Extending Remission of Additional Buyer's Stamp Duty to Singles Purchasing Second Property vis-a-vis Married Couples
- Sitoh Yih Pin questioned why single buyers of a second property do not qualify for the Additional Buyer’s Stamp Duty (ABSD) remission that married couples receive when changing homes and asked if this could be extended to singles.
- Heng Swee Keat explained that ABSD aims to moderate demand and stabilize the property market, applying to all Singaporeans’ second property purchases regardless of whether they sell their first home.
- The only exception is for married couples, who can claim an ABSD refund if they sell their first property within six months, due to changing family needs like having children.
- The Minister stated that this concession is not available to other groups, including singles, to maintain the policy’s objective of controlling demand for second residential properties.
- Buyers seeking to avoid higher ABSD on a second property are advised to sell their first property before making the new purchase.