# Measures for a Sustainable Property Market - **Source:** Ministry of National Development - **Published:** 2023-04-26T15:30:00.000Z - **Author:** Ministry of National Development - **Original:** https://www.mnd.gov.sg/newsroom/press-releases/view/measures-for-a-sustainable-property-market - **Topics:** Government & Policy, Investment & Capital Markets, Sustainability & PropTech ## Featured rationale The increases may curb investor and foreign demand while prioritising owner-occupation, potentially shifting transaction activity toward first-home buyers as substantial new supply enters the market. ## AI summary From 27 April 2023, Singapore doubled foreigners’ ABSD to 60% and raised rates for multiple-property buyers, affecting about 10% of residential transactions. ## Original article Measures for a Sustainable Property Market 1. The Government announced today increases in the Additional Buyer’s Stamp Duty (ABSD) rates to promote a sustainable property market. The revised rates will take effect from 27 April 2023. 2. The implementation of the property market measures in December 2021 and September 2022 have had a moderating effect. However, in 1Q2023, property prices showed renewed signs of acceleration amid resilient demand. Demand from locals purchasing homes for owner-occupation has been especially strong, and there has also been renewed interest from local and foreign investors in our residential property market. If left unchecked, prices could run ahead of economic fundamentals, with the risk of a sustained increase in prices relative to incomes. Raising Additional Buyer’s Stamp Duty (ABSD) Rates 3. To promote a sustainable property market and prioritise housing for owner-occupation, the Government will raise the ABSD rates further to pre-emptively manage investment demand. 4. The specific ABSD rates increases are as follows: a. Raise ABSD rate from 17% to 20% for Singapore Citizens (SCs) purchasing their 2nd residential property; b. Raise ABSD rate from 25% to 30% for SCs purchasing their 3rd and subsequent residential property, and Singapore Permanent Residents (SPRs) purchasing their 2nd residential property; c. Raise ABSD rate from 30% to 35% for SPRs purchasing their 3rd and subsequent residential property; d. Raise ABSD rate from 30% to 60% for foreigners purchasing any residential property; and e. Raise ABSD rate from 35% to 65% for entities or trusts purchasing any residential property, except for housing developers. 5. Based on 2022 data, the above ABSD rate increases will affect about 10% of residential property transactions. 6. The ABSD rates for SCs and SPRs purchasing their first residential property, which constitutes about 90% of residential property transactions based on 2022 data, will remain at 0% and 5% respectively. 7. Table 1 summarises the adjustments to the ABSD rates. Table 1: Adjustments to ABSD Rates for Residential Property Additional Buyer’s Stamp Duty1 Additional Buyer’s Stamp Duty1 Rates from 16 December 2021 to 26 April 20232 Rates from 16 December 2021 to 26 April 20232 Rates on or after 27 April 2023 Rates on or after 27 April 2023 Singapore Citizens Singapore Citizens First residential property First residential property 0% 0% 0% (No change) 0% (No change) Second residential property Second residential property 17% 17% 20% (Revised) 20% (Revised) Third and subsequent residential property Third and subsequent residential property 25% 25% 30% (Revised) 30% (Revised) Permanent Residents Permanent Residents First residential property First residential property 5% 5% 5% (No change) 5% (No change) Second residential property Second residential property 25% 25% 30% (Revised) 30% (Revised) Third and subsequent residential property Third and subsequent residential property 30% 30% 35% (Revised) 35% (Revised) Foreigners Foreigners Any residential property Any residential property 30% 30% 60% (Revised) 60% (Revised) Entities Entities Any residential property Any residential property 35% 35% 65% (Revised) 65% (Revised) Trustees3 Trustees3 Any residential property Any residential property 35% 35% 65% (Revised) 65% (Revised) Housing Developers4,5 Housing Developers4,5 Any residential property Any residential property 35% (remittable, subject to conditions) + 5% (non-remittable)6 35% (remittable, subject to conditions) + 5% (non-remittable)6 35% (remittable, subject to conditions) + 5% (non-remittable)6 (No change) 35% (remittable, subject to conditions) + 5% (non-remittable)6 (No change) 1 The ABSD residential property count includes properties that are owned wholly, partially, or jointly with others. 2 The ABSD (Trust) rate was for the period from 9 May 2022 to 26 April 2023. 3 ABSD (Trust) is payable by a trustee of any trust when acting in that capacity, but excludes the following: (a) trustee for a collective investment scheme when acting in that capacity; (b) trustee-manager for a business trust when acting in that capacity; (c) trustee for a housing developer when acting in that capacity. (a)/(b) and (c) are already subject to ABSD (Entity) and ABSD (Housing Developer) respectively, when they acquire residential property. 4 Housing developers refer to entities in the business of housing development (i.e. construction and sale of housing units) with respect to the subject property acquired. These include trustees for housing developers. 5 Housing developers may apply for remission of this ABSD, subject to conditions. 6 This 5% will not be remitted and is to be paid upfront upon purchase of residential property. 8. For acquisitions made jointly by two or more parties of different profiles, the highest applicable ABSD rate will apply. 9. Married couples with at least one SC spouse, who jointly purchase a second residential property, can continue to apply for a refund of ABSD, subject to conditions. These conditions include selling their first residential property within 6 months after (a) the date of purchase of the second residential property if this is a completed property, or (b) the issue date of the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) of the second residential property, whichever is earlier, if the second property is not completed at the time of purchase. 10. The ABSD currently does not affect those buying an HDB flat or Executive Condominium unit from housing developers with an upfront remission, if any of the joint acquirers/purchasers is a SC. There will be no change to this policy. 11. The revised ABSD rates will apply to all residential properties acquired on or after 27 April 2023. There will be a transitional provision, where the ABSD rates on or before 26 April 2023 will apply for cases that meet all the conditions below: a. The Option to Purchase (OTP) was granted by sellers to potential buyers on or before 26 April 2023; b. This OTP is exercised on or before 17 May 2023, or within the OTP validity period, whichever is earlier; and c. This OTP has not been varied on or after 27 April 2023. 12. Correspondingly, the Additional Conveyance Duties for Buyers (ACDB), which applies to qualifying acquisitions of equity interest in property holding entities (PHEs)7 will be raised from up to 46% to up to 71%. 7 A PHE is an entity which has at least 50% (i.e., asset ratio) of its total tangible assets comprising prescribed immovable properties in Singapore. Please refer to IRAS’ website for more details on PHEs and prescribed immovable properties. Significant Increases in Housing Supply 13. The revisions to the ABSD rates to help moderate investment demand will complement our efforts to ramp up supply, to alleviate the tight housing market for both owner-occupation and rental. 14. We have increased the supply of private housing on the Confirmed List to 4,100 units for the 1H2023 Government Land Sales (GLS) programme, from 3,500 units for 2H2022. In 2022, we had injected a total of 6,300 units under the Confirmed List. For public housing, we have launched more than 23,000 flats in 2022 and will launch up to 23,000 flats in 2023. We are also prepared to launch up to 100,000 new flats in total between 2021 to 2025. We will continue to maintain a steady pipeline, to cater to growing housing demand. 15. While COVID-19 had led to severe delays across private and public housing projects, we have made good progress to get back on track. With almost 40,000 public and private residential property completions in 2023, and near 100,000 units expected to be completed from 2023 to 2025, there will be significant housing supply coming onstream over the next few years. 16. The measures above have been calibrated to moderate housing demand while prioritising owner-occupation, and provide sufficient housing supply. The Government will continue to adjust our policies as necessary to ensure that they remain relevant, and promote a sustainable property market. ## Chinese translation > Translation model: grok_cli ### 促进可持续房地产市场的措施 促进可持续房地产市场的措施 1. 政府今日宣布提高额外买方印花税（ABSD）税率，以促进可持续的房地产市场。经修订的税率将自2023年4月27日起生效。 2. 2021年12月及2022年9月实施的房地产市场措施已产生缓和效果。然而，在2023年第一季，在需求仍具韧性的情况下，房地产价格再度出现加速迹象。本地人购屋自住的需求尤为强劲，本地及外国投资者对住宅房地产市场的兴趣也再度回升。若放任不管，价格可能超前于经济基本面，并存在价格相对收入持续上升的风险。 提高额外买方印花税（ABSD）税率 3. 为促进可持续的房地产市场并优先保障自住住房，政府将进一步提高ABSD税率，以预应性管理投资需求。 4. 具体的ABSD税率上调如下： a. 将新加坡公民（SCs）购买第二套住宅物业的ABSD税率从17%提高至20%； b. 将新加坡公民购买第三套及后续住宅物业、以及新加坡永久居民（SPRs）购买第二套住宅物业的ABSD税率从25%提高至30%； c. 将新加坡永久居民购买第三套及后续住宅物业的ABSD税率从30%提高至35%； d. 将外国人购买任何住宅物业的ABSD税率从30%提高至60%；以及 e. 将实体或信托购买任何住宅物业的ABSD税率从35%提高至65%，住房发展商除外。 5. 根据2022年数据，上述ABSD税率上调将影响约10%的住宅物业交易。 6. 新加坡公民及新加坡永久居民购买首套住宅物业的ABSD税率将分别维持在0%及5%；根据2022年数据，这类交易约占住宅物业交易的90%。 7. 表1概述ABSD税率的调整。 表1：住宅物业ABSD税率调整 额外买方印花税1 额外买方印花税1 2021年12月16日至2023年4月26日的税率2 2021年12月16日至2023年4月26日的税率2 2023年4月27日或之后的税率 2023年4月27日或之后的税率 新加坡公民 新加坡公民 首套住宅物业 首套住宅物业 0% 0% 0% （无变动） 0% （无变动） 第二套住宅物业 第二套住宅物业 17% 17% 20% （已修订） 20% （已修订） 第三套及后续住宅物业 第三套及后续住宅物业 25% 25% 30% （已修订） 30% （已修订） 永久居民 永久居民 首套住宅物业 首套住宅物业 5% 5% 5% （无变动） 5% （无变动） 第二套住宅物业 第二套住宅物业 25% 25% 30% （已修订） 30% （已修订） 第三套及后续住宅物业 第三套及后续住宅物业 30% 30% 35% （已修订） 35% （已修订） 外国人 外国人 任何住宅物业 任何住宅物业 30% 30% 60% （已修订） 60% （已修订） 实体 实体 任何住宅物业 任何住宅物业 35% 35% 65% （已修订） 65% （已修订） 受托人3 受托人3 任何住宅物业 任何住宅物业 35% 35% 65% （已修订） 65% （已修订） 住房发展商4,5 住房发展商4,5 任何住宅物业 任何住宅物业 35%（可退还，须符合条件）+ 5%（不可退还）6 35%（可退还，须符合条件）+ 5%（不可退还）6 35%（可退还，须符合条件）+ 5%（不可退还）6 （无变动） 35%（可退还，须符合条件）+ 5%（不可退还）6 （无变动） 1 ABSD住宅物业计算包括全权、部分或以联名方式与他人共同拥有的物业。 2 ABSD（信托）税率适用于2022年5月9日至2023年4月26日期间。 3 ABSD（信托）由任何信托的受托人在该身份行事时缴纳，但不包括以下情况：(a) 集体投资计划的受托人在该身份行事时；(b) 商业信托的受托人-管理人在该身份行事时；(c) 住房发展商的受托人在该身份行事时。(a)/(b) 及 (c) 在取得住宅物业时已分别须缴纳ABSD（实体）及ABSD（住房发展商）。 4 住房发展商指就所取得标的物业从事住房发展业务（即建造并出售住房单位）的实体。这包括住房发展商的受托人。 5 住房发展商可申请减免此项ABSD，须符合条件。 6 此5%不会获减免，并须在购买住宅物业时预付。 8. 对于由两个或以上不同身份人士联名取得的物业，将适用最高的适用ABSD税率。 9. 至少有一方为新加坡公民配偶的已婚夫妇，若联名购买第二套住宅物业，可继续申请退还ABSD，须符合条件。这些条件包括在以下时点后的6个月内出售其首套住宅物业：(a) 若第二套住宅物业为已建成物业，则为购买第二套住宅物业的日期；或 (b) 若第二套物业在购买时尚未建成，则为第二套住宅物业的临时入伙准证（TOP）或法定完工证书（CSC）签发日期，以较早者为准。 10. 目前，若联名取得人/购买人中有任何一方为新加坡公民，ABSD不影响向住房发展商购买组屋（HDB）或执行共管公寓（EC）单位并享有预先减免的买家。此政策将维持不变。 11. 经修订的ABSD税率将适用于2023年4月27日或之后取得的所有住宅物业。将设有过渡条文，凡符合以下全部条件的个案，将适用2023年4月26日或之前的ABSD税率： a. 卖方于2023年4月26日或之前向潜在买家授予购买期权（OTP）； b. 该OTP于2023年5月17日或之前行使，或在OTP有效期内行使，以较早者为准；以及 c. 该OTP在2023年4月27日或之后未作任何更改。 12. 相应的，适用于合资格取得物业控股实体（PHEs）7股权权益的买方额外转让税（ACDB）将从最高46%提高至最高71%。 7 PHE是指其有形资产总值中至少50%（即资产比率）由新加坡规定的不动产组成的实体。有关PHE及规定不动产的更多详情，请参阅税务局（IRAS）网站。 显著增加住房供应 13. 上调ABSD税率以协助缓和投资需求的举措，将与我们加大供应的努力相辅相成，以纾缓自住与租赁两方面偏紧的住房市场。 14. 我们已将2023年上半年政府售地（GLS）计划确认名单上的私人住房供应增至4,100个单位，高于2022年下半年的3,500个单位。2022年，我们在确认名单下共投放6,300个单位。在公共住房方面，我们已在2022年推出超过23,000个组屋单位，并将在2023年推出多达23,000个组屋单位。我们亦准备在2021年至2025年期间合共推出多达100,000个新组屋单位。我们将继续维持稳定的供应管道，以应对不断增长的住房需求。 15. 尽管冠病疫情导致私人与公共住房项目严重延误，我们已取得良好进展以重回正轨。2023年将有近40,000个公共及私人住宅物业完工，预计2023年至2025年将有近100,000个单位完工，未来数年将有大量住房供应陆续入市。 16. 上述措施经审慎校准，以缓和住房需求并优先保障自住，同时提供充足的住房供应。政府将继续视需要调整政策，以确保其保持相关，并促进可持续的房地产市场。