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Singapore stamp duty could be blessing to Malaysia
3rd January 2012The imposition of additional taxes on private property purchases in Singapore may actually be a blessing in disguise to Malaysia and other property markets across the region.
The move will be helpful to Malaysian properties especially those in Johor, said Paul Khong, Executive Director at CB Richard Ellis (CBRE) Malaysia.
Malaysian properties like the Sky Garden Residences project Setia Tropika in Johor Baru now appear to be even cheaper as a result of the stamp duty imposed by the Singapore government making a further 10 percent discount compared to Singapore properties.
“Many other countries including Australia and Britain will benefit as their investment climate is improving due to the lower interest rates and poor market conditions which will make their propertiesattractive to buyers. They are the favourite investment destinations too,” noted Khong in a report by StarBizWeek.
Singapore has introduced an additional buyer's stamp duty (ABSD) of between three percent and 10 percent on private property purchases from 8 December, which applies to all permanent residents, Singaporeans and foreigners.
Khong said the move will significantly affect Singaporean market, as “many foreign investors will stay away from the market for a while and the tax will curb speculation on the market.”
Meanwhile, “the Malaysian government is unlikely to take such an action even though the property prices in some areas especially in the Klang Valley are going up unreasonably,” said a local research house analyst.
