Additional buyer’s stamp duty for private property from Dec 8

  December 7, 2011

The government has imposed an Additional Buyer’s Stamp Duty (ABSD) for private property of between 3 per cent and 10 per cent for Singaporeans, Permanent Residents and foreigners to moderate investment demand for private residential property and promote a more stable and sustainable market.

The changes take effect on December 8.

Foreigners will pay 10 per cent Additional Buyer’s Stamp Duty (ABSD) for any residential property.

Permanent Residents owning one and buying second and subsequent properties will pay 3 per cent ABSD.

Singaporeans owning two and buying a third and subsequent residential properties will pay 3 per cent Additional Buyer’s Stamp Duty.

The ABSD will be imposed over and above the current Buyer’s Stamp Duty, which are 1 per cent on the first $180,000 of purchase consideration or market value of the property (whichever is higher), 2 per cent on the next $180,000 and 3 per cent for the remainder.

In a joint statement on Wednesday, the Finance and National Development ministries say the government’s objective is to promote a sustainable residential property market where prices move in line with economic fundamentals.

They said prices of private residential properties have continued to rise, albeit more slowly in the last two quarters.

Prices are now 13 per cent above the peak in the second quarter of 1996, and 16 per cent above the more recent peak in the second quarter of 2008.

They said that even with the current economic uncertainties, the demand for private residential property remains firm.

Given the uncertainty in stock markets and with interest rates remaining low, private property in Singapore continues to attract local and foreign investors.

They added that excessive investment demand will make the property cycle more volatile, and thus increase the risks to Singapore’s economy and banking system.

The government said the higher ABSD rate for foreign buyers in particular is necessary, in view of the large pool of external liquidity and strong buying interest from abroad, and the relatively small size of the Singapore market.

The government said foreign purchases account for 19 per cent of all private residential property purchases in the second half of 2011, up from 7 per cent in the first half of 2009.

For purchases made jointly by two or more parties (eg a Singaporean with a PR, or a PR with a foreigner), the higher applicable ABSD rate will be imposed.

For example, if a citizen purchases a property with a foreigner, the ABSD of 10 per cent will apply.

In the case of a joint purchase by Singaporeans, who each already owns properties, the ABSD of 3 per cent will apply as long as one of the purchasers already owns two properties.

Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam, said: “We have always had open markets and must keep them that way. However, the reality is that investment flows into our property market are now larger than before, and unlikely to recede as long as interest rates remain low.

“The additional buyer’s stamp duty should help cool investment demand, and avoid the prospect of a major, destabilising correction further down the road.”

Minister for National Development Khaw Boon Wan said: “We are ramping up the supply of new Executive Condominium units through the Government Land Sales Programme.

“This will help higher-income Singaporeans own private condominium units in an affordable way, as the sale of new EC units is restricted to Singaporean households only.”

Singaporean first-time buyers and upgraders, and buyers of HDB flats will not be affected by the new measure.

Certain reliefs will be provided so that the measure will not impact home occupation demand by residents.

For example, relief will be provided for Singaporean-foreigner/PR married couples buying their homes.

Reliefs will also be provided for qualifying developers and for purchases falling within the scope of Singapore’s international trade agreements.

The government will continue to ensure an adequate supply of private housing to meet-medium term demand.

There are 41,000 unsold private housing units in the pipeline.

The government will inject sites that can potentially yield a total of 14,100 units in the 1H2012 Government Land Sales (GLS) Programme, similar to the supply in previous GLS programmes.

Of these, about 7,000 units will be from sites on the Confirmed List.

These numbers take into account the ample pipeline supply and the dampening effect of the ABSD.

The government will also expand the supply of executive condominiums (ECs) in 2012 and is prepared to release sites that can potentially yield 5,000 EC units for the entire year.

Sites for 3,500 EC units will be made available in 1H2012, including 3,000 EC units on the Confirmed List.

The Confirmed List quantum is comparable to the 3,000 EC units from five sites sold for the whole of 2011. More details will be provided in the press release for the 1H2012 GLS Programme on MND’s website.

The Government will continue to monitor the property market and adjust our property policies in step with changes in the market and the economy.

Source : Channel NewsAsia – 7 Dec 2011

公司与外国买家印花税大幅上调新印花税措施再给房市降温

【早报导读】（2011-12-08）

李敏雯　报道

　　尽管上一轮房地产降温措施已初见成效，促使本地房价涨幅开始放缓，但政府昨晚又出人意料地再度为房市紧急降温。

　　这一轮降温措施主要针对外国买家与公司，从即日起非个人投资者与外国买家购买任何住宅时，都必须缴付比之前高出好几倍的买方印花税（Buyer’s Stamp Duty）。

　　市场人士对政府在全球经济前景不明朗之际出台新的降温措施感到惊讶，并认为此时这么做，将明显打击本地房地产市场的需求。

　　新加坡产业发展商公会（REDAS）也对政府在决定采取新一轮降温措施之前没同业界协商表示失望，并指它在市场前景不确定的情况下宣布这项降温措施显得不合时宜。

　　它认为目前市场上认购率不错的房地产发展项目是因它们都有独特的设计吸引买家，而不是市场出现投机的先兆。

　　在新的降温措施下，非个人投资者与外国买家缴付的买方印花税大幅度上调。除了继续支付原有约3％的印花税率，这些买家还须缴付10％的额外买方印花税（Additional Buyer’s Stamp Duty，简称ABSD）。

　　非个人投资者指的是公司、信托和集体投资计划等。

　　购买第二套或更多住宅的永久居民和购买第三套或更多住宅的新加坡公民，则都需要支付额外3％买方印花税。这些住宅也包括政府组屋、服务公寓、包含住宅元素在内的综合发展项目如店屋等。海外房地产则不算在内。

　　此外，任何类型买家即使是联名拥有住宅，也受新措施影响，须支付更高的印花税。

　　政府规定凡是在昨天（7日）或之前行使购买权的买家，以及在签署选购权书（option to purchase）后三个星期内，即本月28日或之前行使购买权的买家，都可豁免缴付额外买方印花税。

　　这是政府2009年9月以来，第五度出手为本地楼市降温。

　　国家发展部和财政部昨晚在联合文告中作出这项宣布时指出，对外国买家征收更高额的买方印花税是必要的，尤其是外在流动资金充沛，海外投资者的买兴高涨，而且新加坡市场的规模又比较小。

　　文告指出政府这么做的目的在于推动房地产市场的可持续发展，使其价格增幅与经济基本面保持一致。

　　尽管目前经济前景充满不确定因素，私宅市场的需求依然坚挺。鉴于股市的不确定性以及市场利率保持低迷，新加坡私宅继续吸引本地和外国投资者，致使政府担心过度的投资需求将令房地产周期波动较大，并因而加大经济和银行体系所承受的风险。

　 　副总理兼财政部长及人力部长尚达曼在文告中说：“我们一直都有个开放的市场，也必须继续保持这政策。然而，事实是流入房地产市场的投资额已比过去增加 了，只要利率保持低迷，投资不太可能撤离。征收额外的买方印花税应有助于使投资需求降温，并且避免市场下来出现过大及足以破坏稳定的调整。”

　　国家发展部长许文远则强调政府正通过售地计划来增加新的执行共管公寓供应，以协助较高收入国人买私宅。因为新执行共管公寓只限于新加坡家庭购买。

　　*[e-mail]

向外国买家征收额外印花税 分析师:可能使房价下跌

李敏雯 (2011-12-08)

　　本地私宅受外国买家青睐，促使政府昨天宣布征收额外买方印花税，市场分析师指出此举可能会使房价下跌。

　　高力国际研究与咨询部主管谢岫君指出，民众和一些有意购买私宅的新加坡公民和永久居民肯定会欢迎这项新降温措施，但是在潜在买家可能重新考虑购买决定的情况下，私宅项目的认购率预料将会放慢。

　　市场预计也将见到另一波从住宅市场转移到其他房地产领域的投资，包括购买工业厂房、货仓、办公室和零售店面等。

　　谢岫君认为目前销售已经缓慢的高档豪华私宅领域将进一步受挫。因为面对当前不明朗的全球经济状况，以外国买家为主的潜在买家一般上都不太愿意进场购买。

　　至于那些把眼光放在中档和大众化私宅的本地人和永久居民的购屋负担能力，也将因须缴付更多的印花税而受到影响，不得不重新考虑投资选择。

　　谢岫君指出随着私宅市场有充裕的供应量，当前受关注的将是市场供应过剩的问题，而这也将使价格面对下跌压力。

 

　　齐乐行研究与咨询部门主管王德辉指出，外国买家纷纷购买私宅的情况已经受到国人的关注，一些人原已猜测政府是否会介入。

　　他认为政府在应付外国资金流入本地住宅市场的情况时，决定采取新的降温措施是“先发制人”之举。

　　房地产市场分析师指出，随着外国买家比率增加，今年第三季在中高档市场所占的比率已近四分之一。在2009年和去年，这个比率只有13％和16％。

　　在大众化私宅领域，外国买家的比率也有所上升，从2009年的5％、去年的7％上扬到今年第三季的近15％。

　　政府昨晚所公布的数据，则显示在今年下半年至今购买本地私宅的外国人比率，已达到19％，比2009年上半年的7％多了许多。

　　王德辉认为政府征收额外买方印花税，将对高档和中档私宅带来强烈冲击。因为需求将可能放缓达25％，而对大众化私宅市场的影响将较为缓和。

　　整体而言，他预料在未来几个月，买家将采取观望态度，房地产成交量将出现下滑。

　　国际产业顾问（IPA）总裁邱瑞荣则认为外国买家进场并非推高目前房价的主因，政府应该先同业界，如发展商、银行、分析师等磋商后，才决定是否应推出新一轮降温措施。

降温措施出炉 发展商抽掉广告

　　据了解，已有发展商在接到政府宣布新降温措施的消息后，立刻抽掉房地产广告，另有房地产经纪被通知立刻延迟一些原定近日面市的新项目的市场行销活动。

　　当询及是否会延迟推出碧山14街的新项目时，嘉德房产开发（新加坡）公司总裁黄显辉说：“鉴于目前的市场前景存在不确定性，政府征收额外买方印花税的举措又是教人料想不到的，我们将研究这些措施的细节，并对之后的计划重新进行考虑。”

　　不过，潜在组屋提升者对这项消息却是喜出望外。周罗斌（32岁，医生）受访时说：“政府早就应该限制外国买家在本地购买私宅，现在连郊外的新项目都动辄叫价每平方英尺1400元，这样的价格是无法持续的。”

*[e-mail]

 

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