Stamp duty on property transfers in Singapore is currently levied at the rate of 1 per cent for the first $90,000, 2 per cent for the next $60,000 and 3 per cent thereafter on the value of the property. To keep pace with property price increases, I have decided to adjust the threshold values for stamp duty on property transfers to:

1. 1 per cent for the first $180,000;
2. 2 per cent for the next $180,000; and
3. 3 per cent thereafter on the value of the property.

This will take immediate effect. The estimated revenue loss for the Government from such an adjustment is estimated at $245 million a year.