get an agent

Buy with an Agent

Dedicated experts at your service

Documentation Services

Leave the paperwork to us

do it yourself

Browse New Launch Condos

Find new units for sale

Browse Resale Listings

Connect with sellers through our app

RESOURCES

Calculate Buyer’s Stamp Duty

Find the amount payable when buying

Affordability Calculator

Find the amount payable when buying

How to Buy an HDB

A step-by-step guide to buying HDB

How to Buy a Private Property

A step-by-step guide to buying condo/landed

get an agent

Sell with an Agent

Dedicated experts at your service

Documentation Services

Leave the paperwork to us

do it yourself

Post a Listing for Free

Connect with buyers through our app

RESOURCES

Calculate Seller’s Stamp Duty

Find the amount payable when selling

How to Sell my HDB

A step-by-step guide to selling HDB

How to Sell my Private Property

A step-by-step guide to selling condo/landed

HOME E-VALUATION

For tenants

Rent with an Agent

Dedicated experts at your service

RESOURCES

How to Rent an HDB

A step-by-step guide to renting HDB

How to Rent a Private Property

A step-by-step guide to selling condo/landed

For landlords

Lease with an Agent

Dedicated experts at your service

Lease Documentation

Leave the paperwork to us

RESOURCES

How to Lease an HDB

A step-by-step guide to renting HDB

How to Lease a Private Property

A step-by-step guide to selling condo/landed

Do it yourself

ARTICLE CATEGORIES

HDB

All things about public housing

Private Property

All things about private property

Home Improvement

Guides for must-know reno tips

Financing

All about mortgage solutions

Towns

Singapore townships in focus

Client Stories

Success stories from customers

Founders’ Message

From the desks of Rhonda & Race Wong

Share on facebook
Share on twitter
Share on email
Share on whatsapp

ABSD Increases by 5% for Citizens and PRs Buying Second Homes On or After 6 July

Ohmyhome

Ohmyhome

Share on facebook
Share on email
Share on whatsapp

Written by: Benjienen Toledo

Additional Buyer’s Stamp Duty (ABSD) is imposed on top of the Buyer’s Stamp Duty, and applied to the purchase price, or the current market value of the property, whichever is higher.

Below are the ABSD Rates before 6 July 2018:

Citizen Buying 1st Residential Property Buying 2nd Residential Property Buying 3rd and Subsequent Residential Property
Singapore Citizen (SC) NA 7% 10%
Singapore Permanent Resident (SPR) 5% 10% 10%
Foreigners and Non-Individuals 15% 15% 15%

For example, if you are a citizen and SPR buying your third home at $1 million, you will have to pay S$100,000 for ABSD.

If you are a foreigner, you will have to pay S$150,000 for ABSD.

Changes in Additional Buyer’s Stamp Duty Rates

On 5 July, the Government announced that it is raising Additional Buyer’s Stamp Duty (ABSD) rates and tightening loan-to-value (LTV) limits on residential property purchases, in an effort to cool the property market and keep price increases in line with economic fundamentals.

This means that if you will buy a property on or after 6 July 2018, the new ABSD Rates are as follows:

Citizen Buying 1st Residential Property Buying 2nd Residential Property Buying 3rd and Subsequent Residential Property
Singapore Citizen (SC) 0% (no change) 12% (revised) 15% (revised)
Singapore Permanent Resident (SPR) 5% (no change) 15% (revised) 15% (revised)
Foreigners buying any residential property 20% (revised) 20% (revised) 20% (revised)
Entities buying any residential property 25% (revised) 25% (revised) 25% (revised)

With these changes, if you are buying your third home at S$1 million, this is the amount that you need to pay for ABSD:

  • Citizen– S$150,000
  • SPR– S$150,000
  • Foreigner– S$200,000
  • Entity– $250,000

An additional ABSD of 5%, which is non-remittable under the Remission Rules, will also be introduced for developers purchasing residential properties for housing development.

Authorities said that for purchases jointly made by two or more parties of different profiles, the highest applicable ABSD rate will apply.

The Government said that to maintain a stable and sustainable property market, it would continue to monitor and adjust its policies as necessary.

Sources: Gov.sg, Channel News Asia


Related Posts:

Subscribe Now

Get a notification every time we upload a new blog post.

Featured Blogs

Your one-stop guide for must-know HDB tips

get an agent

Buy with an Agent

Dedicated experts at your service

Documentation Services

Leave the paperwork to us

Do it yourself

Browse New Launch Condos

Find new units for sale

Browse Resale Properties

Download the app and speak directly to sellers

RESOURCES

Affordability Calculator

Calculate required tax for selling

Calculate Buyer’s Stamp Duty

Find the amount payable when buying

How to Buy an HDB

A step-by-step guide to buying HDB

How to Buy a Private Property

A step-by-step guide to buying condo/landed

bUY OVERSEAS

get an agent

Sell with an Agent

Dedicated experts at your service

Documentation Services

Leave the paperwork to us

do it yourself

Post a Listing for Free

Download the app and connect with buyers

RESOURCES

Free Home E-Valuation

Know the value of your property in seconds!

Calculate Seller’s Stamp Duty

Find the amount payable when selling

How to Sell an HDB

A step-by-step guide to selling HDB

How to Sell my Private Property

A step-by-step guide to selling condo/landed

get an agent

Rent with an Agent

Dedicated experts at your service

do it yourself

Browse Rental Listings

Download the app and connect with landlords

RESOURCES

How to Rent an HDB

A step-by-step guide to renting HDB

How to Rent a Private Property

A step-by-step guide to renting condo/landed

get an agent

Lease with an Agent

Dedicated experts at your service

Lease Documentation

Leave the paperwork to us

do it yourself

Post a Listing for Free

Download the app and connect with tenants

RESOURCES

How to Lease my HDB

A step-by-step guide to renting out an HDB

How to Lease my Private Property

A step-by-step guide to renting out condo/landed

FEATURED ARTICLES

Condo Renting 101: Where to Look, Sizes and Cost

Looking for a condominium to rent ...

Ohmyhome Raises US$5M in Series A+ Funding

Ohmyhome, the leading Property 
One-Stop Shop Platform

ARTICLE CATEGORIES

HDB

All things about public housing

Private Property

All things about private property

Home Improvement

Guides for must-know reno tips

Financing

All about mortgage solutions

Towns

Singapore townships in focus

Client Stories

Success stories from customers

Founders’ Message

From the desks of Rhonda & Race Wong

Social media

Other