Singapore to Raise Bar for Property Taxes Amid Affordability Hit
- Stamp duty easing for firms that don’t sell projects in time
- City-state to target higher-end residential homes for taxes
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Singapore will raise the threshold for property tax payments and lower a penalty imposed on developers that don’t sell projects in time, underscoring concerns about the slowing real estate market and frustration over housing affordability.
For occupied residential units, the lower threshold of the so-called annual value will increase to S$12,000 ($9,000) from S$8,000. The highest band will be lifted to more than S$140,000 from S$100,000 and above, Deputy Prime Minister and Finance Minister Lawrence Wong said during an annual budget statement on Friday. The measure will take effect on Jan. 1 next year.