Singapore’s foreign real estate investment curbs won’t be relaxed anytime soon

We are sorry for the lack of updates lately due to time being taken up by other projects. On our current radar right now is the property prices in Singapore. Property price here has been on the rise for close to a decade. In fact most millionaire in Singapore would tell you that they made their money by investing in the property market. Below is another article on property price in Singapore.

“The Singapore government’s measures to cool down the property market have succeeded, but it is too early to relax them, said Finance Minister Tharman Shanmugaratnam while unveiling the 2014 national budget in the Singapore parliament recently.

The government increased the additional buyer’s stamp duty (ABSD) on private and public housing for foreign real estate investors from 10% to 15% in January, 2013. Foreign buyers pay ABSD, introduced for the first time in December, 2011, in addition to the standard stamp duty rates. These rules are also applicable foreigners on long-term passes (called “permanent residents”), but they pay at a lower rate of 5%.  Singapore residents have also been brought under ABSD’s ambit, having to pay 7% ABSD when buying their second home.”

~http://www.globalpropertyguide.com/news-Singapore_s_foreign_real_estate_investment_curbs_won_t_be_relaxed_anytime_soon-1828