“ABSD is against the purchase of multiple units because people who already own at least one home usually have to pay higher fees,” said Desmond Lee, Minister of National Development.
“Bulk acquisitions” of private property are rare, and only 1% of all private residential property units that changed hands this year were part of such deals, Minister for National Development Desmond Lee said on Monday (Sep 12).
Around 0.2% of units are involved in multi-unit acquisitions of more than two units. In response to a written question from Member of Parliament Yip Hong Weng, Lee wrote, “As a result, bulk property acquisitions are not likely to have a big effect on the property market.”
Yip had asked if the government would consider making a separate and higher tier of Additional Buyer’s Stamp Duty (ABSD) for people who buy more than a certain number of units in a single development over time; if the benefits of buying property in bulk, such as bulk-purchase discounts, will cancel out or lessen the effect of previous ABSD increases; and if the Ministry would consider putting limits on b-to-b transactions.
Lee says that the ABSD was “made to control investment demand in residential property.” It is different for each buyer, depending on where they live and how many residential properties they own in total. “ABSD is against the purchase of multiple units because people who own at least one residential property usually pay higher rates.” “Buyers who are not citizens of Singapore also have to pay more,” he said.
In December 2021, ABSD rates went up for all types of buyers except Singaporeans and permanent residents who were buying their first home.
In the past few months, a number of property purchases have come to light. There are rumors that a Chinese person paid more than S$85 million for 20 condo units at CanningHill Piers, which is near the Singapore River.
Real estate agents have also heard anecdotal evidence that members of the same family buy more than one property when a new project opens. During launch previews, developers often give priority to potential buyers who have said they want to buy more than one unit.
“Bulk buys” are not uncommon, but agents say they are not popular because less than 5% of units sold at launch are “bulk buys.”
PropNex Realty’s head of research and content, Wong Siew Ying, said of bulk buyers, “There’s no guarantee that they’ll get a better price.” It depends on the project and how much people want to buy it.”
Non-Constituency Member of Parliament Leong Mun Wai asked the minister on Monday if the flow of foreign money into the local property market has increased in the last two years, if this has caused private and public property prices to rise in the last two years, and if the government plans to create new policies to deal with the effects of this increase.
Lee says that foreigners are not allowed to buy a HDB flat.
With this information, you can be sure that the Singapore government has taken steps to stop speculation and make sure it is still safe to buy property. The Reserve Residence, Lentor Hills Residences and Tenet EC are three new homes that will be coming out soon that you might want to look into.
The 17,100 m2 site of the Lentor Hills Residences, which is on Lentor Hills Road, has a gross plot ratio of 3.0. About 595 residential units are anticipated to be created as part of this 99-year leasehold project.
Those who will eventually live on the new Lentor Hills Road Parcel As they can visit the Lentor Modern integrated development, which will include a variety of F&B alternatives, a supermarket, and childcare facilities, a person won’t need to travel too far to get their daily essentials.
The Thomson-East Coast Line (TELLentor )’s MRT Station will be integrated, providing inhabitants with easy access to various areas of Singapore. Residents may need only 20 minutes to go to Orchard Road by direct train when the Thomson-East Coast Line is fully operating.
Presbyterian High Schl, Anderson Primary Schl, and CHIJ St Nicholas Girls’ Schl are three schools close to the Lentor Hills locations. Lentor Modern, a mixed-use development by Guocoland, will also soon be built nearby.