{"id":8215,"date":"2016-03-01T09:21:39","date_gmt":"2016-03-01T02:21:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/still-too-early-to-remove-cooling-measures-wong\/"},"modified":"2016-03-16T21:08:56","modified_gmt":"2016-03-16T14:08:56","slug":"still-too-early-to-remove-cooling-measures-wong","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/still-too-early-to-remove-cooling-measures-wong\/","title":{"rendered":"Still too early to remove cooling measures: Wong"},"content":{"rendered":"


\nNational Development Minister Lawrence Wong. (Photo: Nitroacid \/ Wikimedia Commons)
\nIt 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.
\nHe was responding to a query from Holland Bukit-Timah GRC MP Christopher de Souza, who asked if the authorities would consider scrapping the Additional Buyer\u2019s Stamp Duty (ABSD) for Singaporeans, but keep it for foreigners.
\nMr de Souza first proposed the idea in Parliament in January this year.
\n\u201cThe ABSD was introduced to moderate the demand for residential property from investors, non-citizens and corporate entities,\u201d said Mr Wong in a written reply.
\n\u201cSingapore citizens who do not own any residential property do not need to pay (any) ABSD,\u201d he added.
\nCurrently, Singaporean citizens need to pay a stamp duty of seven percent when they buy a second home. This rises to 10 percent for their third and subsequent purchases.
\nOn the other hand, foreigners have to fork out a heftier ABSD of 15 percent, regardless of whether they are first-time buyers or landlords with multiple properties in Singapore.
\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…Still too early to remove cooling measures: Wong<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

National Development Minister Lawrence Wong. (Photo: Nitroacid \/ Wikimedia Commons) It is premature to lift...<\/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-8215","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\/p75ss1-28v","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":8215,"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. While developers may want a \u201ccomplete laissez faire situation\u201d of allowing \u201cthe market to run its own course\u201d, the government cannot take a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30313,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/could-this-be-the-quickest-fix-for-singapores-property-slump\/","url_meta":{"origin":8215,"position":1},"title":"Could this be the quickest fix for Singapore\u2019s property slump?","date":"October 17, 2016","format":false,"excerpt":"\r Crowdsourcing pioneer sounds off on the city-state\u2019s dulling market Jubilee bridge in Singapore. Zephyr_p \/ Shutterstock.com Current cooling measures are only walling out foreigners from helping developers and investors unload homes in Singapore. This is the view of Getty Goh, chief executive of Singapore-based real estate crowdsourcing platform CoAssets.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":47277,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-to-amend-absd-rules-to-include-share-transfer\/","url_meta":{"origin":8215,"position":2},"title":"Gov\u2019t to amend ABSD rules to include share transfer","date":"March 9, 2017","format":false,"excerpt":"\r National Development Minister Lawrence Wong announced plans to plug ABSD loophole. Source: Wikimedia Commons The authorities are planning to amend the rules to plug a loophole that allows some companies to avoid paying Additional Buyers Stamp Duty (ABSD), by acquiring shares in a company that owns the property, rather\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":107633,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-cooling-measures-achieved-stabilisation-goals-wong\/","url_meta":{"origin":8215,"position":3},"title":"Property cooling measures achieved stabilisation goals, Wong","date":"May 31, 2019","format":false,"excerpt":"\r The property cooling measures helped stabilise the property cycle, according to the Minister for National Development.\u00a0 While Singapore welcomes investors, the city-state is no place speculators. This comes as the property cooling measures rolled out by the government in July 2018 achieved what it had set out to do\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":119988,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ministerial-comments-rising-prices-spark-talk-of-additional-property-cooling-measures\/","url_meta":{"origin":8215,"position":4},"title":"Ministerial comments, rising prices spark talk of additional property cooling measures","date":"January 20, 2021","format":false,"excerpt":"\r Ministerial comments, rising prices spark talk of additional property cooling measuresMinister Desmond Lee\u2019s urge for Singaporeans to exercise prudence when acquiring property\u00a0and the recent rise in\u00a0private home prices have experts\u00a0believing them as signals for another round of cooling measures. Analysts consider recent ministerial remarks on the property market as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/Residential-apartments-in-Singapore-v2.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":116681,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/a-range-of-measures-in-place-for-homeowners-affected-by-construction-delays\/","url_meta":{"origin":8215,"position":5},"title":"A range of measures in place for homeowners affected by construction delays","date":"May 27, 2020","format":false,"excerpt":"\r HDB and URA have been exercising flexibility on a case-by-case basis for households who are in genuine difficulty and need temporary accommodation, according to Lawrence Wong.\u00a0 The government has put in place various measures to help people affected by construction work delays due to the circuit breaker measures, said\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\/8215"}],"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=8215"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/8215\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=8215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=8215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=8215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}