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

公司與外國買家印花稅大幅上調新印花稅措施再給房市降溫

【早報導讀】（2011-12-08）

李敏雯　報道

　　盡管上一輪房地產降溫措施已初見成效，促使本地房價漲幅開始放緩，但政府昨晚又出人意料地再度為房市緊急降溫。

　　這一輪降溫措施主要針對外國買家與公司，從即日起非個人投資者與外國買家購買任何住宅時，都必須繳付比之前高出好幾倍的買方印花稅（Buyer’s Stamp Duty）。

　　市場人士對政府在全球經濟前景不明朗之際出台新的降溫措施感到驚訝，並認為此時這麽做，將明顯打擊本地房地產市場的需求。

　　新加坡產業發展商公會（REDAS）也對政府在決定采取新一輪降溫措施之前沒同業界協商表示失望，並指它在市場前景不確定的情況下宣布這項降溫措施顯得不合時宜。

　　它認為目前市場上認購率不錯的房地產發展項目是因它們都有獨特的設計吸引買家，而不是市場出現投機的先兆。

　　在新的降溫措施下，非個人投資者與外國買家繳付的買方印花稅大幅度上調。除了繼續支付原有約3％的印花稅率，這些買家還須繳付10％的額外買方印花稅（Additional Buyer’s Stamp Duty，簡稱ABSD）。

　　非個人投資者指的是公司、信托和集體投資計劃等。

　　購買第二套或更多住宅的永久居民和購買第三套或更多住宅的新加坡公民，則都需要支付額外3％買方印花稅。這些住宅也包括政府組屋、服務公寓、包含住宅元素在內的綜合發展項目如店屋等。海外房地產則不算在內。

　　此外，任何類型買家即使是聯名擁有住宅，也受新措施影響，須支付更高的印花稅。

　　政府規定凡是在昨天（7日）或之前行使購買權的買家，以及在簽署選購權書（option to purchase）後三個星期內，即本月28日或之前行使購買權的買家，都可豁免繳付額外買方印花稅。

　　這是政府2009年9月以來，第五度出手為本地樓市降溫。

　　國家發展部和財政部昨晚在聯合文告中作出這項宣布時指出，對外國買家征收更高額的買方印花稅是必要的，尤其是外在流動資金充沛，海外投資者的買興高漲，而且新加坡市場的規模又比較小。

　　文告指出政府這麽做的目的在於推動房地產市場的可持續發展，使其價格增幅與經濟基本麵保持一致。

　　盡管目前經濟前景充滿不確定因素，私宅市場的需求依然堅挺。鑒於股市的不確定性以及市場利率保持低迷，新加坡私宅繼續吸引本地和外國投資者，致使政府擔心過度的投資需求將令房地產周期波動較大，並因而加大經濟和銀行體係所承受的風險。

　 　副總理兼財政部長及人力部長尚達曼在文告中說：“我們一直都有個開放的市場，也必須繼續保持這政策。然而，事實是流入房地產市場的投資額已比過去增加 了，隻要利率保持低迷，投資不太可能撤離。征收額外的買方印花稅應有助於使投資需求降溫，並且避免市場下來出現過大及足以破壞穩定的調整。”

　　國家發展部長許文遠則強調政府正通過售地計劃來增加新的執行共管公寓供應，以協助較高收入國人買私宅。因為新執行共管公寓隻限於新加坡家庭購買。

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向外國買家征收額外印花稅 分析師:可能使房價下跌

李敏雯 (2011-12-08)

　　本地私宅受外國買家青睞，促使政府昨天宣布征收額外買方印花稅，市場分析師指出此舉可能會使房價下跌。

　　高力國際研究與谘詢部主管謝岫君指出，民眾和一些有意購買私宅的新加坡公民和永久居民肯定會歡迎這項新降溫措施，但是在潛在買家可能重新考慮購買決定的情況下，私宅項目的認購率預料將會放慢。

　　市場預計也將見到另一波從住宅市場轉移到其他房地產領域的投資，包括購買工業廠房、貨倉、辦公室和零售店麵等。

　　謝岫君認為目前銷售已經緩慢的高檔豪華私宅領域將進一步受挫。因為麵對當前不明朗的全球經濟狀況，以外國買家為主的潛在買家一般上都不太願意進場購買。

　　至於那些把眼光放在中檔和大眾化私宅的本地人和永久居民的購屋負擔能力，也將因須繳付更多的印花稅而受到影響，不得不重新考慮投資選擇。

　　謝岫君指出隨著私宅市場有充裕的供應量，當前受關注的將是市場供應過剩的問題，而這也將使價格麵對下跌壓力。

 

　　齊樂行研究與谘詢部門主管王德輝指出，外國買家紛紛購買私宅的情況已經受到國人的關注，一些人原已猜測政府是否會介入。

　　他認為政府在應付外國資金流入本地住宅市場的情況時，決定采取新的降溫措施是“先發製人”之舉。

　　房地產市場分析師指出，隨著外國買家比率增加，今年第三季在中高檔市場所占的比率已近四分之一。在2009年和去年，這個比率隻有13％和16％。

　　在大眾化私宅領域，外國買家的比率也有所上升，從2009年的5％、去年的7％上揚到今年第三季的近15％。

　　政府昨晚所公布的數據，則顯示在今年下半年至今購買本地私宅的外國人比率，已達到19％，比2009年上半年的7％多了許多。

　　王德輝認為政府征收額外買方印花稅，將對高檔和中檔私宅帶來強烈衝擊。因為需求將可能放緩達25％，而對大眾化私宅市場的影響將較為緩和。

　　整體而言，他預料在未來幾個月，買家將采取觀望態度，房地產成交量將出現下滑。

　　國際產業顧問（IPA）總裁邱瑞榮則認為外國買家進場並非推高目前房價的主因，政府應該先同業界，如發展商、銀行、分析師等磋商後，才決定是否應推出新一輪降溫措施。

降溫措施出爐 發展商抽掉廣告

　　據了解，已有發展商在接到政府宣布新降溫措施的消息後，立刻抽掉房地產廣告，另有房地產經紀被通知立刻延遲一些原定近日麵市的新項目的市場行銷活動。

　　當詢及是否會延遲推出碧山14街的新項目時，嘉德房產開發（新加坡）公司總裁黃顯輝說：“鑒於目前的市場前景存在不確定性，政府征收額外買方印花稅的舉措又是教人料想不到的，我們將研究這些措施的細節，並對之後的計劃重新進行考慮。”

　　不過，潛在組屋提升者對這項消息卻是喜出望外。周羅斌（32歲，醫生）受訪時說：“政府早就應該限製外國買家在本地購買私宅，現在連郊外的新項目都動輒叫價每平方英尺1400元，這樣的價格是無法持續的。”

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