Property Stamp Duty up by 10%

[diver-hloc]

Then we will see The Romance of Three Kingdom (Singapore version) after the next GE! lol...

Being a Singaporean.... I dare said most of us are NATO. If and when the GST is rise to 10%... you will have daily rant against the rise... but life will go on. Just like life goes on when they first make us paid 3% GST... life goes on when its rise to 5%... and life still continue even when GST is now 7%.

Sadly... that is just life. :sweat:

 

[sfoto100]

Being a Singaporean.... I dare said most of us are NATO. If and when the GST is rise to 10%... you will have daily rant against the rise... but life will go on. Just like life goes on when they first make us paid 3% GST... life goes on when its rise to 5%... and life still continue even when GST is now 7%.

Sadly... that is just life. :sweat:

Gahmen smart enoigh not to raise it too high... U dun feel much but its there... Make u work like hell so u too tired to do anything...

 

[voxies09]

It will make the property price goes up since the seller will include the tax to 1st time buyer

 

[justarius]

It will make the property price goes up since the seller will include the tax to 1st time buyer

This is additional buyer stamp duty. You pay this tax only if you are foreigner buying local property, PR buying 2nd local property, or citizen buying 3rd local property.

Price wouldn't rise. Developers will drop price in order to attract customers. Details here IRAS: Additional Buyer Stamp Duty on Purchase of Residential Properties before you start thinking this is a tax on new Singaporean home owners.

 

[Yappy]

Sorry for the confusion
What if there is no increase. Will there be a bubble. Can the foreigners serve the loan. What if they default...etc

It should be stamp duty up by 10%
What if there is no increase in stamp duty. Will foreigners continue to buy the prpperty. Can they serve the bank loan. What if they defsult. Will there be a bubble and burst if it is not control.

 

[diver-hloc]

Sorry for the confusion
What if there is no increase. Will there be a bubble. Can the foreigners serve the loan. What if they default...etc

It should be stamp duty up by 10%
What if there is no increase in stamp duty. Will foreigners continue to buy the prpperty. Can they serve the bank loan. What if they defsult. Will there be a bubble and burst if it is not control.

Isn't the purpose of this tax... to control the market ?? Buyer who had already brought their property aren't affected (please correct me if I'm wrong)... this only affect those buying NEW property. Hopefully doing so, would prevent 'The Bubble' from forming in the 1st place.

 

[Hanalore]

Indeed, this is to control the 19% of the foreigner-driven market. I hope this is the first of many moves that the gahmen makes to aid the middle and lower segments of Singaporeans.

For the wealthy (Singaporeans, foreigners and PRs alike): It will become costlier for them to buy and monopolize the property market
For the financially-challenged Singaporeans: No real impact if you are seeking your first or second property. In fact, some believe that it will become more attainable because prices will decline.

So for those who are part of the 99% (like me), I am rejoicing.

 

[limmisha]

It will make the property price goes up since the seller will include the tax to 1st time buyer

Ya still will goes up high , population of 6 million , not enough house ....

 

[ed9119]

Of course the developers are all screaming and complaining because its essentially a luxury/wealth tax

this is taxing the rich ...... I am very happy with this ...... should have done it long time ago

 

[yqt]

Isn't the purpose of this tax... to control the market ?? Buyer who had already brought their property aren't affected (please correct me if I'm wrong)... this only affect those buying NEW property. Hopefully doing so, would prevent 'The Bubble' from forming in the 1st place.

Not necessary NEW property, for FT it is ANY property,

Foreigners +10% on top of the normal Stamp Duty
PRS buying 2nd propety +3%
Locals buying 3rd propety +3%

And the bubble is already there, look at the new launches, 99 leasehold selling for +$1,000/- per sq FEET. Crazy

 

[melvin]

Being a Singaporean.... I dare said most of us are NATO. If and when the GST is rise to 10%... you will have daily rant against the rise... but life will go on. Just like life goes on when they first make us paid 3% GST... life goes on when its rise to 5%... and life still continue even when GST is now 7%.

Sadly... that is just life. :sweat:

As i said they will have their say when it comes to the GE... lol... nowadays i think they will think twice unless they want to lose more.

 

[melvin]

It will make the property price goes up since the seller will include the tax to 1st time buyer

Not first time buyer but private property buyers... who trying to buy the property the FT try to release.
If thats the case price for them to sell their ppty which include their 10% + sellers stamp duty of 16% 12% 8% 4% depending on when they decided to sell down the road ... that should add up to be quite an amount... thats for them to break even ... but who would wanna sell without any profit add another 10-20% to it.... think we should be able to work out the sums.

 

[melvin]

Sorry for the confusion
What if there is no increase. Will there be a bubble. Can the foreigners serve the loan. What if they default...etc

It should be stamp duty up by 10%
What if there is no increase in stamp duty. Will foreigners continue to buy the prpperty. Can they serve the bank loan. What if they defsult. Will there be a bubble and burst if it is not control.

If they are able to pay the extra 10% dun think the loans will be a problem to them. Cos all these ppl are rich enough to pay for the property without taking any loans!

 

[melvin]

Not necessary NEW property, for FT it is ANY property,

Foreigners +10% on top of the normal Stamp Duty
PRS buying 2nd propety +3%
Locals buying 3rd propety +3%

And the bubble is already there, look at the new launches, 99 leasehold selling for +$1,000/- per sq FEET. Crazy

$1000+/psf is becoming the norm. ....

 

[edutilos-]

In fact, some believe that it will become more attainable because prices will decline.

Theoretically speaking, as competition (demand) from the third-property-seeking owners and the other groups hit hard will be reduced, this will be true.

 

[yqt]

it's a bubble created mostly by FT and that's why the gamen have to step in

 

[yqt]

Theoretically speaking, as competition (demand) from the third-property-seeking owners and the other groups hit hard will be reduced, this will be true.

this is what will hopefully happen but than .......... price drop 15% from now and suddendly it become even cheaper for the FT to buy as after paying the 13% still cheaper than to buy now, ie:

Buy now: $1mill + 13%
Buy after 15% drop = $850K + 13% still below $1mill

;p

 

[melvin]

this is what will hopefully happen but than .......... price drop 15% from now and suddendly it become even cheaper for the FT to buy as after paying the 13% still cheaper than to buy now, ie:

Buy now: $1mill + 13%
Buy after 15% drop = $850K + 13% still below $1mill

;p

This will only happen if the developer acquire the land cheap but if they got it the last few years its difficult for the developers to drop the price. If they drop as they might suffer losses let alone to break even!

 

[yqt]

This will only happen if the developer acquire the land cheap but if they got it the last few years its difficult for the developers to drop the price. If they drop as they might suffer losses let alone to break even!

Land price is just one factor. Depanding on the amount of loan the developer borrow from the bank, size of the development, etc, some development can start turning a profit after 70 percent of the units are sold It just a matter of how big or small is the profit.

 

[melvin]

Land price is just one factor. Depanding on the amount of loan the developer borrow from the bank, size of the development, etc, some development can start turning a profit after 70 percent of the units are sold It just a matter of how big or small is the profit.

Land price bought high loan confirm high interest also alot. Its hard for them to tahan! true some development are able to profit after 70% sold but thats only a few n mainly those by feo.
Those are are the big timers with deep pockets but they not the only ones around, for medium n small developer it maight be quite a challenge for them.