ABSD Changes Budget 2024
In the Budget 2024 presented by DPM Lawrence Wong on Friday 16 Feb 2024, 3:30pm, there were changes made to the Additional Buyer's Stamp Duty in Singapore.
ABSD Concession for Married Couples
Currently, an Additional Buyer’s Stamp Duty (ABSD) concession is granted to married couples with at least one Singapore citizen spouse, who jointly purchase a replacement private residential property.
ABSD Concession for Single Seniors (New)
The move to extend the concession will better support single seniors who wish to “right-size” their home. It will apply to purchases on or after Feb 16, 2024.
They will be able to claim a refund of ABSD paid on a lower-value replacement private residential property, meaning that the market value of the new home must be lower than the market value at which they sell their current home.
They must also sell their first property within six months from buying the replacement, or from when the replacement unit is completed.
The additional buyer's stamp duty (ABSD) concession for Singaporean married couples will be extended to single Singapore citizens aged 55 and above. This is to better support seniors who wish to right-size, says Mr Wong.
From Feb 16, 2024, these seniors will be able to claim a ABSD refund paid on their replacement private property if they sell their first property within six months of purchasing a lower-value replacement private property.
ABSD for Property Developers
Currently, housing developers will be granted an ABSD remission if they sell all the units in their development within a prescribed sale timeline. Should they be unable to do so, they would be subject to a full clawback of the ABSD.
Mr Wong says he will lower the ABSD clawback rate if developers sell at least 90 per cent of each development within the prescribed sale timeline. This will ensure that housing supply continues to be released promptly and also provide developers some flexibility. Details of this change will be released in a statement later on Feb 16, 2024.
Read more from the Budget 2024: One year voucher for HDB rental under Parenthood Provisional Housing Scheme (PPHS) for couples and families waiting for HDB BTO flats.
This article was first published in The Straits Times.