New Stamp Duty Structure for Singapore Property Investors
Singapore government announced today to relax property cooling measures on the seller stamp duty and total debt servicing ratio framework front, according to a joint release by the ministry of finance, monetary authority and national development office.
The Seller Stamp Duty(SSD), which is currently payable by those who sell a residential property within 4 years of purchase, at rates of between 4% and 16% of the property’s value will be lowered by four percentage points for each tier. The new SSD rates will apply to all residential property purchased on and after 11 March 2017.
The new policy meanwhile updated on property loan structure requirements. Under the new framework, property loans extended by a financial institution should not exceed a Total Debt Servicing Ratio(TDSR) threshold of 60%. MAS said the TDSR framework aims to encourage prudent borrowing by households and strengthen credit underwriting standards by financial institutions.
Index tracking prices of non-landed private apartments in Singapore were overall unchanged in January. Resale prices of completed private homes in central region's slight increase offset by the drop of those in the non-central region.
- APMR News