{"id":80685,"date":"2018-02-22T10:07:09","date_gmt":"2018-02-22T03:07:09","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-stamp-duty-hike-to-boost-government-coffers\/"},"modified":"2018-02-22T11:03:01","modified_gmt":"2018-02-22T04:03:01","slug":"buyers-stamp-duty-hike-to-boost-government-coffers","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-stamp-duty-hike-to-boost-government-coffers\/","title":{"rendered":"Buyer\u2019s stamp duty hike to boost government coffers"},"content":{"rendered":"


\nAnalysts noted that the extra revenue will come from the sale of ultra-luxurious properties priced above $5 million.
\nWhile the recently announced higher buyer\u2019s stamp duty is not expected to put off home buyers, the hike will mean additional revenue for the government to pay for growing expenditure in areas such as infrastructure and healthcare, reported the New Paper.
\nBased on the transactions recorded last year, the extra duties collected would have stood at around $200 million, said JLL\u2019s national research director Ong Teck Hui.
\nMoving forward, the government could raise an extra $411 million, given the higher expected transaction values as well as land acquisitions, estimates Christine Li, research head at Cushman & Wakefield.
\nMarket watchers noted that although two-thirds of properties transacted in 2017 were priced at above $1 million, most of the government\u2019s extra revenue will come from the sale of \u201cultra-luxurious\u201d properties priced above $5 million, the buyers of which have the ability to shoulder a marginal increase of $40,000 and above in stamp duty.
\nWith this, Li believes the hike in stamp duty would not hamper the recovery of the private property market, which rebounded in H2 2017 following three years of decline.
\nIn concurring, a CDL spokesman said: \u201cWe believe discerning buyers will see the strong potential of property investment in Singapore compared with other global cities like Hong Kong, where prices have increased significantly.\u201d
\nLi added that the government\u2019s $1 million cut-off strikes a balance.
\n\u201cIf the cut-off is too high or too low, you might not generate the right amount of tax revenue, or you may affect most of the population,\u201d she said. \u201cAnd if you increase the margin to five percent, it may destabilise a residential market that has only just embarked on its recovery.\u201d
\nFinance Minister Heng Swee Keat announced on Monday (19 February) that the stamp duty on the value of a property above $1 million would be increased from three percent to four percent, with immediate effect.
\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…Buyer\u2019s stamp duty hike to boost government coffers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Analysts noted that the extra revenue will come from the sale of ultra-luxurious properties priced...<\/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-80685","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-kZn","jetpack-related-posts":[{"id":80587,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-stocks-drop-on-higher-buyers-stamp-duty\/","url_meta":{"origin":80685,"position":0},"title":"Property stocks drop on higher buyer\u2019s stamp duty","date":"February 21, 2018","format":false,"excerpt":"\r The one-percentage-point hike in the top marginal buyer\u2019s stamps duty (BSD) rate for residential properties priced over $1 million saw Singapore property stock decline, with City Developments Ltd. and UOL Group Ltd. registering the biggest drop on the benchmark Straits Times Index, reported Bloomberg. Singapore\u2019s biggest developer CapitaLand also\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":80348,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/budget-2018-govt-raises-buyers-stamp-duty-for-residential-properties-priced-above-1-million\/","url_meta":{"origin":80685,"position":1},"title":"Budget 2018: Govt raises buyer's stamp duty for residential properties priced above $1 million","date":"February 19, 2018","format":false,"excerpt":"\r The Buyer\u2019s Stamp Duty for residential properties priced above $1 million will be raised to 4.0 percent from 3.0 percent previously. With effect from Tuesday (20 February), the Buyer\u2019s Stamp Duty (BSD) rate for residential properties priced above $1 million will be raised to 4.0 percent from 3.0 percent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/02\/New-BSD-rates.jpg?fit=712%2C717&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":80589,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-stamp-duty-hike-to-have-mild-effect-on-property-demand\/","url_meta":{"origin":80685,"position":2},"title":"Buyer\u2019s stamp duty hike to have mild effect on property demand","date":"February 21, 2018","format":false,"excerpt":"\r The top marginal buyer\u2019s stamp duty (BSD) rate hike for residential properties priced over $1 million is expected to have a mild effect on property demand, reported The Business Times. This comes as most of the residential property deals are below $1.5 million. Big-ticket purchases, however, are expected to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":80971,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buyers-stamp-duty-hike-unlikely-to-hinder-housing-market-recovery\/","url_meta":{"origin":80685,"position":3},"title":"Buyer\u2019s stamp duty hike unlikely to hinder housing market recovery","date":"February 26, 2018","format":false,"excerpt":"\r REDAS President Augustine Tan. The Real Estate Developers\u2019 Association of Singapore (REDAS) believes that the hike in buyer\u2019s stamp duty (BSD) is unlikely to jeopardise the recovery of the city-state\u2019s private housing market, reported the Business Times. \u201cThe property market is in the early stages of a recovery and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121803,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/couple-pleads-guilty-to-backdating-option-to-purchase-to-evade-higher-stamp-duties\/","url_meta":{"origin":80685,"position":4},"title":"Couple pleads guilty to backdating Option to Purchase to evade higher stamp duties","date":"September 3, 2021","format":false,"excerpt":"\r Daniel Halim and his wife Lee Liu Ying told their agent to backdate the OTP for a unit at Sandy Palm condo to avoid higher ABSD charges.\u00a0 A married couple, who wanted to purchase a unit at Sandy Palm condominium, pleaded guilty to backdating an Option to Purchase (OTP)\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/09\/SANDY-PALM-CONDOMINIUM.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":34574,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-braces-for-the-big-chill-from-new-stamp-duty\/","url_meta":{"origin":80685,"position":5},"title":"Hong Kong braces for the big chill from new stamp duty","date":"November 16, 2016","format":false,"excerpt":"\r Is buying second homes in the Chinese SAR worth the extra burden? 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Home buyers in Hong Kong are finally feeling the chill from the latest cooling measure increasing the stamp duty for second\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\/80685"}],"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=80685"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/80685\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=80685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=80685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=80685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}