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Residential Property

Staff Reporter

, Singapore

Published:

2 years ago

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Photo by Jahoo Clouseau: https://www.pexels.com/photo/photography-of-city-during-dusk-867092/

Singapore lowers ABSD remission clawback rate for projects with 90% units sold

This took effect on 16 February 2024.

The government lowered the Additional Buyer’s Stamp Duty (ABSD) remission clawback rates for projects that have sold at least 90% of units at the five-year sale timeline.

“This ensures that housing supply continues to be released promptly while providing some flexibility to the developers,” Deputy Prime Minister Lawrence Wong said during the Budget Speech.

The clawback rate will be reduced by one percentage point to 10 percentage points, depending on the proportion of units sold during the five years, according to the Ministry of Finance.

It applied to projects with residential land acquired on or after 6 July 2018.

ALSO READ: The Big 4’s Budget 2024 wishlist: Did Singapore deliver?

Currently, housing developers purchasing residential land are subject to 40% ABSD. But if a developer of five or more residential units fails to sell all the units within five years from the land acquisition, the 35% remittable component will be clawed back with interest.

Chart from Ministry of National Development

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