MAS have implement additional measures to cool the property prices in Singapore. The changes are
- Foreigners and company buying residential property will be paying 13% stamp duty instead of 3%
- Permanent residents (PR) buying a 2nd property will be paying 6% stamp duty instead of 3%
- Singaporean buying a 3rd property will also be paying 6% stamp duty instead of 3%
Stamp Duty remains the same (3%) for PR buying 1st property and Singaporean buying 1st and 2nd property.
Additional Buyer Stamp Duty (ABSD) will take effect from 8th Dec 2011.
Formula to calculate stamp duty:
3% or 6% or 13% (depending on your situation stated above) x Property Purchase Price – $5400