A surprise move by the government to ease seller’s stamp duty (SSD), one of the property cooling measures currently in place, was announced last week and will come into effect on 11 Mar 2017.
This move was made as “the number of property sales within the four-year window has fallen significantly over the years since this SSD measure was introduced”.
Seller’s stamp duty will be cut by 4% for each tier, and shall be applicable only in first 3 years of purchase, instead of 4 years.
Many property analysts opined that it will not have much impact to property prices in view of TDSR (total debt servicing ratio) as well as the 12% SSD if one were to sell within the first year of purchase.
At the back of good response at recent new condo launches, i.e. The Clement Canopy and Grandeur Park Residences, this move seems to be interpreted as a signal that the market is bottoming, and home buyers are crowding themselves at the latest new launch at Park Place Residences at Paya Lebar Quarter.
The 429-unit mixed development, integrating residential, world-class offices, retail spaces, indoor and alfresco dining experiences amidst lush greeneries and connected spaces, is in a strategic location right at Paya Lebar MRT Interchange and is in an up-and-coming regional hub.
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