Tag Archives: SSD

Taxman collects $1.03 billion in ABSD

Posted on 6 May 2013 | Comments Off on Taxman collects $1.03 billion in ABSD

Singapore recorded a significant hike in tax revenue due to the additional buyer’s stamp duty (ABSD) introduced in January, reported The Straits Times.

The Inland Revenue Authority of Singapore (IRAS) stated that the government collected around S$158 million in ABSD from February to March. A total of S$1.03 billion has so far been collected since December 2011 when the measure was first implemented until March this year.

Foreigners accounted for most at S$580 million for 3,041 homes, while Singaporeans and permanent residents (PRs) paid S$386 million for 7,269 units. On the other hand, non-individuals contributed S$66 million for 285 units, reported IRAS.

Meanwhile, S$66.6 million has been collected in seller’s stamp duties (SSD) since it was introduced in 2010.

Experts noted that despite the property taxes, buying activity remains healthy as developers continue to offer discounts and incentives.

In fact, about 30 to 40 percent of buyers at new launches are purchasing their second, third or subsequent homes, said Alan Cheong, Research Head at Savills Singapore.

“They are creating reasons to buy. It could be for rental income when the population grows to over six million, capital gains or to hedge against the possibility of their children not being able to afford homes in the future,” he said.

Source : PropGuru 6 May 2013

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Posted in Cooling Measures, Government, Property Market / Real Estate, Tax Matters / Property Tax

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Shoebox mania subsides, demand up for bigger units

Posted on 2 Jul 2012 | Comments Off on Shoebox mania subsides, demand up for bigger units

With initial signs that the shoebox craze may be subsiding, demand for larger non-landed homes appears to be on the upswing with upgraders leading the way.

Data from property consultancy CBRE shows that the median size of all new non-landed homes sold in Q2 2012 rose to 79 sq m, up from 65 sq m in the previous quarter.

At the same time, the market share of shoebox units measuring 50 sq m or less fell to 23 percent from a high of 28 percent. However, this figure is still more than last year’s 20 percent.

Experts noted that cooling measures such as the seller’s stamp duty (SSD) and additional buyer’s stamp duty (ABSD) could have contributed to the decline in investor demand for shoebox units. Such properties have been very popular due to their affordability, with most units priced below S$1 million.

Despite the renewed interest for bigger units at some executive condominiums (ECs) and private suburban projects, Joseph Tan, Executive Director (Residential) at CBRE, explained that “interest in small units will always be there, especially if the current trend of reducing average family size persists and homeowners continue to look for affordable smaller apartments”.

“It also depends on developers’ supply and pricing strategy; if prices are kept at an affordable quantum, investors will continue to view this as an attractive form of investment in view of the prevailing financial crisis,” he added.

Source : PropertyGuru – 2012 Jul 2

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Posted in Property Market / Real Estate

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