MP For Holland Buikit Timah GRC Christopher De Souza has propose to govenment to remove the Addional Buyer Stamp Duty (ABSD) for Singaporean. Should Singaporean be paying ABSD if they can afford 2nd or 3rd property even if they pass TDSR? asked Mr Christopher De Souza in Parliament.
The member of Parliament for Holland Bukit Timah GRC called for the Government to consider retaining the TDSR for Singaporean and ABSD for foreigners while removing ABSD for Singaporeans looking at 2nd or 3rd properties.
This can be a “Win-Win” situation. With TDSR, Singaporeans need to buy withing their means. That is 50% downpayment or liability not more than 60%. WIth Foreigners paying ABSD , it will ensure that foreigners will not have an easy entry to Singapore Property market in a speculative manner”.
At the moment, Singaporean has to pay 7% ABSD for their 2nd property and 10% for 3rd or more properties. Foreigners on the other hand has to pay 15% for all Singapore property.
What is your take on government removing ABSD for Singaporean?