The Business Times
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COMMENTARY

Prepare to pay up to enjoy the safety of investing in Singapore property 

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Leslie Yee

Leslie Yee

Published Tue, Feb 14, 2023 · 08:50 PM
    • Investors seeking to buy properties here because of Singapore's safe-haven status need to get used to the idea of paying higher taxes.
    • Investors seeking to buy properties here because of Singapore's safe-haven status need to get used to the idea of paying higher taxes. PHOTO: YEN MENG JIIN, BT

    THIS year’s Budget had some bad news for property buyers: Singapore is introducing higher marginal Buyer’s Stamp Duty (BSD) for higher-value residential and non-residential properties.

    The news follows higher property taxes that hit many homeowners. The new taxes, announced in Budget 2022, kicked in this year and will be raised again in 2024.

    Still, the hike in BSD is not unexpected. In a column in The Level Ground last month, I argued that there was room for higher taxes on luxury homes and non-residential properties. I thought among possible measures would be higher BSD for pricier homes and non-residential properties.

    Singapore Budget 2023Singapore propertyResidentialCommercial propertySingapore residential propertySingapore commercial propertySpotlight

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