Singapore, 26 Mar 2022 The relaxation of travel curbs is expected to bring more foreign buyers to Singapore's shores, which could particularly benefit developments in the Core Central Region (CCR).
The proportion of new non-landed private homes in the CCR purchased by foreigners slumped to 12 per cent in 2020 and 9.8 per cent in 2021, down from 23.5 per cent in 2019 during the Covid-19 pandemic.
However, due to the implementation of the latest cooling measures in December, foreign buyers are now subjected to a 30 per cent additional buyer's stamp duty (ABSD) rate, which is up from 20 per cent previously, for any residential property.
OrangeTee's senior vice-president of research & analytics, Christine Sun, reckons some developers may move their launches forward to capitalise on the positive news, while others may choose to relaunch any existing projects that still have unsold units.