By: Aradhana Aravindan | Masayuki Kitano
SINGAPORE: Singapore said on Friday it is cutting stamp duties that sellers are required to pay on residential properties but said the current set of property market curbs was necessary for a sustainable residential property market.
The government said it would reduce the stamp duty rate imposed on those who sell a residential property within 4 years of purchase, by 4 percentage points across each category. It will also cut the holding period to 3 years.
It also said it would relax rules relating to the total debt servicing ratio.
The measures come into effect from Saturday.
(Reporting Editing by Anshuman Daga and Jacqueline Wong)
Source: Reuters