Ministry of Finance

Singapore announced increased Additional Buyer’s Stamp Duty (ABSD) rates to promote a sustainable property market which will take effect from 27 April. Foreigners buying residential property will see ABSD rise from 30% to 60%, while entities will face a raise from 35% to 65%. Singapore citizens and permanent residents will also experience rate increases. The government says that it aims to manage investment demand and ensure housing supply meets demand. The ABSD rate adjustments will affect approximately 10% of residential property transactions. Transitional provisions will apply to certain cases.