Regarding the government's adjustment of seller stamp duty (SSD) and holding periods for residential real estate, the Singapore Industrial Development Association (REDAS) said it supports initiatives that will help create a stable and sustainable real estate market to align housing prices with long-term economic and income growth.
The guild said: "We believe that the revision has limited impact on most home buyers, mainly Singaporean citizens and permanent residents, and the purchase of houses is for self-occupied or long-term investment."
Industrial Development Commerce Association issued a statement on Friday (July 4) saying that the market has shown signs of slowing down amid rising geopolitical tensions and economic uncertainty, and sales growth can be seen from the forecast for the second quarter of this year, especially projects located in the core central district.
In response to the continued rise in sub-sale transactions, the government announced late at night on Thursday (3rd) that it would raise the seller's stamp duty rate for residential properties and extend the minimum holding period from three years to four years, restoring to the years before the previous round of adjustments in 2017. The seller's stamp duty rate for each level of the holding period will be increased by four percentage points.
The guild calls on the government to continue to maintain close communication with the industry to ensure that future policy adjustments can continue to respond to actual market demand and promote long-term resilience of the real estate industry.