The government announced late on July 3 that the holding period for Seller’s Stamp Duty (SSD) on residential properties will be extended from three to four years, with effect from 12am on July 4.
SSD rates will also be increased by four percentage points for each tier. The revised rates are 16%, 12%, 8% and 4%, depending on how long the property is held before the sale (See table). These changes apply to private residential properties and do not affect HDB owners, who are already subject to a Minimum Occupation Period (MOP).
The SSD holding period was previously shortened from four years to three years on March 11, 2017, with rates cut to 12%, 8%, and 4%.
“In recent years, the number of private residential property transactions with short holding periods has increased sharply,” according to a joint statement from the Ministry of National Development, the Ministry of Finance, and the Monetary Authority of Singapore. “In particular, there has been a significant increase in the sub-sale of units that have not been completed.”
In response, the government has decided to revert to the pre-2017 SSD framework and raise the SSD rates by four percentage points across all tiers.
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