SINGAPOR, Feb 19 — Buyers of residential properties valued at more than S$1 million (RM2.96 million) acquired on or after tomorrow (will have to pay higher stamp duties.
The Buyer’s Stamp Duty rate is computed on the purchase price or the property’s market value, whichever is higher. A new 4 per cent BSD will be imposed on the price or value of homes in excess of S$1 million, Finance Minister Heng Swee Keat announced today during his Budget statement.
For residential properties where the option to purchase has been granted and will be exercised within 3 weeks of the announcement, a "transitional provision" will be granted and current rates will apply.
The existing BSD rates for residential properties are 1 per cent for the first S$180,000, and 2 per cent for the next S$180,000. For properties valued at more than S$360,000, the next S$640,000 will be subjected to 3 per cent BSD. Following today’s announcement, a higher rate will apply to the remaining amount in excess of S$1 million. — TODAY
