Developers are already offering packages on homes to offset the stiff new stamp duty measures! Far East Organization is offering a 5% relief package* to affected buyers at all of its already-launched projects. It will reimburse buyers 3% of the unit price to offset the new stamp duty. Buyers will also get a furniture voucher worth 2% of the flat price.
They will get the voucher only after putting down a 30% deposit if the project has not been completed.
The package applies across the board to Singaporeans, permanent residents (PRs) and foreigners, so foreigners will still be worse off after the new measures.
First-time Singaporean & PRs home buyers generally cheered the move...
Far East's already-launched projects have another discount that differs between properties.
Prices of units at its Seastrand project in Pasir Ris Drive 3 are discounted by up to 14%, making the cheapest unit an estimated $937psf. But with only three- and four-bedroom units left and the smallest three-bedder at 1,109sqft, the minimum purchase now would cost about $1.04 million before stamp duty.
With an additional 10% buyer's stamp duty for foreigners of $104,000 now, Far East's relief package would help a buyer save almost $52,000 - about $30,000 initially and the rest subsequently.
However, a Far East agent said that unofficially the discount rate could go up to 16% of the original unit price. This means buyers can negotiate a 21% discount off the original total price by combining the uniform 5% cut with the discount that applies to the Seastrand.
This would more than offset the extra stamp duty incurred, although it is believed that the discount applies on a case-by-case basis.
Far East has not announced a dateline for its relief package but the agent said it could last until the end of this month.
They will get the voucher only after putting down a 30% deposit if the project has not been completed.
The package applies across the board to Singaporeans, permanent residents (PRs) and foreigners, so foreigners will still be worse off after the new measures.
First-time Singaporean & PRs home buyers generally cheered the move...
Far East's already-launched projects have another discount that differs between properties.
Prices of units at its Seastrand project in Pasir Ris Drive 3 are discounted by up to 14%, making the cheapest unit an estimated $937psf. But with only three- and four-bedroom units left and the smallest three-bedder at 1,109sqft, the minimum purchase now would cost about $1.04 million before stamp duty.
With an additional 10% buyer's stamp duty for foreigners of $104,000 now, Far East's relief package would help a buyer save almost $52,000 - about $30,000 initially and the rest subsequently.
However, a Far East agent said that unofficially the discount rate could go up to 16% of the original unit price. This means buyers can negotiate a 21% discount off the original total price by combining the uniform 5% cut with the discount that applies to the Seastrand.
This would more than offset the extra stamp duty incurred, although it is believed that the discount applies on a case-by-case basis.
Far East has not announced a dateline for its relief package but the agent said it could last until the end of this month.
ABSD: Case of not all foreigners being equal...
Citizens of five countries that have free trade deals with Singapore, including the United States and Switzerland, will be treated as Singaporean for the purposes of the new stamp duty measures. Americans, Swiss and nationals from Liechtenstein, Norway and Iceland will be treated the same as Singapore citizens, the taxman said in a guide on Wednesday.
根据政府刚宣布的第五轮降温措施，外国买家和非个人购买私宅时，必须缴付额外10％买方印花税。买方也仍须支付原有约3％的印花税率。不过，与我国签署自由贸易协定的五个国家的公民，则无须支付额外10％印花税。这五个国家分别是美国、瑞士、列支敦斯登、挪威和冰岛
根据政府刚宣布的第五轮降温措施，外国买家和非个人购买私宅时，必须缴付额外10％买方印花税。买方也仍须支付原有约3％的印花税率。不过，与我国签署自由贸易协定的五个国家的公民，则无须支付额外10％印花税。这五个国家分别是美国、瑞士、列支敦斯登、挪威和冰岛
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