17 per cent on second property25 per cent on second property35 per cent +5 per cent non-remissible for property developers
This effect is more pronounced than before, now that ABSD rates have risen. It's especially significant to investors looking at a third or subsequent property, as ABSD rates have risen from 15 per cent to 25 per cent. Besides foreign tenants, we also have more locals - including young couples - who are renting while they wait for their new homes.Even locals can be incentivised to rent, due to rising home prices and cooling measures; these may require buyers to save up for longer or to take a wait-and-see approach even when they have the capital.
While the government did promise to ramp up land sales sites after the cooling measures, many developers are still struggling with depleted land banks. There is a five-year cycle at work , and all the properties from the last bout of en-bloc sales in 2017 have been completed or sold.
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