ABSD Treatment for Non-Strata Residential Properties

Parliamentary Question by Ms Elysa Chen:

To ask the Prime Minister and Minister for Finance (a) how many transactions since December 2011 have involved a single residential land lot holding multiple units not yet strata subdivided; (b) what is the amount of Additional Buyer's Stamp Duty (ABSD) foregone on such transactions; and (c) whether the Government will amend the Stamp Duties Act to base ABSD liability on residential units rather than land lots.

Parliamentary Reply by Senior Minister of State for Finance, Mr Jeffrey Siow:

The Government does not have data on the number of transactions involving multiple units on a single residential title that have not been subdivided. Such properties are treated as a single property for Additional Buyer’s Stamp Duty (ABSD) purposes when it is bought, so no ABSD is foregone.

Should an owner wish to sell any unit on such land lots individually, subdivision must first occur. Upon subdivision, each unit will count as one residential property for ABSD purposes.

We review the ABSD policy regularly to ensure it continues to promote a stable and sustainable property market.