Singapore Builders Drop on New Property Taxes to Cool Prices
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Singapore imposed new taxes on home purchases to curb excessive investment, sending shares of the city-state’s biggest developers tumbling by the most in more than two years.
Foreigners and corporate entities will have to pay an additional 10 percent stamp duty, the government said in a statement yesterday. The extra levy, effective today, will be 3 percent for permanent residents purchasing a second home and for citizens buying their third residential property.