https://www.todayonline.com/big-rea...erty-cooling-measures-2179576?mibextid=Zxz2cZ
SINGAPORE — Although Anthony and his family of six are now living in a freehold condominium around the Holland Road area, he is planning to buy a second private property.
He is eyeing a new three-bedroom unit at the Reserve Residences 99-year leasehold condominium development in Beauty World, with sizes ranging from 883 to 1,378 sq ft.
“I’m buying it for living-in. But also on the side, if there’s appreciation, why not?” said the 50-year-old, who spoke to TODAY at the project's sales showroom recently.
Anthony, who works in the IT industry and declined to give his full name, said that he does not intend to let go of his existing property even after buying a second condominium.
He is not deterred by the fact that as the owner of a second property, he would have to fork out hundreds of thousands of dollars in tax due to raised additional buyer stamp duty (ABSD), following the latest round of
cooling measures rolled out in late April.
A person who buys a second property will have to pay 20 per cent in ABSD. A rough calculation based on the indicative per sq ft (psf) price starting from S$2,300 by the developer of the Reserve Residences puts a three-bedroom unit at more than S$2 million, which means the potential tax for Anthony would be at least S$400,000.
He said that he “sees value” in the new development for the next 10 to 15 years, given that it offers attractive features, such as being part of an integrated development including retail space and a transport hub, as well as being located close to nature.