higher taxes that went into effect in April in a bid to cool the property market.
Data released by the Urban Redevelopment Authority on Thursday shows that there were 1,038 new homes sold in May, a 17 per cent increase from April. This figure, additionally, does not include resale transactions and executive condominium sales. In April, the government implemented a third round of measures to cool the property market and disincentivize foreign buyers. Stamp duties for foreign buyers have doubled and are now at 60 per cent, one of the highest rates around the globe. The Government has said this should “moderate investment demand,” which is still expected to increase.
Last month’s record sales are due, at least in part, to two launches of properties with a sizable number of units: The Continuum in Geylang, from Hoi Hup Realty and Sunway Developments, and The Reserve Residences in Bukit Timah, from Far East Organization and Sino Group.from PropNex says that 225 units at The Continuum were sold, while The Reserve Residences moved 523 units in May.
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