Singapore’s additional stamp duty hike for foreigners ‘earth shattering’ for luxury market but unlikely to dampen demand from ultra rich

Singapore has raised additional stamp duties on private property purchases by foreigners and citizens buying their second home for the first time since 2018, seeking to cool a surge in housing prices and debt driven by housing loans.In a late night announcement on Wednesday, a joint statement by two ministries and the central bank said foreigners buying their first home would face a 10 percentage point increase in additional buyers’ stamp duty (ABSD), bringing the tax from 20 per cent to 30 per…