Parliamentary Replies

Parliamentary Question by Mr Chua Kheng Wee Louis:

To ask the Minister for Finance with regard to the raising of Additional Buyer’s Stamp Duty (ABSD) rates for second properties, whether the Government can consider granting upfront remission of ABSD for married couples with at least one Singapore citizen spouse who is purchasing a replacement private residential property, similar to the purchase of a HDB flat or an Executive Condominium unit from property developers by such married couples.

Parliamentary Reply by Minister for Finance, Mr Lawrence Wong:

Mr Chua had asked a similar question at the Committee of Supply in March 2021. MOF had provided a response then, and it remains valid.

Just to briefly recap, a concession is provided to Singapore married couples to allow them to claim a refund of the Additional Buyer’s Stamp Duty, or ABSD, paid on their second property, provided they sell their first property within six months after the purchase of a completed property, or the Temporary Occupation Permit date of an uncompleted property. This is to support couples that need to change homes due to changing family needs, such as when they have children, when their children are growing up, or when they need to right-size in their senior years.

Singaporean married couples purchasing a HDB flat or a new EC unit are granted an upfront ABSD remission. The key reason for this is because they are subject to HDB regulations which require them to not own other residential property, or to dispose of their existing residential property within HDB’s stipulated timeframe. As there are no such regulations for private residential properties, ABSD remission is only granted upon the sale of the first property within the required timeline.