Imagining a housing market without ABSD
A world where the private homes market has fewer shackles and all locals can buy new HDB flats
[SINGAPORE] It will soon be five years since I started writing this column on property-related matters. Often, I dwell on topical issues. Occasionally, I wander into more blue sky topics.
Today, I imagine a Singapore housing market where there is no additional buyer’s stamp duty (ABSD). For one, if ABSD were removed, I will take a big step forward in buying another home here.
ABSD was first introduced in December 2011. Today, it is not applicable to a Singapore citizen buying a first home. However, various other buyer profiles pay ABSD on home purchases. For example, a local buying a second home pays 20 per cent ABSD, while a non-permanent resident (PR) foreigner buying any home pays 60 per cent ABSD.
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