In an unexpected move that caught many observers off guard, the ministries of National Development, Finance and Monetary Authority of Singapore released a joint press release today (10th March 2017) that relaxes several property cooling measures implemented years ago, effective tomorrow (11th March 2017)
To see how these rule changes will affect you, read more below:
Sellers Stamp Duty (SSD) will be reduced by 4% each tier and the SSD holding period will be lowered from 4 years to 3 years.
Please see table below for more information:
|Holding Period||Old Sellers Stamp Duty||New Sellers Stamp Duty|
|Up to 1 Year||16%||12%|
|More than 1 Year less than 2 Years||12%||8%|
|More Than 2 Years and up to 3 Years||8%||4%|
|More Than 3 Years and up to 4 Years||4%||No Seller Stamp Duty|
|More than 4 Years||No Seller Stamp Duty|
The TDSR Framework will no longer apply if you refinance/ cash out a loan value that is less than 50% of the value of your property. This will allow more individuals to refinance/ cash out easily. This has been done so as to better allow borrowers to monetise their properties in their retirement years.