Review of Property Cooling Measures

Mr Christopher de Souza asked the Minister for National Development whether he will consider reviewing the property cooling measures by removing the Additional Buyers Stamp Duty (ABSD) for Singaporeans but retaining the ABSD for foreigners.

Mr Lawrence Wong: The property market cooling measures are intended to keep the market stable and sustainable. It is too early to relax the measures now. Doing so could result in a market rebound.

The Additional Buyer's Stamp Duty (ABSD) was introduced to moderate the demand for residential property from investors, non-citizens and corporate entities. Singapore citizens who do not own any residential property do not need to pay ABSD.