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Too early to relax property cooling measures: Lawrence Wong

Removing the Additional Buyers Stamp Duty could result in a market rebound, said National Development Minister Lawrence Wong.

SINGAPORE: It is "too early" to relax the property market cooling measures, as doing so could result in a market rebound, Mr Lawrence Wong said in Parliament on Monday (Feb 29).

The National Development Minister was responding to a question from Holland Bukit-Timah GRC MP Christopher de Souza, who asked if the Government would consider removing the Additional Buyers Stamp Duty (ABSD) for Singaporeans but retaining it for foreigners.

Mr de Souza had first mooted the idea in Parliament in January.

"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," Mr Wong said in a written reply.

Currently, Singapore citizens have to pay an ABSD of 7 per cent on a second property. This increases to 10 per cent for third and subsequent property purchases. ABSD for foreigners is set at 15 per cent for first and subsequent property purchases.