Singapore, 15 Feb 2023 SINGAPORE - Buyer’s stamp duties (BSD) for higher-value residential and non-residential properties will be raised with effect from Wednesday, Finance Minister Lawrence Wong said in his Budget speech on Tuesday.
This is expected to generate an additional $500 million in revenue a year. But the actual amount will depend on the state of the property market, he said.
About 39.2 per cent were valued at between $1.5 million and $3 million, according to OrangeTee & Tie’s senior vice-president of research and analytics Christine Sun.
About 50 per cent of transactions may be affected by the increased BSD, using last year’s data as an indication, she said.
“Therefore, using last year’s data as a proxy and with more than 50 per cent of this year’s new launches in the city fringe and prime districts, we may expect the changes to affect new sales more than the resale market,” Ms Sun said.
Nevertheless, properties in the upper tier may not see a major impact as wealthy buyers are not likely to be deterred by the additional BSD, she said.
Moreover, properties priced at $3 million and above tend to have unique attributes and those above $10 million tend to be rare, which will continue to attract investor interest, Ms Sun said.