Singapore Increases Seller's Stamp Duty Rates and Holding Period for Private Homes
Effective July 4, sellers of private homes in Singapore will face higher stamp duty rates of 4% to 16% if they sell within four years of purchase. The change aims to curb property speculation and flipping.
The Ministry of National Development, Ministry of Finance, and Monetary Authority of Singapore announced that sellers of private homes will face higher seller’s stamp duty (SSD) rates if they sell a residential property within four years of purchase. The new rates, ranging from 4% to 16%, will take effect from midnight on July 4, replacing the current rates of 4% to 12% for sales within three years.
The authorities cited a rise in short holding period transactions, especially in sub-sales of unfinished units, as the reason for the change. The SSD, introduced in 2010 to deter property flipping, was relaxed in 2017 but will now revert to a four-year holding period.
These changes apply to all residential properties purchased from July 4, excluding HDB flat owners due to their minimum occupation period. The move follows previous measures in the private property market, including increased ABSD rates in 2023 and 2021.
A report by OrangeTee Group highlighted a significant increase in sub-sales in 2024, indicating a growing trend in the market.
According to the source: The Straits Times.
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