PropNex proposes new way to tweak ABSD

Singapore

PROPNEX Realty has proposed a tiered approach to tweaking the additional buyer's stamp duty (ABSD) in its recommendations on how property cooling measures can be adjusted.

Its detailed proposal was released amid increasing calls from the real estate industry for the government to review its cooling measures as the Singapore Budget draws near. A fuller list of recommendations has been submitted to the Ministry of Finance and the Ministry of National Development.

Chief among its proposals is for the ABSD to be scrapped for Singaporeans buying second homes, and to pare down the ABSD on their third purchases to 5 per cent (from 10 per cent currently).

PropNex's proposed ABSD model also differentiates foreigners buying homes of S$3 million or less and those buying homes of over S$3 million. For the first group of foreigners, PropNex noted that the ABS…