Why 60% ABSD? | This 99-1 is OK | Cooling Measures 2023

Why 60% ABSD? | This 99-1 is OK | Cooling Measures 2023

The Singapore government recently announced new cooling measures affecting foreign property investors, with up to 60% Additional Buyer Stamp Duties for foreigners buying a property in SIngapore.

However, first-time Singaporean and PR buyers are not affected.

The new measures are aimed at curbing investment demand and protecting the interests of Singaporean residents.

There’s speculation that the new measures are linked to a possible Visa-free policy for Chinese tourists, which could result in a surge of foreign buyers in Singapore.

Another issue is the 99-1 loophole strategy that some buyers use to avoid Additional Buyer Stamp Duties.

While it is illegal to use this method to avoid paying Additional Buyer Stamp Duties with this loophole, it is legal for first-time buyers who are planning to buy a second property later or for couples with one foreign spouse looking to buy their first home.

Overall, the Singapore government aims to promote home ownership among locals and protect their interests, while still attracting foreign investment in a safe and stable environment.

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