singapore","date":"January 13, 2016","format":false,"excerpt":"\r Further home-price drop could signal the end of cooling measures Singapore has been branded as the \u201cworst-performing\u201d among Southeast Asian property markets, thanks (or no thanks) to the government-led curbing measures to cool the domestic market, which hit record prices in 2013. Some real estate analysts, however, think the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/01\/Singapore-property.jpg?fit=740%2C555&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":20906,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/no-easing-of-property-curbs-until-2017-say-experts\/","url_meta":{"origin":42517,"position":3},"title":"No easing of property curbs until 2017, say experts","date":"July 13, 2016","format":false,"excerpt":"\r Singapore home prices have been falling over the past 11 consecutive quarters, its longest losing streak. Although home prices may start bottoming out in the next few quarters, which could prompt a moderate recovery from 2018, easing of property cooling measures are not expected until next year at the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94435,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/supply-glut-unlikely-to-happen-condo-prices-may-see-healthy-growth-jll\/","url_meta":{"origin":42517,"position":4},"title":"Supply glut unlikely to happen, condo prices may see healthy growth: JLL","date":"July 23, 2018","format":false,"excerpt":"\r More than 50,000 unsold units are forecasted to enter the market in the coming years. A glut is unlikely to occur in Singapore\u2019s private housing market despite the pessimistic outlook of the Real Estate Developers\u2019 Association of Singapore (REDAS), which believes that the new property curbs could erode market\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":94757,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/developer-cools-price-in-response-to-cooling-measures\/","url_meta":{"origin":42517,"position":5},"title":"Developer cools price in response to cooling measures","date":"July 26, 2018","format":false,"excerpt":"\r The Tre Ver in Potong Pasir opened for preview last weekend, attracting about 6,000 potential buyers. (Photo: UOL Group) The developer of The Tre Ver condominium in Potong Pasir plans to offer significant discounts to attract home buyers amidst the new property cooling measures. \u201cIn the vicinity, we know\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/42517"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=42517"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/42517\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=42517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=42517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=42517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}