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Ease ABSD for Singaporeans, urges Wing Tai boss

But it should be kept for foreigners as hot money remains an issue

[SINGAPORE] Wing Tai chairman Cheng Wai Keung has a solution for the property sector's angst over the ABSD (additional buyer's stamp duty): "Keep ABSD for foreign buyers but fine-tune it for Singaporeans who wish to buy more than one property."

He argues that the ABSD should be retained for foreigners who buy residential property, as the danger posed by foreign hot money still lurks.

However, there is scope to fine-tune the ABSD for Singaporeans, given that the total debt servicing ratio (TDSR) framework is in place to limit their debt exposure.

Foreigners buying any residential property here pay 15 per cent ABSD; the same rate applies to buyers that are corporate entities.

Singaporeans are spared...

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