Home Affairs and Law Minister K Shanmugam emphasised that a property market crash will not help the economy.
The government has a “rough idea” of when to tweak property cooling measures after calculating cost-benefits to the population, Home Affairs and Law Minister K Shanmugam said.
“We managed to avert a disaster (of an overheated market), others are worried now it could go the other way,” he said, in response to a question of when the Additional Buyer’s Stamp Duty (ABSD) may be removed.
“We cannot have a healthy economy if the property market has crashed… So it’s not in the government’s interest… it’s not in anybody’s interest to see it crash.”
Mr Shanmugam was addressing more than 2,000 real estate agents and brokers from the Asia Pacific region at an event organised by ERA Realty Network.
Singaporeans have to pay an ABSD of 7 per cent on a second property. This increases to 10 per cent for third and subsequent purchases. ABSD for foreigners is set at 15 per cent for first and subsequent property purchases.
Industry players have called on the government to reconsider cooling measures amid a fall in property prices and transaction volumes.
Check out TODAY for more information.
About 99.co
We are a property search engine with the overarching goal of building a more transparent and efficient property market. We are working towards that future by empowering people with the tools and information needed to find a place to live in the best way possible.
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
Join our social media communities!
Facebook | Instagram | TikTok | Telegram | YouTube | Twitter
Leave a comment