Singapore, 31 May 2023 DEFERRING new launches, offering discounts and building smaller apartments are some possible strategies that real estate sector players expect to see as developers adjust to the increase in Additional Buyer’s Stamp Duty (ABSD), a National University of Singapore (NUS) survey has found.
Nearly 80 per cent of respondents anticipated luxury non-landed homes will be significantly and adversely affected. About 70 per cent also felt that residential property in the Core Central Region (CCR) would bear the brunt of the new measures.
The number of non-landed luxury homes in the prime CCR bought by foreigners spiked by 123.9 per cent to 159 units in Q1, from 71 units last year, an OrangeTee & Tie report published in May indicated.