Review of Seller’s Stamp Duty to Discourage Short-Term Holding of Residential Properties
12 Jan 2022Parliamentary Question by Mr Murali Pillai:
To ask the Minister for Finance whether the Ministry will review the current rate of seller’s stamp duty, with a view to discourage short-term holding of residential properties and to ensure a more stable and sustainable property market.
Parliamentary Reply by Minister for Finance, Mr Lawrence Wong:
The Government last made changes to the Seller’s Stamp Duty, or SSD, in 2017, when the holding period for which SSD applies was reduced from four years to three years.
Last month, the Government announced a package of measures to cool the private residential and HDB resale markets. As the situation on short-term holding has remained stable, we decided not to make any changes to the SSD regime then.
We will continue to monitor closely the residential property market, and consider the appropriate adjustments needed to promote a stable and sustainable property market.