The Singapore government will revise the development charge (DC) rates for some segments of the property sector to better reflect the current market values.
A development charge is a tax levied when a property site is developed into more valuable project allowing the government to have a share of the gains from the enhanced value.
In a statement, the Ministry of National Development (MND) said it will cut the development charge rate for non-landed residential properties by two per cent on average.
The change will take effect from September 1 and will last for six months.
Analysts said the reduction is conservative and is unlikely to affect the property market in a big way.
Property consultancy firm Colliers International noted that in revising the tax, the government has not been unduly influenced by the recent buying fever in the home sales market nor rising interest in development sites. Continue reading
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