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Singapore government doubles residential property tax for foreigners to 60 per cent

Singapore government doubles residential property tax for foreigners to 60 per cent

Developments launched in July saw robust sales. The 1,008-unit Grand Dunman sold more than half of its flats last month. Lentor Hills Residences – a joint venture by Hong Leong Holdings Ltd. and others – offloaded 55 per cent of its 598 units in July.

“Developers brought forward their sales launches ahead of the lunar seventh month, which is deemed by some buyers to be an inauspicious period to make a big-ticket item purchase,” said Christine Sun, senior vice president of research and analytics at OrangeTee & Tie. August sales may be lower due to a lack of large project launches, and figures in the remaining months are likely to be “volatile”, she said.

‘Relief is in the air’: Singapore’s sky-high rents show first signs of cooling

While local buyers remain undeterred, total foreign purchasing of new private flats in the second quarter slumped by 23 per cent to 109 units, from 141 in the previous three months, PropNex said.

“With the moderation in demand from foreign investors, local buyers will face less competition,” said Ismail Gafoor, chief executive officer of PropNex. He expects prices to grow 4 per cent to 5 per cent for the whole of 2023, supported by a slew of new launches in the coming months.