Pay for privilege
RICH people sometimes do seemingly crazy things - splurge on fine art, premium wine, fancy cars, or a yacht - just because they can.
Maybe a wealthy foreigner will pay S$9 million in Additional Buyer’s Stamp Duty (ABSD) when buying a luxury apartment in the Orchard Road belt costing S$15 million.
Barely seven months after a round of property cooling measures were introduced, the private residential property market here was jolted by further cooling measures that see higher ABSD rates for many buyers effective Apr 27.
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