BUDGET 2023 - SINGAPORE PROPERTY
BUDGET 2023 sets out key moves to secure a brighter future as Singapore moves forward in a new post-pandemic era. A multi-pronged approach will be adopted to build on our economy competitiveness, strengthen our social compact, build our collective resilience, and to ensure a competitive and fair tax system.
As part of a collective effort to generate nation wealth and to ensure a more inclusive wealth distribution, the Singapore government has introduced several measures pertaining to Singapore property, effective from 15 February 2023. These measures affect the Buyer’s Stamp Duty (BSD) and Housing Grants for HDB Resale Flats.
Revised BSD for Residential Properties:
The increase in BSD payable does not apply to residential property purchases $1.5 million and below, and is marginal for purchases up to $2 million. This measure serves as a wealth tax and has a more significant impact on larger quantum purchases $3 million and above.
Revised BSD for Non-Residential Properties
The increase in BSD payable does not apply to non-residential property purchases $1 million and below, and is marginal for purchases up to $2 million. This measure serves as a wealth tax and has a more significant impact on larger quantum purchases $3 million and above.
𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗚𝗿𝗮𝗻𝘁𝘀 𝗳𝗼𝗿 𝗙𝗶𝗿𝘀𝘁-𝗧𝗶𝗺𝗲𝗿𝘀 (𝗙𝗮𝗺𝗶𝗹𝗶𝗲𝘀 & 𝗦𝗶𝗻𝗴𝗹𝗲𝘀) 𝗕𝘂𝘆𝗶𝗻𝗴 𝗮 𝗥𝗲𝘀𝗮𝗹𝗲 𝗙𝗹𝗮𝘁
The government has increased the amount of housing grants for first-timer (families and singles) buying a resale flat. The total amount each family / single applicant is eligible to receive is $190,000 / $95,000, an increase of $30,000 / $15,000 respectively. This will make resale flats more affordable for first-timer (families and singles).
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