Effective from 27 April 2023, the Additional Buyer's Stamp Duty (ABSD) rates for individuals and entities will be revised.
Refer to the following for reference
The revised ABSD rates are seen as a move by the government to curb property speculation and cool down the overheating property market. This is particularly important as the country is facing an economic slowdown due to the ongoing COVID-19 pandemic.
However, the revised rates have been met with mixed reactions. Some analysts believe that the increase in ABSD rates may lead to a slowdown in property transactions, particularly in the high-end luxury property segment. Others believe that the revised ABSD rates may not be enough to deter property speculators, who are still able to take advantage of low interest rates and easy access to financing.
Despite the mixed reactions, the government's move to revise the ABSD rates highlights its commitment to maintaining a stable and sustainable property market. It remains to be seen how these changes will affect the property market in the coming months, but it is clear that property buyers and investors will need to take the revised ABSD rates into consideration when making their investment decisions.