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Pay for privilege

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Leslie Yee

Leslie Yee

Published Mon, May 22, 2023 · 05:34 PM
    • The Business Times' Property Insights newsletter.
    • The Business Times' Property Insights newsletter. BT SCREENSHOT

    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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