An article in The Straits Times has advocated the removal of Singapore"s Additional Buyer"s Stamp Duty policy ( ABSD ) , which currently enforces levies of 15 % on all foreign buyers purchasing a property and 7 % on Singaporeans buying a second property . Resale prices of private apartments are down 6.5 per cent from their peak in January last year. The article seeks to show that the threat of a housing bubble has been suitably eliminated and the property market is now stable enough to justify the removal of ABSD , which acts as a deterrent to foreign investors seeking the " safe haven " of Singapore amidst uncertainty over the European and Chinese markets .
An article in The Straits Times has advocated the removal of Singapore"s Additional Buyer"s Stamp Duty policy ( ABSD ) , which currently enforces levies of 15 % on all foreign buyers purchasing a property and 7 % on Singaporeans buying a second property . The article seeks to show that the threat of a housing bubble has been suitably eliminated and the property market is now stable enough to justify the removal of ABSD , which acts as a deterrent to foreign investors seeking the " safe haven " of Singapore amidst uncertainty over the European and Chinese markets .