Besides Royal Hallmark - Increase buyer stamp duty on higher value properties starting February 15. Expected to generate additional revenue of S$500 million per year. SINGAPORE will impose a higher marginal Buyer Stamp Duty (BSD) on higher value residential and non-residential properties effective Wednesday (February 15), but the Market watchers said the move would be unlikely to dampen demand for the asset.
Where the increase in BSD could be more devastating is in the inter-regional market, where higher tariffs could widen the existing gap between buyers and sellers, and in value-added transactions billion dollars.
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In his Budget speech on Tuesday, Finance Minister Lawrence Wong said the change in the BSD is "expected to generate additional revenue of S$500 million per year".
“The actual amount will depend on the state of the property market,” he added.
For non-residential property, the portion of the property's value exceeding S$1 million and up to S$1.5 million will be taxed at 4%, while the excess million Singapore dollars will be taxed at 5%. up from the current 3% tax rate.
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Catherine He, director and head of research at Colliers, said: “These changes are expected to affect the vast majority of non-residential properties, especially commercial and residential spaces. smaller industrial properties and commercial townhouses, thus increasing the input costs of smaller commercial real estate.”
Tay Huey Ying, head of research and consulting at JLL Singapore, noted that real estate buyers worth S$2 billion will have to pay nearly S$40 million more in registration tax under the scheme. new. “Thus, for big ticket transactions, changes in BSD will encourage an alternative transaction structure that involves lower acquisition costs,” she said.
Alan Cheong, managing director of research and consulting at Savills Singapore, said the changes are unlikely to "boost" the conservation shophouse market. “For the housing market, it will be a thorn in the side for those upgrading local salaried workers,” he said.
A higher BSD looks “manageable” for most commercial sectors, where median prices for the office, retail and townhouse markets in the CBD by 2022, respectively. are S$2.5 million, S$1.5 million and S$13 million, said Wong Xian Yang, head of research, Cushman & Wakefield.
He pointed out that a unit of elite office space valued at S$2.5 million would see transaction costs rise to S$25,000 or 1% of the property value. For a property valued at S$13 million, the buyer faces an increase in transaction costs of S$235,000 or 1.8 per cent of the property value.
For residential properties, the portion of the property's value exceeding S$1.5 million and up to S$3 million will be taxed at 5%, up from 4% previously. The value of residential real estate in excess of S$3 million will be taxed at 6%. The changes are expected to affect 15 percent of residential properties.
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