The raising of the Additional Buyer Stamp Duty (ABSD) for foreigners didn’t seem to faze the foreign residential property investors.
The chart above contributed by JLL shows the the figures for residential properties priced at $2000 per square feet (psf) purchased by overseas buyers maintained relatively unchanged from years 2017 to 2019. This was seen in Dairy Farm Residence which had units taken up week after week after its launch at close to such prices.
This is in spite of the increase of ABSD payable by foreign buyers on residential real estate in Singapore, from 19 percent to 24 percent back in 2018.
- “The Singapore authorities has been actively regulating the residential property market in the last 10 years, and it is anticipated to continue. This means there may be no chances for fast capital gains when flipping a property, but it also ensures any downside risks are controlled,” commented JLL. This stability in prices is what makes Pinetree Hill Prices attractive to both locals and foreigners.
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