Singapore Imposes Additional Tax on Some Residential Properties
December 11, 2011, 9:02 PM ESTBy Shamim Adam
Dec. 7 (Bloomberg) -- Singapore will impose an additional stamp duty for buyers purchasing certain residential properties from tomorrow, the government said in a statement today.
The additional tax “is to promote a sustainable residential property market where prices move in line with economic fundamentals,” the government said.
“Even with the current economic uncertainties, the demand for private residential property remains firm,” it said. “Given the uncertainty in stock markets and with interest rates remaining low, private property in Singapore continues to attract investors, local and foreign. Excessive investment demand will however make the property cycle more volatile, and thus increase the risks to our economy and banking system.”
To contact the reporter on this story: Shamim Adam in Singapore at sadam2@bloomberg.net
To contact the editor responsible for this story: Sunil Jagtiani at sjagtiani@bloomberg.net
