Singapore housing recovery unlikely to be derailed by higher tax: industry head

SINGAPORE (Feb 23): Singapore's decision to increase stamp duty on expensive home purchases is unlikely to derail a recovery in the city-state's housing market, with modest price gains still expected this year, the head of a property developers' association said on Friday.

The government this week raised the stamp duty on the portion of a residential property's value above $1 million to 4% from 3%.

"Although the stamp duty hike may add some friction to transaction volumes and buyers are still price-sensitive, it is unlikely to derail the recovery," Augustine Tan, president of the Real Estate Developers' Association of Singapore, said at an industry gathering.

---

Related Stories

• CDL sells 20% of Union Square Residences by end of Nov 9 at an average price of $3,200 psf
• Metro adds another 25% stake in Fairbriar Real Estate for GBP18 mil
• Pan Hong Holdings expects a loss when it reports its 1HFY2025 ended Sept 2024

---